With millions of businesses around the globe, starting yet another is a daunting prospect. Be it an aspiration, or a desire for financial independence – whatever your reason for starting, you need to make sure to start it right. Not every small business is destined for success, so if you are looking to start a new one, you are in for a real challenge. Take a look at our simple steps below that may ease the transition. More importantly, don’t rush – this is a big change, so take one step at a time and you’ll be on your way to success!
You should, by now, have the basic idea for your business. It’s time for a bit of research in the same field. Look around for success stories, focus groups etc. Check if there is a demand – lack of a demand will sink your business before it even sails. Check out your competitors as well, and see what you could do different or better.
To turn your dream in to reality you need to act. To act you need a business plan. A business plan is a written document that covers objectives, strategies, sales, marketing and financial forecasts. It acts as a guide to your business, spotting potential problems along the way from the start. If you are in need of financial assistance, a traditional business plan is a must.
Even for a small business there is a need for initial investment, as well as the ability to cover day to day expenses before you reach break-even. Estimate all start-up costs for your business, which includes licenses and permits, equipment, marketing and inventory. Also plan ahead for day to day running cost like utility bills, salaries, travel expenses etc., for at least a year. This will be the total cost you will need to invest. There are various types of financial assistance available in the market.
Your small business can be a sole proprietorship, a partnership, or a limited liability company. The business entity you choose will determine your business name, your liability, or how you file your taxes.
Explore all your options around and choose the right business name. You will need to register your business name with the right authority in relation to the business type that is chosen.
Licenses and Permits
This is an important one. Make sure you comply with all local authorities and apply for the all necessary licenses and permits.
Be it a home office or renting, choose your location keeping in mind equipment, and overall setup. Make sure your business location works for the type of business you will have. Make sure all necessary paperwork is completed as well.
If you require man power, now is the time to recruit. Make sure you advertise the positions you need to fill, outlining the correct job description for the roles.
Once your business is up and running, you need to start attracting clients and customers. You should have a rough marketing plan in place. Explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively. There are plenty of local workshops and ‘Business Breakfast’ events available for exactly this.
Small businesses run efficiently with the right type of accounting system in place. This is very crucial to creating and managing your budget, set your prices, conduct business with others, and file your taxes. Sometimes it can be done by yourself, or you can leave it in the hands of experts. If you want to do it yourself make sure you choose the right accounting tools to assist you.
Once all these are done, be consistent in what you are doing and in your standards. Be presentable, keep personal and business separate and be prepared to work hard. Success isn’t easy, and it doesn’t happen overnight. However, with a bit of elbow grease and a good plan, you can make it happen.
At Melrose, we can draft you a personalized business plan, process your accounts, look after your payroll, Licensing and more importantly – file your taxes. This means you have less to worry about during the day to day. Get in touch with us about any of the above services, and one of our Team members will be happy to guide you through it