Okay, so you have come up with a fantastic idea for a new business, but now what? Don’t just dive straight in – that is the most important thing to know. Instead, take the time to do some research and find out everything that you need to know.
Did you know that within three years, three-quarters of all business startups fail? To give yourself the best possible chance of success, it is essential that you take your time doing your research. As well as, assessing the competition and defining your target audience, before launching your new venture.
Starting your own business is a big step, it requires a lot of hard work, effort and commitment, as well as a lot of time and money. So it is important that before your launch your business, you give yourself every chance of success.
To help you do this, we have put together a guide to five things you need to know before starting your own business.
- Research is essential
So, you’ve come up with what you think is an amazing idea, but before taking it any further, start doing some research.
Look into your idea more and find out whether anyone else is already offering a similar service or product. Think about what it is that makes your product or service different from anything else already on the market and how you can make your company stand out.
Spend some time researching who your local competition will be, look at what they offer and how you can top that. By studying your competitors, you can learn from their mistakes and get an idea of what works well and what doesn’t.
- Defining your target audience is a must
Before you can launch your product or service, the most important thing you will need to do is define your target audience.
Aiming your product at anyone, regardless of their age, gender, likes and dislikes, etc. is hopeless. To make a success out of your new venture, it is crucial that you effectively define your target audience
Once you have worked out your target audience, you then need to focus everything, from the product and website to the advertising campaign and pricing, around them. To ensure that you are targeting the right audience, you can produce questionnaires, hold focus groups and host specialist events.
- A good business plan is crucial
Any successful business owner knows that business plans are absolutely crucial to success. Don’t see creating your business plan as a chore, instead look at it as a map to your success, which if created properly, is what it is.
You business plan will contain all the important information you need to make your new business venture successful.
- There will be unexpected costs
One of the most important things you can understand when launching your business is that you will have many unexpected costs. That’s why it is important to budget more funds than you need to get your new business up and running.
From advertising and marketing costs to the cost of your company car and office equipment, starting a business isn’t cheap. For example, although you may have set aside enough for your car, you may not have budgeted enough for business car insurance?
Many business owners make the mistake of failing to budget for vehicle expenses, such as tax and insurance, don’t be one of these business owners. Visit www.insure-fleet.co.uk to get a quote for your business vehicle insurance.
- You will need a mentor
Don’t make the mistake of not getting a mentor to help you through the first few months as a business owner. Mentors can offer you help and advice for your new venture, and can help you to make the best decisions for success.
Having someone to bounce ideas off who has been where you are and come out the other side, is invaluable and an absolute must.