Key first steps to starting your own business
By Emma Jones, founder of Enterprise Nation
We’ve asked Emma Jones, business expert and founder of Enterprise Nation – UK’s most active small business network – to share with us her tips on starting a business. So, if 2016 is your year to start a business, follow Emma’s advice:
#1 Come up with a business idea
To find your business idea, ask yourself three questions; have you spotted a gap in the market? What’s your passion/hobby/skill and can it be turned into a way of making a living? Have you seen someone do something that you think you can do better yourself? The answers to these questions will give you the basis of an idea for a business.
Come up with a great business idea
#2 Write a plan
A business plan acts as your routemap and will guide you from start-up to growth. It’s easy to remember what to include as it spells I’M OFF.
I is for Idea – outline the business idea.
M is for Market – who are the customers you’re going to serve? Are they a particular age/gender, from a certain area or have a particular style?
O is for Operations – ie what kit do you need to get started. If you do need access to space/equipment etc, ‘Beg, Borrow & Barter’ ie approach someone with the kit you need and ask if you can have access in exchange for giving them profile/footfall etc.
F is for Finances – which is two-fold; writing a cashflow forecast for the business which is projected sales less your costs = profit. The second element is whether you need any funding to get going. If so, take a look at StartUp Loans (www.startuploans.co.uk), the bank of friends & family or crowdfunding. .
The final F is for Friends –your support network of advisers and experts on whom you can call on the topics that may not be your strong suit.
#3 Build a home on the web
With millions of customers online, it’s a good move for you to be there too. Start with a blog using free tools such as Blogger and WordPress.com or consider template websites like Moonfruit or Squarespace to get a home on the web, within a small business budget. Embrace social media by creating profiles on the main platforms to raise profile and connect with customers.
Build a free website with Moonfruit
#4 Make sales
Start by making sales to friends and family and keep expanding from there. Sell online, via PopUp shops, through partners, and hand promotion materials to everyone you meet. Attract customers back through introducing email marketing plus offers and discounts that reward loyalty.
#5 Repeat!
Keep repeating these steps and before you know it, you’ll be boss of your own thriving venture. There’s no better way to spend 2016.
Author’s bio
Emma Jones is the founder of Enterprise Nation, an SME network that helps support the UK’s growing network of entrepreneurs.
