Whether you are looking to turn your passion into a side hustle, or to being your own boss, starting your own business is an opportunity to step outside your comfort zone try something new and trust in your abilities as well as to do what you love.
However, getting started can be overwhelming. There will be boxes to tick and regulations to follow, and it can be confusing to know how to get your new business off the ground.
To help you transform your dreams into a reality, we have put together below some of the steps you'll need to take to get started on the road to building your business.
Have An Idea
It may be stating the obvious but before you can start a business you need a workable and realistic idea that will have to be more than a daydream. Your business needs to meet a need that people have or offer a service that they will want to pay you for.
You also need to ensure that your business offers something unique your USP (unique selling point), which will help you stand out from the crowd. This will also give your prospective customers a reason to pick you over the competition.
However, you may want to avoid trying to reinvent the wheel. It may be more lucrative to do something well that already has a profitable market than starting with a too small, over saturated or specialised niche .
Your Business Name
Once you have your idea, you need a memorable business name that will help your customers remember you. You should spend some time making a decision on choosing a name as it will have future impact on your logo and marketing. You will also have to make sure your chosen name is available on social media platforms and that a domain is available for your website. This keeps your branding cohesive and coherent. A quick search on google if you're running short on ideas and you will find a host of business names generators online that will help you.
Location, Location, Location
This will not be applicable to every business, particularly if you're planning to operate exclusively online. If, however, your business will need physical premises, there is research to be done.
You will need to have a good understanding of your target market, as well as the places that they socialise, live, and work. Your chosen premises should get plenty of foot traffic, but not place you in direct competition with a similar business that is already thriving. This will only make it more difficult for you to attract customers.
If you can find a location with good parking, access to public transport, or already part of a thriving community, this is the jackpot. Remember, however, that the greater the footfall, the more prominent the location the more it will be expensive to rent. You need to make sure this is a financial commitment you will be able to maintain for the long haul.
Take Care of The Paperwork
One of the downsides, (and our personal pet peeve), of running a side hustle or business is that they often come with a lot of paperwork, especially when you are setting up and still in the early stages. Make sure you have done your homework, and have secured a trusted accountant, a business bank and have an understanding of how, when and what taxes to file. What licenses, and permissions are required and that they are filed ahead of time.
Starting your own business is like a rollercoaster ride, there will be ups and downs but the ride itself if you're brave enough will be exhilarating. Its also an exciting chance to bring your dreams to life, be your own slay boss, and take charge of your working life and career. While there will be challenges and obstacles along the way, they can be overcome as long as you commit to staying on your path, stay organised, construct a business plan while staying flexible and persevere.
All you need is the courage to start!