Having your own business is like a dream for many of us because you don’t just do what you enjoy and are interested in but you also have more freedom. You can also increase your profit with the right strategy and by dedicating some extra time/work especially at the very start of the business. So in order to ensure you build a business that works you need to ask yourself a few questions and follow a few steps. Let’s get started!
What type of business am I looking to start and why?
That sounds like an easy question but for most of us it’s not so straightforward to answer. The reason behind this is because many of us have too many ideas and others have none at all.
Grow your skills
In order to start your own business it is important to have a good solid foundation. Search what kind of skills are needed for your business. Gain experience in the field and look for free online courses to acquire new skills. Even though it’s true that investing in yourself is a good way to increase your knowledge, we also need to find different ways of achieving this in an economical way.
Validate your business idea
What can my business offer? What makes my business different from others? Do people want my product or service? If it’s not an online business, ask yourself if the location is suitable for your business.
Having your venture ideas clear will give your business more of a chance to succeed by also giving you a much needed confidence boost.
List out the cost of starting
First step is to make sure that you have some money saved up for your new business especially if you’re planning to transition from your main full time job to your business venture full time without having any stability yet. To add, sometimes things can go wrong and you might incur unexpected expenses so it’s always wise to have some extra money put aside. The second step is to list out the cost of things you need to purchase in order to start your business like equipment, software, insurance, training courses, products etc
Create time to run your business
That could be a tricky one especially if you’re still working in your current full time job and don’t have spare money to use in order to survive & pay your monthly expenses. What I personally did was to use my break times, weekends and holidays efficiently so that I could have some spare time to work on my ballet academy. I still do that today to not only work on my ballet academy but to also do an interior decorating/design course as eventually I would like to completely transition full time into my own interior design business and specialise as an interior decorator. It does take lots of sacrifice, effort, commitment and lots of patience as there are days where your existent full time job will take most of your energy and you’ll feel drained at the end of the day.
Test it out
It’s very important to first test your service or product in order to avoid disappointment and waste your money. Some people are willing to give a free trial or a discounted product in exchange for a good review or photo but it’s not needed. I personally used to offer, in my ballet academy, the first class for free but when I realised that people were taking advantage of that and not really interested in ballet I stopped it. What I like to still offer though is affordable grading exams and private classes to give the opportunity to all the students to advance in the discipline. So we don’t always have to go the extra mile when you test a service or product but just use the right strategy and be patient. Sometimes it takes time.
Name your business
Naming your business might seem like a simple and straightforward thing to do but it’s important that it’s carefully selected. Here below you can find some useful tips on how to create a winning name:
Choose a simple name to spell to ensure that people will remember it easily and spread the voice.
Try to avoid selecting a name which limits your business and stops it expanding. For example eBay is a non specific name to a product but it could sell different ones giving it the potential to expand. You do not want to limit your business in the future to a product, service or even a location (ex. Interior Design in London).
If you’re not sure you could choose a temporary name and then change it later on when you’re happy with a permanent one.
Make sure that your name is not already being used by another business as ideally you want it to be unique.