The initial days are always the most demanding ones. You have to invest not only your money, rather time and energy as well. This will, however, ensure that your business plan takes off smoothly.
Here are the ten commandments to follow, before you get down to business.
1. Set up a Business Plan
It is eminent that a business idea might have popped in your head and you decided to shape it into a reality. But before you proceed ahead, you should know that to succeed in your business, you must first design and develop an executable business plan. The process will iron out any uncertainties you may have and highlight areas where you need to do more work. Having it on paper in such a format makes it more real, and certainly professional. It’s also a document that you can use when seeking financing.
2. Do your research
Your business plan tells you what you need to know about you’re the business you are about to develop, but market research allows you to get to know the insights of the market that you are about to step in. The competition you will face, the pros and cons of taking up a certain business field will allow you to weigh your options and then settle on a business plan.
3. Pick a name
Just as you, and everyone around have a name, similarly your business needs one too. You can name your business after a fruit (Apple, Mango, … rings a bell?), or even your deceased pet! However, choosing a business name that actually correlates with your business would be a much better option. It’s also important to make sure it is a name not already used.
4. Create a logo
Creating a logo is much easier these days with all the software available on line. However you may require the services of a professional graphic designer or illustrator to get this job done. Working with an illustrator and communicating to them the whole idea behind your business, will enable them to come up with incredible logo ideas for your business plan.
5. Partner up
If you are starting out small and can work as a sole trader, then this might be just fine. However, in certain businesses, you will need a partner to work with.
An experienced and financially stable partner would allow you to climb the success ladder, at a much faster pace.
6. Apply for a work license
For your business plan to work, you may need a permit or a license that is required for your field of interest. For example: if you are establishing a food restaurant or even an off licence, you will require a license to sell your products to potential customers. You will need health & safety checks. You may well need a licence that states what times you can operate.
7. Get registered
You don’t want to establish your business plan on the wrong foot! Getting registered with the government (HMRC) will allow you to operate your business legally and freely.
8. Pick your workspace
Even if you are starting off working from your home, you will need a proper workspace to work from. If not, look for an office space that is convenient to commute to, meets all your office requirements of your business plan, and is light on the pocket too. To get a balance you could use office share, pitch up at local cafes or hotel lobbies or even use workspaces – special designated areas for sole traders and business owners that normally have a PA or admin facility on site.
9. Request for a business loan
Even if you have a sufficient amount of savings to invest in your business plan, you will still need additional capital. You can request a business loan from a bank. The bank will look into your application and then proceed to grant a business loan depending upon the type and needs of your business.
10. Get insured
If any of your equipment or even employee meets an accident at work, you want to make sure that you will be able to cover the costs involved, without any hassle. To prevent your hard work and labor from going down the drain, buy yourself an insurance. This way getting involved in an accident would be the least of your worries.
Following these simple steps can help to ensure your business plan thrives.