If you are in the process of starting your very own business then you may be wondering the easiest way to do this. There are many new businesses that shut within the first year of opening. If you don’t want this to be you, then the article below might help you out.
7 steps to launch a new business startup:
1. Money, money, money
Work out how much money you are going to need to your new business startup. This should include all costs that you will need to cover for around three years; this is how long it can take for profits to start rolling in. If you don’t have enough money to cover everything, then you are at risk of your business closing down. Working out just how much you need can be both tricky and daunting; you don’t want to get this wrong, as it could be detrimental.
When you do your workout, write it all down. Once you have a final figure, give yourself some wiggle room and extra cash for emergencies. If you don’t have this money to hand right away, then you will need to successfully apply for a business loan. You could also work with investors who are interested in your company.
2. Market research is key
Starting a new business startup comes after months of research and planning. One area you will need to look into is how potential customers and clients feel about your business and whether or not they will use it. Market research will tell you everything you need to know, including how much your competitors can make annually.
There is no harm in carrying out market research, this can come in the form of communicating with people in the neighborhood or sending out polls via email and social media.
3. Build your website
Now you need to build your website. Without this, your customers and clients won’t be able to find you or anything about you. They also won’t be able to place orders or browse what you have to offer. If you have never created a business website previously, then you may need professional help from a website developer or designer. There are plenty out there; it is just a case of finding the right one for you and your business.
When the time comes to design your website, ensure it is eye-catching and easy to use. Your website should match your branding, while being stable enough to handle multiple customers all at once. If you ever need to put your business down for maintenance, do it through the night rather than during peak shopping hours.
Consider adding a search bar to your site; this will prevent your customers from endless scrolling of your website. You might also want to add a chatbot software so that you don’t keep your customers and clients waiting up to three days for a reply to questions and queries.
4. Hire a great team
You will need to decide if you are going to hire a team of employees to work with you. In the beginning, you could get away with working on your own; however, as your business gets busier, you may need that extra pair of hands. For this to work, you will need to have the right amount of money available to pay salaries.
When it comes to the hiring process, you need to get it right from the start; otherwise, you could end up with a high employee churn rate. This happens when people come and go in quick succession. This can be terrible for business as it not only leaves you short-staffed, but short on money as well due to hiring other people. If you need any help with the hiring process, then you could speak with a recruitment agency. They will do all the legwork for you, including interviewing and trawling through resumes.
5. Research marketing strategies
Every new business startup needs to have a comprehensive marketing guide on what strategies and techniques they are using. There are so many techniques out there, you just need to find the one that suits your business. This could be leafleting or using social media to promote your company.
Marketing will be the highest outgoing you have; it will take a large chunk of your budget. Without this, you will be practically invisible to potential customers and clients. Now you need to figure out which strategies to use. If you need some assistance, then you could use an in-house marketing team, they will continually monitor how your marketing is doing and the results it is bringing in. If you don’t want to pay out for professional marketing employees, then you could use a marketing agency.
6. Find the perfect location
Are you going to run your business from home or are you going to work in a physical location? As a new business startup owner, you need to work this out and what the pros and cons are, for instance, having all your employees under one roof. If you do decide to work in a physical location, then a commercial realtor will be able to help you find the ideal location for your business. This should be in the midst of all the hustle and bustle, due to the level of foot traffic that you can have coming through the door.
7.Use outside support
Finally, think about the outside support you can utilize within your company. Outsourcing is a common occurrence and one way to save a massive chunk of cash. When you outsource, you are sending various tasks and projects to outside agencies and individuals. Take, for instance, your books and accounts, this can be sent to a freelance accountant as you don’t need to hire one of those full time. This saves you paying out a full time workers salary and using most of your budget.
Another outside support you could use is commercial cleaning services. If you have an office that needs cleaning, then it is best to use professional cleaners rather than trying to do it yourself. Whichever company you decide to use, check out the reviews before you sign on the dotted line.
We do hope you found this article helpful and it gave you some ideas on how to get your new business startup and off the ground. Remember, there will be hurdles along the way, but you won’t be facing these forever.
