If you have a fantastic business idea that, after serious research, you think is very doable, you have what it takes to put together a business plan, which should cover every aspect of the venture. We asked a few business coaches for some tips when starting a small business and here are their suggestions.
Develop your Business Plan
– Start with an overview of the enterprise and state clearly how you intend to carve out a market share; a comprehensive business plan would be at least 15 pages in length and could be as long as 35 pages. Play devil’s advocate and try to find issues with the plan and when you feel the plan is complete, let a business guru take a look.
Outsourcing Makes Sense
– In order to minimise capital investment, you can outsource things like business card printing and website design. Using 3rd party providers enables you to compete with large companies, plus you are not tied to lengthy contracts and can switch providers should it become necessary.
Invest in Digital Marketing
– Regardless of the industry, you should approach a leading US digital marketing agency and ask them to put together a dynamic digital marketing plan that will deliver the results you need. Search engine optimization and social media marketing are both effective strategies for small businesses and with an award-winning agency on your side, the only way is up.
Minimise Risks
– Talk to a business lawyer about insurance cover that will protect the business, general liability is a must, even for a one-man show, plus all stock/inventory should be covered, as well as all vehicles and your commercial premises.
Make the Best use of Available Technology
– Forget using the regular telephone, rather use free VoIP platforms such as Zoom, Line, and Skype, which are totally free. Of course, there are business packages and they are much cheaper than analogue phone calls. Industry-specific business software can really streamline your business processes, with automated invoicing that eliminates human handling. Click here to find out how the Internet of Things will transform the business arena.
What’s more, invest into specific management systems, no matter what your industry is. For example, logistical software allows transport businesses to overcome any challenges.
Be Customer-Focused
– Every single successful business has something in common, they are all customer-focused. Integrate customer service into your agenda and make sure that all employees understand the policy.
Funding
– Funding a startup means crunching the numbers to come to a figure you need to launch the venture, plus you need enough money to support the business during the first 6 months. All it takes is a couple of large invoices unpaid to put you in financial hot water; if your funds are limited, search online for a finance company and apply for a business startup loan.
Plan the future
– You should plan for at least the first 3 years; most small businesses would have a 5-year profit-loss forecast, which gives the organization firm direction.
Once you have registered the business with the US government, you can start trading and hopefully, your business will grow from strength to strength.