Category: Business

7 Important Factors For Starting Your Own Business

7 Important Factors For Starting Your Own Business

If you want to become a business owner, then you are taking a brave step into the unknown. Many people dream of working for themselves, but it doesn’t always work out for them. The fact of the matter is that starting and running your own business is difficult. It requires discipline, level-headedness and the will to succeed.

For many people, it is easier just to stick to their corporate office jobs. And there is nothing wrong with this. But if it is not making you happy then you need to consider alternatives. One such alternative would be to freelance and work for yourself. This way you can set your hours and income, and you live a more relaxed lifestyle.

But you have to be sensible and treat your approach to your own business with the same discipline as you would if you answered to a boss. Here are seven factors important to starting your own business. Make sure you take note of them and try to apply them where possible.

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1. Training

You will need to make sure you get the right training to be able to do whatever business you decide to set up. Many businesses can be created and maintained with minimal training needs. But a lot will need quite a bit of training to one degree or another. It is important that you take steps to get this training before setting up your business. This way you will know what to expect and how to adapt if needed.

2. Planning and Research

Planning and research are pivotal. You need to research the industry, so you know how to prepare yourself and the business. Make sure you understand how the sector works. Look at recent trends. Is that particular industry struggling at the moment or is it booming? Is there one standout business in the industry? If so have a look at the way they operate and try to adopt a similar business model.

You should also think about writing up a business plan for your vision of the future. Detail what you want the business to achieve and how you plan to achieve it. You can also give a projection of future profit margins, etc. Use this plan as a blueprint for how to go about running your business.

3. Finance

When you decide to start your own business you will need to remember that this is a massive financial commitment. You will be funding everything yourself. So if the business goes bust it is you who will take the hit.

Because of this the concept of starting a business can terrify some people. When you first start out as well the costs are even higher still. You need to fund all the startup costs for the business.

As a result of the huge expense and the financial burden, a lot of people choose to take out a business loan. If you are thinking about starting a business, then you should consider taking out a business loan. You will need to submit your business plan to secure the loan. And you will need to detail how much you want to borrow and how you plan to pay it back. Make sure that you don’t borrow more than you can afford to pay back. This will put you in all sorts of problems later.

4. Insurance

A sensible step would be to take out insurance for the business as well. This will protect against loss, damage or theft of stock and equipment. It will also help to protect your assets such as staff and office space.

If you run a business that’s based on you and a service you offer insurance is important too. If you work as a personal trainer, then you might think about taking out fitness trainer insurance. This will protect you as well as your clients in the event of accident or injury, etc.

5. Clients

It will be important for you to build up a client base for your business. Without new and repeat customers how can you expect the business the thrive? Clients are your bread and butter so make sure you take steps to secure as many as you can. But don’t take on too many. You need to be able to give them all the same level of great service.

This will result in interest from new clients and at that stage, you might consider expanding the business.

6. Marketing

Marketing is your secret weapon when running your own business. It is your most powerful tool and will be nearly impossible for you to succeed without. Marketing is how you promote your business and your services. Without it nobody would know your brand even exists. You need to spend a lot of time, effort and money on marketing; it will be worth it long term.

As well as physical marketing it is vital that you have an online presence. The internet is the best way to market your business nowadays so you should make full use of it. If you don’t already have a business website, you need one. If you do have one you should be doing all you can to promote and drive traffic to it.

Because marketing is so important you might want to think about hiring experts to do it for you. You can find digital marketing agencies online. They will be happy to develop an online marketing strategy for your business. This will help your business to thrive and grow and should help increase your client base.

7. Outsource

An important part of running your own business is being able to outsource certain tasks or projects. You may have a small staff base, if any, and there are certain tasks that need expert guidance. You can find fellow freelancers who specialise in the tasks that you want to do and outsource the work to them.

This will result in a faster turnaround time and may even keep costs lower than keeping the work in house. Outsourcing has become popular in business in recent years. And it is a great way of remaining efficient and cost effective.

