First you need to have a good business idea and whatever type of business you start it needs to offer something unique – your unique selling point – which separates your business from the competition. You also need to ensure that there is a market for your business in your local area. To determine this you need to do a lot of research, even heading out onto the street and surveying people to see if they would be interested in the products or services your business would offer. Thousands of new businesses are launched in Britain each year, but it is only those that offer something different and unique to customers that survive and grow.
‘How to build a knock out brand’ is part of a number of masterclasses run by Virgin StartUp to give entrepreneurs the practical skills they need to launch and grow awesome businesses! This promo video provides a quick insight plus Sir Richard Branson joins in… For Europe and Uk interest, here is a link to Virgin’ StartUp.
It is likely that your business is going to need funding to launch. Most people head to the bank in order to obtain a business loan, whereas others get the funding they need through investors. Whichever option you choose you’re going to need a comprehensive business plan that sets out in detail what your business is, why it will work and how you are going to achieve success.
Find a location
Once you’ve managed to secure funding you can start looking to find suitable premises in which to operate your business from. If your business is a customer facing enterprise, a coffee shop for example, you need to find a location that has a high footfall of potential customers, while also being aware of any competition in the area.
Tax, overheads and administration
In your business plan you should have set out your yearly turnover and profit goals, once your business opens its doors, it is vital that you keep track of your finances to ensure you are meeting weekly and monthly goals. Also keep in mind your overheads and always remember turnover doesn’t mean a profit. Keeping on top of your admin might seem like a hassle when you’d rather be securing new customers and growing your business, but it is a vital part of being a business owner.
Owning a business isn’t easy and if you are expecting to only put in eight hours of work a day it is probably going to fail. Launching a business takes total commitment and you might find yourself working 12 or even 14/16 hours a day six to seven days a week in the first few years as your grow. As a result you must ensure that your family and friends are completely supportive of your enterprise.
So remember, you really have to be involved in a business that you enjoy, that you can be passionate about! This is key as you will be breathing, eating and sleeping your venture and you need to be healthy enough to work at it solidly while keeping your sanity in check.
Business should be fun and you can achieve that as long as you adhere to some basic principles.