5 tips for starting your business
If you’re reading this right now, it’s because you have a drive. A mission. And you want to accomplish that mission.
Being an entrepreneur can be one of your greatest and most freeing decisions- working for yourself and ruling over your own life- but the journey must be well though out and planned in order to ensure the success of your business.
we have compiled a list of 5 crucial factors to consider when creating your own business:
1. Evaluate yourself
This is the most important question to ask yourself before starting any sort of business. Why do I want to do this? Do I want to free myself from working for others and having a boss? Do I want to escape the nine-five? Do i just want some extra side cash? do I genuinely want to help others by creating this business?
Once you have thought about that, it’s now time to begin asking yourself slightly more specific questions to see where to begin:
- What skills or areas of expertise do I have?
- What passions do I have?
- What is my starting budget for this business under the risk that it may fail?
- How much capital do I need to produce, at least to start off?
Thinking about these questions will give you some guidance, a sort of basic structure or blueprint, so that you are more aware and cognisant of where you are headed.
2. Think of an idea
Now it’s time to think of what you actually want your business to do. If you already have an idea, go ahead and skip to step 3, but if not, think about some potential ideas or categories of what you want to go into.
1) Ask yourself, how can I get ahead? What sort of advancements or developments do you see or predict will occur in the future? If you are able to locate this, you can jump ahead of the game and take advantage of that opportunity.
2) Think, what is something that really bothers me? Find some problem that annoys or bugs you that you can fix or find a solution to. Thinking of something like this will automatically make you feel more connected to your brand and will make it easier and more fun to work on, as you are personally connected and effected by it. This also helps in advertising purposes, as the basic form of advertising is: a) Say the problem, and b) Explain your solution.
3) How can I enter an existing market? If you can’t think of something new or have a passion in something that already exists, figure out how to bring down the costs or increase the margins so that you can take advantage of an existing market. If you can find a way to sell your product or service for a cheaper price than your competitors, you are already miles ahead.
Before beginning, always make sure to do market research.
3. Get feedback
One of the most important things I have realized after creating some startups is how biased I can be towards my own business. It was a pretty common occurence when I created something that I thought was incredible and would do well, but when asking for some feedback, their opinion was less than positive. Even though something or some idea may seem perfect, make sure to get another pair of eyes on it to ensure that it is indeed a smart idea. Whether it is a design aspect on your website, a plan for the future, or a funnel for advertising, never make make decisions alone with a second (or third) opinion.
4. Make it official
Make Sure to complete all of the legal aspects of your business. By getting these (usually tedious) tasks out of the way, you ensure that you own your idea, that nobody will try to steal your idea, and that you won’t run into legal issues down the road. Some things to consider include:
- Business structure
- Business name
- Register your business
- Federal tax ID
- State tax ID
- Necessary bank account
- Trademark, copyrights, patents
- Corporate your Business
I find it useful and helpful to speak to a lawyer before beginning anything to double check that you are doing everything correctly and that you are completing all of the necessary steps properly.
5. Create a business plan
Writing a business plan is crucial, as it clarifies and lays out the basic steps that you want your business to take in the future to reach any sort of goal you are attempting to reach. It basically is like a to-do list for your business. Every day you should go over your plan to always keep in mind where you’re headed. As Stephen Covey states in The 7 Habits of Highly Effective People, you always must keep the end in mind. This will give you a clear idea of your goals and ensure that all of your actions further you along that path
There are a few factors that make up a business plan:
1) Title Page- First things first is to choose what to call your business. This may seem pretty no-brainer, but it can be pretty hard. It took me almost a full week of lousy ideas until I finally came up with the perfect name for my business. YOu want your name to mean something to you, to be noticable/easy to remember, and you want your name to properly portray your business or the product/service that you offer.
2) Executive Summary- This is your “who/what is my business?” You want to give a description of your business: What problem are you solving? what product or service do you offer and what effect does it have?
3) Business Description- In this section you want to describe your industry, how your market looks, and predictions for how your market and industry will look in the future
4) Market Strategies- Who is your target audience? Do you have more than one? How do you plan on reaching that audience and with which methods do you plan on converting them into paying customers?
5) Competitive Analysis- Who are your competitors? What are their strengths and weaknesses? How can you rise above them and beat them?
6) Design and Development Plan- Create a budget and a price for your product or service based on its functionality and competitors.
7) Management- Plan how your business will run on a short-term scale, its day to day functions
8) Finance Factors- How are you acquiring the money to begin and maintain your business? How do you want your business to progress in the future: expansion, more products/services? What are your long and short term goals for your business?
These are just some factors to consider to help get your business off the ground and running smoothly, uneventfully, and successfully. Make sure to follow each step properly and to plan your every move in your business
Logomotive is powered by 2 young entrepreneurs and a team of highly creative designers who want to see your business thrive. That’s why we view ourselves as your partner, invested in creating a unique visual mark that will proudly present- and represent- your brand to the world.
For us, designing and animating logos is more than just a job. It’s an exciting oppertunity to have a hand in writing the next great business success story.
Hopefully, that story will be yours.