Hello there.
In this article we will cover the following:
- Your idea
- Where to start?
- What do I need to start my business?
- How to start a business from scratch today?
No sophisticated words, just plain English. Let’s go!
1. Your idea
If you found this blog, you must have a business idea.
Yes, sometimes we have terrible business ideas. But if you start your business in the right way and if your service is better than 50% of your competitors, then guess what? You can make a fortune.
Whatever your business idea, make sure you choose something you are good at and that you enjoy – skill and motivation are the keys. Take the time to master your craft so you can deliver an outstanding product or service.
2. Where to start?
In this section we will cover:
a) Research
b) Plan
c) Execute
d) Monitor
e) Never stop executing
a) Research
Before you act on your business idea you need to carry out thorough research.
Ask your partner, members of your family and your friends. Most importantly, ask somebody with experience in business. Talk to them about your idea. This can mean the difference between making money or losing your investment. Find out whether others are making money from the type of business you want to start.
42% of startup businesses fail because there’s no market need for their services or products.
Research is vital.
Don’t rush it. Sleep on it.
b) Plan
Write yourself a ‘to do’ list. Here are key actions to get your business off the ground:
- Find an accountant to manage your finances.
- Write a business plan. Your business plan will include your unique selling points (USPs) and will also state who your potential customers are.
- Set up a website. Websites are usually where potential customers meet your business for the first time. Your website must be user-friendly and appealing. It must be search engine optimized (‘SEO optimized’), so your customers can find you.
- Create a marketing plan. A strong marketing strategy is essential for business success. Publishing valuable, free content that helps your potential customers to solve their problems is the best way to build your customer base.
- Set up social media pages. Focus on the pages your potential customers visit rather than trying to spread yourself too thinly.
- Plan email marketing. Think about how you can grow your email list – will it be through a ‘lead magnet’ (a valuable and free piece of content on your website)? Will you create a regular newsletter to send out every month?
c) Execute
This is where you put your plan into action. It may feel overwhelming, so break it down into even smaller steps. What step can you achieve today?
We strongly advise you to start by finding a good accountant. Ask them to analyse your financial situation and tell them you need their help to register your company.
Some accountants will give you excellent tips and save you a lot of money. Don’t pick the type of accountant that will only see you at the end of the financial year. You need to see your accountant at least 3 times a year.
After you have registered your company, spread your wings. Tell the world about your services through your own website and via social media. Make sure you pay an excellent website developer to create your website. Do not choose friends who develop websites as a hobby. Never cut corners with your website – this is very important.
Learn how to set up business social media accounts, and what and when to post. This is an area you need to master. You will find a wealth of tutorials on YouTube to help you. Even if you intend to pay a social media manager to take over this time-consuming task for you, you need to learn the basics to make sure you choose the right professional.
d) Monitor
You need to monitor how your business is growing. Are you travelling in the right direction or swimming against the tide?
Ask your website developer to show you how to monitor your website traffic using Google Analytics. Facebook and Instagram have built-in tools for business pages that help users to monitor engagement on their social media platforms.
Monitor your sales. Are they going up or down? When are your customers buying and why are they buying at that time? What type of product or service is most popular and why is that?
You need to spot every trend so you can really get to know your customers. By using online tools to their greatest effect, you can adapt your business to your customers’ requirements. Your business can only succeed if you use these tools well.
e) Never stop executing
Starting your own business is rewarding, but you need to enjoy it because the work never stops.
You are in a loop of continually ‘executing’. The cycle of research, plan, execute and monitor becomes part of the executing process.
3. What do I need to start my business?
When starting a new business, you usually need:
- starting capital (money)
- a sound knowledge of the business you are about to venture into
- an accountant
- to register your business
- a business bank account
- a trading place (physical or e-commerce)
- a laptop
- social media accounts
- business health monitoring tools
- special software (specific to your business type)
- learning materials (you need to continually learn so you can improve your business).
We have just scratched the surface here. There are many other tools available to help new companies, including marketing software. There are developments and improvements all the time.
4. How to start a business from scratch today
Many companies offer ‘a business in a box’ for new entrepreneurs. These services can save you a huge amount of time and money because your business is set up for you. Every stage of setting up a business is covered, helping you to take the right steps to success and to be legally compliant.
The failure rate for startup companies is a staggering 90%.
Many new businesses fail because they take the ‘do it yourself’ route. They design their own logo or create their own website to save costs. For your business to succeed it must be built by skilled professionals and you need to seek advice from an experienced entrepreneur.
Why choose Massive Startup business starter packs?
Our Business Starter Packs greatly increase the chances that your business will be successful. We provide you with everything you need to start your own business, including your website – the cornerstone of your company. A website can make or break your business and that is why we promise your website will be created by a highly skilled, experienced developer.
Massive Startup offers you more than a business in a box. To further increase your chances of success, each business starter pack includes our Initial Consultancy service. We will spend hours with you finding out as much as possible about your business, then we will set goals and help you to achieve them. Teamwork!
Find out more about our Business Starter Packs, or email us today to discuss how to start a business from scratch: start@massivestartup.co.uk
