Perhaps your new year’s resolution was to start a business? Maybe you’re sick and tired of working for someone and want to start being the boss? You’ll probably want to know how to start a business then! Thankfully, I’ve got everything covered in this ultimate guide:
1. Generating a Business Idea
The first step in starting a business is generating a business idea. You’ll want to try and find an idea that people will be interested in. Take a look at the world today, what are some of the current trends? These days, there’s lots of hype surrounding the health and fitness industry. Starting a health shop or fitness club is a great idea for a 2016 business. This is just one example of a trend; there are many out there. But, it also depends on your local market. If there is a gap in your market that you can exploit. Do some testing, speak to local consumers. Ask them if they wish your town/city had something, or if they feel like something’s missing. Doing this will help you identify any gaps in the market, and then your ideas can take shape.
2. Financing a Business
Money doesn’t grow on trees and businesses don’t get started for free. Bearing that in mind, you’re going to need to find a way to money so you can start a business. If you don’t have the personal funds, consider other options. You could get a business loan or look for an angel investor to help you out. A loan will provide you with all the money that you need, but you better make sure you pay it all back on time. Fail to keep up with repayments and your business could be taken from you. Angel investors are amazing. They’re people that will give you money to help you start a business. All they ask for in return is a stake in your company. So, they’ll own a proportion of it. Then you have to think about your business assets, all the equipment you need. Certain things cost a hell of a lot of money. For example, starting a catering business is a great idea, but you need loads of equipment. Thankfully, there are ways to finance this stuff. Looking for catering equipment finance? Call Portman Asset Finance! With asset financing, it’s a lot easier to pay for things. Of course, you can get asset financing for all kinds of business equipment.
3. Promoting a Business
After you’ve come up with an idea and got all your finances in order, your business will start taking shape. You could’ve already set everything up and got ready for the grand opening. But, there’s one thing you must do beforehand; promote it. Promote your business so people know it exists. Make it your mission to get your business into the thoughts of everyone around you. The first time you open your doors, you want to see people queuing up outside. To do this, you’ll need to use a range of effective marketing and advertising techniques.
And, so concludes my quick guide to starting a business in 2016. After reading this, I’m certain you’ll feel more confident and know what you must do to start a company!