Starting a New Business? Here Are 11 Things You Need to Prepare

17/07/2019
by 4Sprung Web Solutions

 

Starting a business is full of sacrifices and challenges but most of those who take the plunge would do it all over again. If you’re thinking about starting a business of your own, there are some crucial steps you’ll need to follow, including having a strong plan and the passion to see it through. These suggestions and hints are what most successful entrepreneurs believe are necessary, and they’re pointers that those whose businesses don’t succeed should have followed:

1. Create a Potent Message

What is your ‘value proposition’? You need to have what customers want, or a service they can’t live without. Ask yourself what you have to offer as far as solving a problem your customers might have? Are they willing to pay for it? And why do you think your business be successful?

2. Write a Business Plan

It’s notoriously difficult to start a business and it’s easy to spend all your resources and time on it, but if you write a business plan at least you know where you’re headed. A written plan should include your personal goals and projected results and it’s the best way to stay on the right track. For instance, your business might make a profit of $30,000 but if you live in a big city and have a family, then this won’t be enough to live on. A plan can help you identify areas to change the business model if needed.

 

3. Stay Customer Focused and Understand the Market

Mastering marketing and sales are one of the most important avenues to a successful business.  Even companies without the best services or products and though they’re not necessarily groundbreakers on the market have huge success because they understand sales and marketing. Do your homework so you understand your potential customers’ buying habits; keep an eye on competitors and talk to other businesses similar to the one you want to build and find out what their clients on social media say about them.

4. Start Small 

Self-funding your startup is a good idea, then when you’ve got a track record and a story of growth, apply for funding from a lender. 

 

5. Be Aware of Your Skills, Strength and Time

Doing it all by yourself might be fine at first, but as you grow you will need an accountant, an insurance agent, lawyer, web page designer such as 4Sprung Web Solutions, and other professionals on board. 

6. Keep Mentors and Advisors on Tap

The sad fact is that more than half of all startups will fail within five years. It’s impossible for one person to have all the perspective, skills, experience and knowledge to deal with every situation a business throws up. Value your mentors and advisors. 

7. Know Your Figures

You will need to know exactly what your cash flow, sales, profits, gross margins, and the specific metrics are with regard to your business. You’ll probably be making random decisions, and if you know your figures it will help you make the right decisions. Look out for areas where you can cut costs; use tools such as social media and email marketing to drive your message rather than paying the high costs for traditional advertising. 

8. You Aren’t Entitled to Anything

This is an important point. Owning a business, large or small, is one of the hardest jobs around and you will be working very hard for any achievements. In a recent survey (1), some 40 percent of small business owners in the US revealed that they never take a holiday, and all their money was tied up in their business. 

 

9. You’ll Need Passion

Founding a business can be a lonely path to take and you'll find there simply aren’t enough hours in a day to do everything that needs to be done. If you're not running on pure passion for what you want to achieve, your job becomes so very much more difficult. 

10. Get Some Feedback

If you allow people to interact with your service or product you can see what they like or dislike about it. Another pair of eyes on your product can show you things you haven’t thought about or a problem you hadn’t foreseen. Get the feedback early so you can tweak and improve but also realise some feedback will be positive and some maybe not. Thank the person giving the feedback, no matter what they say. 

11. Making it Official

Before you launch your business proper, make sure all the legal are dealt with so you can stop worrying about someone stealing your idea, or a partner doing the wrong thing. Here’s a rough checklist:

 

  • Business structure (corporation, partnership, etc)
  • Business name
  • Register the business
  • State and Federal taxes
  • ABN or GST
  • Permits and licenses
  • Business bank account
  • Trademarks, patents, and copyrights

 

You can do some of these on your own, but it’s a better idea to have a legal mind on the job when you’re starting out to head off any glitches that might appear. 

 

While the online world is overflowing with web developers and web hosting services, at 4Sprung Web Solutions we’re focused exclusively on e-commerce with a dedicated team of web developers and designers that have helped clients succeed since 1997. 4Sprung Web Solutions specialises in CS-Cart Shopping Cart, Web Development and Design, SEO, Web Hosting, and user-friendly shopping cart solutions with enterprise level functionalities. Our goal is providing you with a professional website that is essential in preserving and enhancing your brand’s good name. Call us today on +612 8011 4429, Skype: support@4sprung.com.au, or fill in the convenient online form.

 

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References: 

  1. https://blogs.constantcontact.com/owning-a-small-business/


 

Author’s Bio

 

Alex Morrison has worked with a range of businesses giving him an in-depth understanding of many different industries including home improvement, financial support and managed IT services. As the owner of Integral Media, he is now utilising his knowledge and experience with his rapidly increasing client portfolio to help them achieve their business goals.


 

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