A guide to starting up your own business

Henry Richards By Henry Richards, 22nd Dec 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/1anjr4ig/
Posted in Wikinut>Business>Starting A Business

This is our short guide to the main things you need to remember when looking to start your own business.

Introduction

Thinking of starting your own business as your new years revolutions? Well there are a few things you need to remember. Here is our guide for you including picking a good name and how to avoid some common mistakes.

Before starting

There are a number of thing you need to prepare before you start employing staff members and promoting your business to the public. The main things are to ensure you have a solid business plan in place, have some financial support ready and research where your customers are so you can target your marketing accordingly.

Picking a good name

Naming you business can often be really difficult but it is really important you get it right. You need to ensure that the name encompasses what you do but also gives you scope to add to your business. For example Carpet Right can only ever do carpets, but Virgin have been able to diversify into all sorts of ventures, even the space program! So here are some quick do's and don't's to get you started:

Do:
Choose a name that appeals both to you and your prospective customers
Choose a comforting or familiar name to provoke a positive emotional response

Don't:
Choose a name that is long or confusing
Make a name which only you will understand

Here is some more advicefrom Entrepreneur to ensure you pick the right, appropriate and creative name for your new business.

Common start-up mistakes and how to avoid them

Starting a business is always risky and challenging and there are a few common mistakes which are made when businesses started so here they are and how to avoid them.

Poor or inadequate market research
Planning and researching your proposed business is vital as it educates on on the level of demand there is on your business and where your customers are and what they are looking for. Not doing this research could result in you producing a product that no one wants!

Weak financial planning
Obviously it is important that you have enough money to start your business and to SUSTAIN it. Make sure you have a contingency pot of money set aside so that you are prepared for those unseen costs. It is also important to consider some professional finance advice. If you are new at running a business then it can be hugely beneficial to have a financial adviser to give you impartial advice on the financial options available to you such as what government grants are available or banking support such as invoice factoring.

Forgetting about the competition
You must ensure that you have identified who your competitors are and how you are different from them. You also need to make sure you need to keep an eye on them and ensure you are keeping pace with them.

These are just a few of the common errors made by new businesses here is some additional advice on how to deal with these and others.

Telling people about your new business

Ok so you have got your plans all sorted, got the financial security you need, got your name sorted and avoided some basic mistakes... now you need to tell people about your new business.

In your market research you will have identified where your customers are based so now research the different types of marketing and which would be most appropriate for your market. For example are your customers working during the day, then you don't want to advertise on TV during working hours.

Use social media! Social media is growing every day and best of all, it is free! Set up a Facebook and Twitter page and start telling the world what you do and why people should sit up and take notice.

Here are some more, variety options for you to advertise your new business to your market.

Good Luck

So that was a quick run-down of the main things you need to remember when starting your own business but there is more advice out there.The Government Business Link website is highly useful and is full of all the advice you need!

Good luck in starting your own business, the world is your oyster!

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Comments

author avatar Clarence Schreiber
22nd Dec 2011 (#)

Excellent information on to How to start a business. Thanks for sharing.

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author avatar Jules Castillo
26th Dec 2011 (#)

this is helpful!

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author avatar arman123
28th Dec 2011 (#)

Thanks for sharing .

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22nd Jul 2016 (#)


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author avatar Jenn Akoy
20th Apr 2017 (#)

We just finished a website to help entrepreneurs:

http://www.businessplantemplate.com/

The site includes nearly 50 free business plan templates and is growing each month.

It might make a good fit for your page.

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