Important Considerations When Starting Up Your Small Business

So, after years of dreaming that you’ll set up your own business, you’ve finally taken the plunge and you’re making it a reality. Good for you! Now, nobody said it was going to be easy, so make sure you take the following considerations into account and think about what you truly want to gain from your small business…

Business people starting a business

Website

Welcome to the digital age: in almost all business sectors these days, a website will massively propel your business to where you want it to be. People search the web for the things that they want and need, so you want to make sure that you are easily found.

As websites are so important, you might want to consider having a specialist one made for your line of work. If, for example, you are a painting contractor, you might want to find developers that have experience in website design for painting contractors, as they will have knowledge on your industry, whilst being able to make your site bespoke.

Social Media

Following on from the above point, you must also never undervalue the power of social media. Depending on your business in question, you could consider LinkedIn, Facebook, Instagram and so on to reach the demographic you want.

If you’re B2B, go to LinkedIn. If you are wanting to target a younger audience, think Instagram. It really depends on your business model but social media is a cheap way to showcase your business and any news you may want to share. Feel free to explore the options and, of course, you can set up accounts across multiple social platforms, interlinking them all with your website to drive traffic further.

Social media is a great way to connect with prospective clients, employees and fellow businesses.

Target market

Who are you intending to sell your products and services to? Is it a particular gender, age range, location etc.? You need to factor this in and think about how to reach them.

You could look into targeted online ads aimed at this specific audience and you could also do consumer brainstorming sessions to find out what it is they want and how you can provide that for them – this could be via an online survey, getting in touch with people you know or even interviewing passersby on the highstreet.

Think outside the box and maybe offer some sort of reward to entice people – you can’t go wrong with edible treats.

Funding

You need money to set up your business and to keep it afloat. The first months will probably be the trickiest as you find your feet setting everything up and making a name for yourself. Hopefully, further down the line, you can build on buyer’s loyalty and get repeat custom. Make sure you closely monitor how much it is you are spending and receiving.

There is a good chance you might need to take out a loan – think about this carefully and ensure you know the potential risks involved. As a safer bet, you could ask if any close family members or friends wish to invest in your business. However, you need to make an official agreement in regards to repayment, as you don’t want to destroy any relationships if things were to go wrong.

Explore all possible outcomes before accepting money from external sources and determine how you will manage the situation if your business were to fail.

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