Considering Starting Your Own Business After Uni? Things To Consider

Considering Starting Your Own Business After Uni? Things To Consider

It’s the last few months before university finishes, and you are pondering the big question: where to go next? You’ve heard the success stories of Mark Zuckerberg and other young entrepreneurs, and you hope to follow in their footsteps. As I’m sure you are well aware of, starting a business is a huge and often difficult task. A lot of new small businesses are forced to shut down because of poor planning and loss of capital. On the other hand for some entrepreneurs, it is highly rewarding. If you are considering starting your own business here is some useful information on how to prepare.

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  1. Come up with a business idea

The first thing you’ll need to do is come up with a brilliant business idea. It should be in an area in which you have a decent amount of knowledge. You will be living and breathing your business for a long time, so it is important that you are totally obsessed with your idea. If you are not set on an idea yet, use social media, magazines and watch the news for inspiration and to highlight areas where you could potentially fill a gap in the market. However, it is important not to force your creativity too much otherwise you will end up frustrated, and you might lose the enthusiasm to enter the business world. Sometimes the best ideas come to us when we least expect it. When you start brainstorming, bounce your ideas of fellow students, tutors and your family.

  1. Take an entrepreneurial course

It is recommended that all budding businessmen and women take a short business course before starting your own business. Even if you think you know what to expect, the course is an important step to help prepare you for the practical side of starting a business. Find out whether your university offers evening or weekend courses on business skills. If not, another educational institute in your area may, or you could consider signing up for an online business training course.

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  1. Get some experience

Before you launch yourself into your business, it is a really good idea to get some first-hand experience of how businesses operate. If you can, try and get an internship, work experience opportunity or a job with a business within the industry that you wish to work. This is an excellent way to find out more about the field and to suss out what your potential competitors are doing. If you can’t get experience with a relevant company, don’t worry. Work experience with any business, from a seating company to a restaurant, will teach you valuable skills. Take advantage of these opportunities to learn as much as you possibly can about operating a business.

  1. Talk to entrepreneurs

Finding yourself a few mentors in the business world will really help you when you start out. Fellow entrepreneurs will be able to provide you with invaluable advice and guidance. Ask your university if they have any contacts, or communicate with them directly via their website or social media account. Remember, they were once in your position so they will, in most cases, be more than happy to help you out.

Perfect Jobs For People Who Want To Enter The Business World

Perfect Jobs For People Who Want To Enter The Business World

Are you going to leave university or college over the next few months? Do you have ambitions of starting a company and taking on the world? Then you might like to select an appropriate employment solution to help you get a feel for the ins and outs of modern business. Having that experience will almost certainly tip the scales of balance in your favour when you finally identify the concept that will make you millions. Now is the best time to look for employment solutions of this nature because fewer people apply for jobs this close to Christmas. That means you won’t face so much competition during the interview process.

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Accountancy

While you’re going to require a relevant degree to work as an accountant, there is no reason you can’t score a good job within an accountancy department. Doing that should help you to learn more about how businesses handle their income and outgoings. Having that understanding could help you significantly in the long run. You’ll want to spend the least amount of money possible when you finally start your company. Being able to perform basic tasks like accounting in-house could save you thousands.

Marketing

Although it is possible to gain official qualifications in marketing, some of the greatest minds in the industry have never attended university. For that reason, you shouldn’t have too much trouble getting a job so long as you can impress the employer during your interview. If you discover this is a field you enjoy, there is nothing stopping you from going back into education and learning more. Websites like www.westlondoncollege.com provide all the information you’ll ever need. Also, learning how to create an effective marketing strategy will benefit you greatly.

Packaging design

If you’re a creative person with a keen eye for design, you could look for work in the packaging departments of established firms. In truth, that is one of the many great jobs you can do while still studying. Learning about what makes packaging attractive to consumers should help you to sell your products further down the line. Nobody is going to buy a diamond that comes in a plain brown cardboard box. We’re sure you get the picture.

Customer service

While working in customer service will mean you earn meager wages, you will pick up on lots of skills and tricks that could help your business to succeed. The way you deal with customer complaints can have a drastic effect on the level of repeat custom you experience. Recent studies suggest that over 80% of sales within the average business come from people who have previously made purchases. So, it’s important that you keep everyone happy.

We’ve come to the end of this article folks. However, you should now have a much better idea about the type of job you should be looking for over the coming months. While you might not find them particularly enjoyable, they will help to educate you about the business world.

Thanks for stopping by. If you need any more advice, just get in touch.

Ken Teegardin