Starting a business is not for the faint of heart. It takes a lot of hard work, innovative ideas, and perseverance to get a business off the ground in the modern marketplace. Even with business training or perhaps even a degree in business studies, you will still need all the advice you can get to ensure that your debut as an entrepreneur goes off with a bang.
To help you out, this handy guide has compiled all the useful information you will need in order to get a better understanding of what a successful business needs to thrive. The below advice can be applied to all kinds of business models, products, and services and will be highly useful in the development of your first profitable enterprise.
The big idea
Behind every successful business is an idea, so looking up the steps of coming up with a good business idea for yourself is essential to being successful in the long run.
One of the best ways to do this is to become what is known as an observer of pain points. This means that you are actively looking at consumers and seeing what needs are not being met by current businesses and what problems people face that need to be fixed. Doing so will help you to focus in on how a product you develop or service you give could provide a solution to the everyday person. It is an easy way of identifying gaps in the market.
Additionally, another key way of finding the next best product or service is to think about the issues or problems you have faced. For example, have you struggled to find a specific product relating to food which you feel could improve the lives of many? Or, did you search for a public speaking seminar in your town and found nothing? While you’re pondering the problems you have faced, why not ask those around you? Your friends and family will have their own ideas and thoughts on products and services, and this insight can be invaluable for a new business.
Your plan of action
You are excited about your business, but half of the job is getting other people excited about it too. By learning how to write a business plan to a high standard, you will be able to get investors and potential employees begging to be a part of your new venture.
Before you get into the nitty-gritty, there are some simple things you cannot afford to forget:
- Always use formal language
- Remember to proofread at least three times
- Your business plan will need to be edited at least twice to be of a good standard
The format your business plan needs to take will include a set number of elements. It will need the following:
- A professional summary of your business, product, and service
- The description of who you are and who your company is
- What you’ve discovered by completing market research; for example, what demographic will require your product or service?
- The exact description of your product and service, including how it will be made if it’s a physical item, the materials needed. For a service, you will need to describe exactly what the service entails
- The structure of the management and operations
- How you plan to market the product or service; for example, will you use primarily social media marketing, or will you require billboards and TV slots?
- Finally, you need to carefully detail the complete financial overview of your business, along with projected investment needs, profit statements, and expenses.
It’s important to take your time over creating this plan. It may be tempting to try and write it in an afternoon, but it will require a lot of consideration and calculations. It’s advisable to enlist the help of a business consultant to ensure this crucial first plan is up to scratch, especially since formal business plans can increase the likelihood of you achieving funding by up to 16%.
Luckily, your plan won’t only be beneficial to help you gain the funding you need. It is also a blueprint for you to follow when taking your business through it’s first critical few years, and it’s also very worthwhile for any members of management you bring onboard.
Quality business insurance
Starting a business is never easy, and no matter how much planning ahead you do, there will always be issues that crop up out of the blue. When this happens, you need to make sure that you have insurance to see you through these rough times. Visiting the Insurance Geek website is an excellent place to start as they have bespoke plans that cater to the needs of individual businesses like yours.
Create a great office space
You need to know how to make a great office for both yourself and your employees because this will have a dramatic impact on the productivity of your business right from day one. What’s more, when your employees love the office, they will be more satisfied and happy at work, boosting their productivity and motivation daily. There are a number of ways to create an incredible office everyone will love, and it includes the right equipment, the facilities, and even the color scheme.
For example, make sure that all the office chairs have lumbar support, the screens are raised to eye level, and the keyboards come with wrist rests to ensure the comfort of your staff. After all, your team will be working all day on their computer, so they need to feel comfortable at their desk. Otherwise, they will be more inclined to take regular breaks to stretch their legs.
However, breaks are crucial for the wellbeing of your employees. As the business owner, you should take the time to create an inspiring break room where people can socialize and take a well-deserved break from their screen. Make sure this room is well stocked with tea and coffee, as well as the facilities to make a drink whenever they want and fresh, cold water. Also provide comfortable chairs to relax in during their break time.