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5 First Steps to Starting Your Own Business

By Edited Aug 14, 2015 1 0

Starting your own business is often the best way of being able to work from home, scam free. There are plenty of ways to start up your own business but you want to take the steps to make sure it is a success. While these five tips don’t guarantee success, they will help you get started with a bang and help you towards creating a business that you can be proud of.

Find Something Worth Selling

Make a list of all your skills. It does not matter what those skills are, whether they are doing the laundry or making your own jewellery. Write everything down and then you know what you have to offer to people.

Once you have your list, search the internet to find out whether each skill is selling. Some skills will not be profitable so cross them off. For all those that look promising, put a star next to them so that you can narrow your list down. Put double or triple stars next to things that will work and that you know you will enjoy doing and those that have little competition.

If you have multiple skills, you may want to join them together. This helps to expand your possiblity of success and offer more to your customers or clients. However, avoid adding too much to your business, or even too much at once. You don't want to overdo anything and stretch yourself too thin. As you gain success, you can then start to offer new products or services.

Successful Business
Credit: David Castillo Dominic at Freedigitalphotos.net

Make a Business Plan

No matter how small your business will be, having a business plan is the best start that you can give it. This should detail everything that you expect from the company, including the annual turnover, the amount of money you need to start the business and how you expect to make that money back. You could start with a one year, three year or five year business plan to help you get started and then change it as your company grows.

A business without a plan is lucky to last just six months in the current economy. Without a plan, you will not be able to gain finance from a bank or other lender, as they will want to see your plan. This may stop you from doing many things that you want with your new business as you will need to find other ways to gain the funds.

It will also help with expanding your business. By having a plan, you not only see where you want to be in the future, but layout the steps that you’ll take to get there. This isn’t set in stone though and you can make changes to suit the current economical times and other factors that affect your business.

Make a Website

Again, no matter how big or small your business is, you will need a website. Online is how the majority of people research companies and products so you need to be on there to reach that audience. You could hire a website designer to do it for you but there are now many free platforms that will help you make your website yourself, including Wordpress and Joomla!

The type of website you require will depend on the type of business you run. If your company is offering products for sale, you will need an e-commerce website and the best way of getting a functional one of these is through a professional developer.

You will need to look into the cost of website hosting. If you are just selling a simple service, you may find that your hosting costs as little as $3 per month. However, business and e-commerce hosting often costs about $12 per month. On top of that is the cost of the domain name, which will need renewing every year or two. Remember that these costs are business expenses and taxable allowances.

plan your marketing
Credit: KROMKRATHOG at freedigitalphotos.net

Make a Marketing Plan

Now that you have a new website, you will need to create a marketing plan. This should detail who your target audience is, how you will reach them and the budget that you have to spend. There are plenty of ways to market a business, some online and some offline. Many of these are low budget and some are even free so it is worth researching them to find out which ones will benefit you.

This marketing plan will need to change on a regular basis. You may find that your target audience changes as your company expands or that certain forms of promotion are not working. This helps you spend your money more effectively and gain more traffic to your website. After all, if something isn’t quite working, why are you still continuing with it? You can focus your finances on areas of marketing that are working.

Learn SEO to Help Expand Your Reach

SEO is how you will be found on search engines. It stands for search engine optimisation and incorporates the use of keywords in your content and back links to your website. You will need to learn everything you can about this or find a reputable SEO company to help you with it. The more you know about SEO and incorporate it into your website and other content, the more chance you have of being seen and people buying from you.

This does take time to learn and it changes on a regular basis. You may think that your efforts are best spent on other areas of your business, which is when you will need to look at hiring someone or a company that already understands everything. This will mean another business expense but is worth it in the long run.

Starting your own business is something that many people opt for when they want to work from home. However, do not go into this lightly. It does take some time to become successful and you will need to put a lot of effort into it. You will need to be able to set time aside to spend on research and starting those first steps to be able to expand in the future.

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