Starting your own business can be both exciting and overwhelming. There are endless decisions to be made and countless tasks to complete. However, with the right planning and execution, you can set your business on the path to success. Here are five essential steps to kick-start your own business.
Identify your Target Market
The first step is to identify your target market. You need to have a clear understanding of who your customers will be and what they want or need.
Having worked in a large educational institute and in several small charities, I noticed that admin and social media support was desperately needed in small businesses and charity but they didn’t have big budgets… enters Wild Grace Associates. We want to help these clients succeed, no matter their budget.
Create a Business Plan
Once you have identified your target market, the next step is to create a comprehensive business plan. This document will serve as a roadmap for your business and will help you make important decisions in the early stages. Include details about your business structure, financial projections, marketing strategies, and operational plans. A well-written business plan will not only impress potential investors but will also provide you with a solid foundation for your business’s future.
Can I be honest, I didn’t write a ‘comprehensive’ business plan. I did write some goals and a basic business structure. But that was about it. I knew the longer I took to write an elaborate business plan, the longer it would take me to actually start. So I just went for it and built my business plan along the way.
Legalise your Business
After creating your ‘business plan’, it’s time to handle the legal aspects of starting a business. Register your business name or set yourself up as self-employed and research any other legal requirements you might need to adhere by. Consult a business attorney to ensure your business is set up correctly and protect yourself from any legal issues that may arise in the future.
I asked my accountant to help me set up my business for me. It felt like a big expense when just starting out but I have seen the benefit of a smooth sailing business ever since. Knowing that my accounts and tax are submitted probably is a great peace of mind.
Build an Online Presence
With the legalities sorted, it's time to focus on building a strong online presence. In today's digital age, having an online presence is crucial for a business’s success. Create a professional website and optimise it for search engines. Establish a presence on social media platforms that your target market frequents. Engage with your audience through valuable content and effective communication.
The first website I built from scratch was my own business website. I watched a bunch of YouTube videos and looked at the help centre page of my platform and created a basic website that got my name out there. It doesn’t have to be expensive or super fancy. Just have your basic information on it and add some fineque later on.
Manage Your Finances
Lastly, don't forget to set up an accounting system to manage your finances. Establish a separate business bank account and use bookkeeping software to track your income and expenses. This will help you stay organised, monitor your business’s financial health, and simplify tax filings.
Do this monthly. Having a check on where you are at financially can help you to make decisions throughout the year. And when it comes to filing for tax, you don’t have a huge finance job to do. An hour a month is all you need.
Starting your own business requires careful planning and diligent execution.
By following these essential steps – identifying your target market, creating a business plan, handling legal aspects, building an online presence, and setting up an accounting system – you can set your business on the path to success.
Remember, starting a business may be challenging, but with determination and perseverance, you can turn your entrepreneurial dreams into reality.
If you are needing help with these 5 steps or need someone to chat your business idea through, check out our Take The Leap Mentorship. You’ll receive 3 months of mentoring on how to execute these 5 steps so you can start your business.
Signing on,
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