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How to start a business from scratch

Are you thinking of starting a business but you’re not sure where to start? Don’t worry, we’ve put together a shortlist of things to do to make sure you set your business off to a flying start.

Research

During your initial planning stages, make sure that research is an integral part of your preparation. You need to make sure you know what you’re letting yourself in for. For example, if you’re considering starting an IT company look at someone like ITPRC for advice on the kinds of challenges you could face and how to overcome them.

Refine your idea

Make sure you’re clear on your niche, so that you feel confident that you will have a real chance at gaining a market share in the industry you’ve chosen. Once you have your idea clear in your mind, you will feel more prepared and it will be easier to set yourself realistic business goals which will keep you heading in the right direction.

Register your business

Every company must be registered in order to trade, so make sure that registering your company is one of the first items on your to-do list. Otherwise, you could be penalized which wouldn’t be the best start!

Insurance

Business insurance is an important thing to investigate when you’re just starting out and is something to consider when you’re figuring out your cashflow. One day something could happen which makes you very grateful that you invested in insurance. For example, if someone makes a claim against your company, you will be covered financially.

Build your team

Of course, one of the most important aspects of starting up a company is building up a team of employees. You need to carefully consider the qualities you need to look for in your first employees. You need people who are going to be excited to be part of a young company and flexible enough to adjust to its needs as they change.  Depending on the nature of your business, you will need to aim for people with specific skill sets, for example marketing skills, selling skills and technical skills. You also need to consider how these people will work together as a team.

Choose your target market

Make sure that you have your target market clearly in your mind throughout the process of setting up your business. You need to have clear goals in order to achieve them and every decision you make needs to be tailored towards making yourself more and more appealing to your audience.

Market your company

One of the biggest expenses you’re going to face for your business is marketing. However, there are plenty of clever ways to keep costs down for example, by making good use of social media. Start putting together a marketing plan to get your business out there and to start being able to build a client base.

By following these simple steps, you can start to set up your business sensibly and thoroughly. If you’re feeling intimidated by the prospect of taking your first steps, simply start to think about the ideas we have raised, and you will find yourself feeling inspired and motivated to begin.