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10 Steps to Setting us a Small Business

expertmarket by expertmarket

So you've got an Idea..

Setting up a small business can be an exciting but daunting prospect and it is difficult to know where to start. These ten easy steps to setting up a small business will guide you through the process, making it simple, easy and stress free.

1. Develop Your Business Idea

Decide what you are going to sell, whether it is a service or a product. This is the first building block - the foundation on which 99% of small businesses are based - and structures the rest of the process.

2. Research Your Idea

Find out if there is a market for your product or service. Who will buy it? How old are they? How much do they have to spend? How much are you likely to make? Starting a business with evidence that people will want what you have to offer is one of the most useful things you can do before you launch.

3. Get Business Advice

There are some fantastic free websites and agencies such as Business Link that can help you get off the ground. These offer impartial advice and guidance on all aspects of setting up and running a small business.

4. Decide on Your Business Structure

Your business must have a legal structure before you begin to operate. An accountant can help you decide how best to structure you company based on your personal circumstances and the advice services mentioned above may also be able to guide you. Common small business structures include Sole Trader, Limited Company and Partnerships.

5. Write Your Business Plan

This is where you get the whole operation down on paper, from idea and markets to financial projections and hopes for the future of the business. It is this document that will enable you to get finance if needed and guide you from start-up through to successful trading. However this doesn't mean you should write one, read it once and then bin it. A sound and progressive business plan should be referred to and updated regularly once operating as the business evolves.

6. Arrange Your Finances

If you are self-funding this should be relatively simple, however if you are depending upon external finances, your business plan will be fundamental in helping you to secure funding. Now is the time to approach banks or investors as you know your business and will have evidence that it is going to be a success. Now you need to convince those who hold the purse strings to believe in your dream.

7. Plan Your Marketing

Develop a plan to reach your target market. Decide how you are going to communicate with them (press, cold-calling, social media marketing etc.) and create a strategy for doing so. Marketing takes time and is often forgotten once the business is in full swing. You marketing plan should be updated regularly and contain time provision for regular marketing activities.

8. Build a Website

You do not technically need a website, but most businesses these days have one and if they don't, are probably going to get one soon. Most of your potential customers will refer to your website before deciding whether to use you or buy from you, so it is important that it is professionally designed and user-friendly. Finding the right web design company who will completely understand your specific requirements as well as the ethos of your business is worth it's weight in gold.

9. Get Ready to Launch your Business

This is the final stage before you officially 'start' your small business. At this stage, ensure your marketing efforts are in full swing, that you have all of your systems and accounts set up and ready to go and that you are ready to start taking orders.

10. Get Cracking!

Once you officially start, you will find yourself solely carrying out marketing activities until you have your first orders or clients. It is reasonable to expect some delay between launch and customers, but the earlier you start your marketing activities, the shorter this time will be.

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expertmarket

Hi I'm Ed, and I work in the exciting, fast paced and ever-changing world of a B2B services. I'll be trying my best to keep you abreast give you a wid... more »

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