If you are thinking about starting your own business, then this article is for you. Contrary to appearances, it is not as difficult or complicated as it may seem. All you need is a good idea, efficient organization and consistent implementation of your goals. The most important thing, however, is the plan of action itself, which we will try to simplify for you by creating this small guide.
Think well about what you want to do
First of all, no matter what the current situation on the labour market is, consider what exactly interests you and will give you satisfaction. Even the best-earning company won't give you joy if you're doing something you don't enjoy. A long-term job that you don't enjoy will cause you unnecessary job burnout. On the other hand, think down-to-earth and use common sense. Try to combine the pleasant with the useful.
Choose a name for your company
If you've already managed to decide what kind of business you want to run, it's time for a creative name for your starting business. It should stand out from the others, but still suggest what your business does. For example, it could be word plays related to your industry, or simply a name that directly communicates what you do.
Research the labour market
Almost 50% of new businesses fail because there is no demand for the services they provide or the goods they produce. To prevent this, try to familiarize yourself with the prevailing needs, trends or new services where there is demand enabling you to have any breakthrough. Get to know your customers' needs well, prevail and also follow research, statistics and industry reports.
Create a business plan
A business plan is one of the most important elements if you want to start your own business. It will help you outline what kind of cash contribution you will need, what the prospects of the business are, what kind of profits it will bring in the future and much more. If you want to learn more about creating a business plan, click here.
Initial capital
Starting a business, you’re for sure going to need some initial capital. This can be your money, but also grants awarded by the state to open a new business. In addition to start-up money, also remember to build up a so-called 'financial cushion', a financial back-up in case of emergencies or a poor start-up.
Get to know your competitors
When entering the job market, it is a good idea to familiarise yourself with the competition in your industry. When opening a business you should know what your competitors' shortcomings or weaknesses are, but also know what they are better than you at and try to work on that. Try to differentiate yourself from your competitors, for example by providing a good or service that they do not have. Certainly don't steal their ideas or duplicate their prevailing trends.
The legal form of your company
At the outset, you need to determine whether you want to run a sole proprietorship or a company. Then familiarize yourself with the legal liability issues, taxes and requirements for its registration. The easiest legal form to start with is a sole proprietorship, but having one comes with a lot of responsibility. Running a company, on the other hand, relieves some of the legal responsibilities, but leads to financial liabilities.
Team
You can, of course, run the business yourself, but if you want to build a team, take care to verify the competence of the people you hire in advance. It is these people, who are the first staff from the inception of the business, who will contribute to its development, publicity and first reviews.
Your business location
If you plan on starting a stationery business, choose a well-thought-out location for this. Try to make your company's premises look aesthetically pleasing and inviting, or, if necessary, eye-catching. For example, if you plan to open a boutique, open it in a place where a lot of people pass through, such as a city center or a shopping mall. Make passers-by hang their eye on the exhibition. Also be careful not to position yourself near large competitors.
Website and social media
It does not matter whether the business you are opening is purely an online business or whether it also operates stationary, it is worth taking care to grow online. In addition to setting up social media accounts such as Facebook, Instagram or Twitter, make sure you also maintain a website or even a blog. In addition to advertising spreading easily on the aforementioned social media, SEO will help you reach a larger audience in the local area and beyond, which will help you get more customers.
