Starting a business? Communere’s Step-by-Step Guide to Your Starting Your Company
You are walking to work and suddenly, a genius business idea pops into your mind. Or you have always dreamt of starting a business, although you have not had the time and resources, but now is different. Are you looking to turn the idea into a reality; here is a guide to those first steps you should take.
It can feel like a daunting prospect setting up a business, it can be difficult to know where to start and there are lots of questions i.e. do you already have a network in place, who are competition, where will you receive funding etc. Taking small steps will help with the bigger picture questions.
Communere have put together a step-by-step guide on where to start:
Know the market: Ensuring that there is demand for your idea or product will help to ensure that you are looking in the right place to starting a business. Have you spoken with your prospective customers; do they feel your idea could benefit them in some way? Having a plan before you start will help to ensure there is a gap in the market (or a space for a new gap to be made) will help to alleviate any future. Here is a great article to show the types of market research that you will need to do before you launch into things.
Figure out how to structure your business: Making sure that you are set up as the correct business type is important and there are pros and cons to each i.e. becoming a sole trader, limited company or LLP. Setting up a Limited Company is a big commitment, you need to be fully aware of the annual tax and filings responsibilities that you will have to adhere to, the responsibilities have been clearly laid out here. There are some very useful guides to which type of company you should set up depending on your size and plans for growth. Here is a great article to help you establish which type of business you should consider opening.
Making your business plan: Building a business is similar to building a house, you need to plan as if you are drawing a blueprint for a property and start from there. A clear, concise business plan will help by enabling you to envisage where the business will be in 5 years, makes a great reference point for growth to look at in the future, and it also helps investors to take your business seriously if investment is a key stage of your business plan.
If you need some advice on how to draw up a business plan, bgateway have a free template available for people to use which helps in those early stages.
The name; choosing a name guide: Choosing a good name for a business can be the difference between “make or break”, for the company. The name needs to be professional, memorable and simple. Forbes have put together a brilliantly insightful list about how to name a business from ensuring that you are not limiting yourself as a business when you grow, to making sure that the name conveys meaning.
Logo designing: The logo can be a big window into the quality of a business from a consumer’s perspective, it is the window to business soul as this is the first thing they will see along with the name. Today, there are so many businesses that are equipped to help you with the logo design and ensuring that they are original. Tailor brands offer several different packages to help with logo design and they also offer website building services too.
Website design: Once you are happy with the name, logo and want to proceed with the business, now is the perfect time to build your website and start attracting customers to your amazing new business venture.
Most importantly when building a business, relax and enjoy the process. There is so much to be gained from owning your own company and the rewards far outweigh the challenges. We hope you enjoyed Communere’s first building a business series, we will be back soon with more business building advice.