So you’ve decided that it’s time to take action on that idea of yours. Out of sheer excitement, the natural instinct is to jump straight in, which is understandable. Although in business it is very important to be adaptable, and capable of “rolling with the punches”, so to speak, It is crucial to have a solid plan and structure in place. Here are five tips that will set you on the right path in your business endeavours.
1. A well thought through business plan.
This may be stating the obvious, however, the importance of a thorough business plan should not be understated. Chances are, if you are in this situation, you already have a business plan; however, it may be no harm to go into more depth and detail. A business plan helps to organise initial finances, and helps to establish a long term goal, and how you will go about that goal. According to Murphy’s Law, “everything that can go wrong will”, with this in mind, look at contingency plans for potential situations that may arise. Essentially, depth and detail is your best friend in this case.
2. Conduct extensive market research.
This ties in with crafting your business plan. It is integral to know and understand your market. This involves having an established USP (unique selling point), a known target demographic, and a knowledge of competitors products and prices. The way in which you acquire this knowledge is at your discretion.
3. Get creative.
If you are grappling with starting your own business, its likely that your budget is relatively small, and therefore you will need to be frugal. If there is something you need in your startup, think of a way to get it for less. Whether this is sourcing it cheaper, or making it yourself. For example, a startup pizza restaurant in Galway used everyday household items like bottle caps and barrels to decorate their restaurant, which gave it a unique aesthetic and feel. This applies to many different industries however, whatever your need is, meet it with a creative solution.
4. Seek the help of a professional.
You may have a great idea for a startup, however, you may not know how to go about setting it up. In this case, make an appointment with a solicitor or an accountant, as they know what is involved with starting a company. They will assist you with the necessary paperwork.
5. Know the importance of your website and social media.
Your brand will define you in the eyes of a client. A clean, modern website alongside an aesthetic social media accounts will communicate professionalism to the client. If your startup is a web design or marketing agency, your website and social media are an example of what you are capable of, they are a reflection of your agency’s talent. However, if you work in another industry, your website and social media are still key, as every startup should convey professionalism first and foremost. This is something we are happy to help you with at Grafton Digital!
We at Grafton Digital wish you the best of luck with your startup, and we hope these tips can stand you in good stead for the journey ahead.