Starting a brand new business can be an exciting journey to embark on. Whether it be alone or with a partner, the road to success is long and hard but persistence and passion are the keys to success.
There are many mistakes and many important crossroad along the way to starting a business and we’ve provided a quick list to ensure these anomalies are at least considered as well as minimized.
Tips for Starting a Business
There are some helpful tools that are available online, over the phone and in person that will help with the first stages of starting a business. A good concept is the very first step, whether it be a product or service.
Keep in mind that the idea will need to stand out from the crowd and differentiate your company from already established competitors.
For this, it is important to thoroughly research potential customers, demand for a product/service and current market trends.
Look at what they is doing well that is similar to your idea, and specifically look for gaps in the markets.
The most important aspect to starting a business is passion, if this is something that is not enjoyable, then the business may eventually suffer or fizzle out.
What the business will offer should fill a hole in the market to create value for the user/customer.
Once your idea is established, it’s important to learn how to format a professional business plan and to contact the local government to register as self employed and to register a business or as a sole trader. Government regulations vary in each country so start by contacting them via their website or over the phone. Suggested search online: ‘Local government starting a business’.
Business Name and Logo
After the business idea is established and a business plan is in progress or completed, it is time to formulate a name and logo. There are many websites that offer domain names and professional logos online.
The name you choose for your company should be something that is easy to remember and connected to what is being sold/offered. The domain name should preferably be the exact name of the business, or at least a part or an abbreviation of it.
Look for a domain that has a TLD, a top-level domain, this will typically be “.com” or the one applicable to the country in which the business is trading.
Research, Research, Research
The more a new business travels on its journey, the more research is required. Whether it’s for niche competitors or basic Search Engine Optimization (SEO) in order to pull in online traffic, it is important to stay up to date with trends, demand and customer demographics.
Testing the your product or service regularly is also crucial. If you are making and offering something regarding health or well-being, it is important to do thorough research on user and their needs.
Maybe the business is offering a potential cure insomnia, in that case there would need to be in place case studies, testimonials, and test subjects who are willing to document their progress with the product/service. Becoming the customer is key.
Consider target groups, use friends, target groups and strangers for honest feedback.
Test the Business Out Yourself
If the new business has a MVP, Minimum Viable Product, it is important, as the business owner, to test it out. This product does not need to be fully functional nor finished regarding design.
Its task is to show the functions of what is being sold in the best and simplest way.
Use early adapters to test on, these are typically interested in startups and new products and can offer valuable and uncensored feedback that is critical for the development of the product or service.
Use this feedback to further enhance the usable parts and loop back on what is and is not important or does not make sense for the users. This is how the “build, measure, learn” principle works which is a part of a lean startup method and will get a business started more efficiently and cost friendly.
Establish a Regular Customer Base
It is extremely important to maintain good relationships with all customers of a new business. Research has shown that it is estimated that it’s around three times more expensive on a marketing budget to acquire a new customer, compared to keeping the existing.
One way of keeping customers interested in the business is to build a more personal relation with full transparency. The customer and the business owner will realize the benefits of working together if the transaction is based on integrity.
If a product is being offered, and a customer regularly orders, it is well worth considering adding a loyalty discount as a sign of appreciation for the ongoing relationship.
There are a few tips and tricks that many businesses use to maintain customer relationships.
One is to ethically keep track of personal information. For example, if a customer has a birthday, set a reminder and contact them with a greeting and an offer of an exclusive discount. Doing this each year is a great way to build a solid customer base.
Remember to treat customers with respect and friendliness as they are the most important part to consider when starting a new business.
