So, you come up with a brilliant business idea, but how do you make a dream into a reality? There are many steps budding entrepreneurs need to take to realize their vision, including securing financial backing via a bank loan or from investors, as well as finding the right team of people to help them get things off the ground. While these things are essential, there are other key areas you need to focus on when starting a business, 5 of which are listed below.
1. 5-Year Plan
Every business needs a plan,b and it’s good to plot of the first five years at least before you get started. The reason you should focus on a minimum of 5 years is that this will be the ‘make or break’ period for your start-up. Although things might change due to unforeseen circumstances, later on, you must have key goals in mind for the first few years of running your new business and a realistic plan for how you’re going to achieve them.
2. Branding and Marketing
Your business brand is its unique image and should capture your company’s ethos. You will also need to think about your marketing strategies and the best platforms to use for your business. Social media, blogs, SEO, and email campaigns are all good examples of digital marketing tools, but think about whether print, TV, and radio are worth your time. If you can, hire a marketing agency to do this work for you.
3. Workspace
Another important consideration for a start-up business is deciding where you’re going to work from. Are you going to set up a home office or rent a workspace in town? If you feel the need to rent an office space, look at places like these serviced offices Belfast. They come with fantastic amenities such as cafes, WiFi, meeting rooms, and break areas that can make your staff and clients comfortable.
4. Budget
Of course, your business budget is vital, and it needs to be thought about carefully. Spending on the necessities is unavoidable, but to give your business the best start and to keep your overheads low, think about what you can live without for now. Things like how many staff you need to hire, whether or not you can work at home and save money on office space, or if you can do jobs like the accounting or marketing yourself without paying for those services.
5. Legal Obligations
Finally, as a business, there will be certain legal obligations you will need to follow. For example, registering your business with Companies House, paying into staff pension schemes, paying your business taxes, getting the right permits for your work, etc. The kind of obligations you will need to follow will depend on the kind of business your starting, so do your research and make sure you have this covered.
Starting a business is a huge challenge but also an exciting one. Make sure you remember to focus on these key areas for the best chance of success.