What should I know when Starting a business for the first time

Starting a business can be a very stressful time with so many things to think about. It can seem very daunting when you start. We have compiled a brief guide below which we hope will help during your start up.

You have an idea for a business and think it is a good idea, but how do you know.

What should I know when Starting a business for the first time?

 

Market Research

Before you start your business you should do some market research to make sure it is a viable business. For most if not all busi9nesses the internet is going to play a major part in generating sales or enquires. So the first thing you want to do is see if people are searching online for your products or services. You can do this using the Google keyword planner located within google adwords. This will give you the monthly searches either worldwide or by your country. This will provide you with a good idea of the potential search volume. You can also use Google Trends to see how this volume varies at different times of the year.

Choosing the name for your business

Choosing the right name for your business is important as you will hopefully be using it for a long time and you will have to live with it.

We would normally suggest not using your name for your business. This is especially important if you are hoping to grow the brand so that it can stand on its own. E.G. “Mark’s plumbing” would not be as brand able or transferable as “Plumb Right” You want to have a memorable name, so keep it snappy and don’t make it boring.

You also need to ensure that no one else is using the name. You can do these using listed companies databases available. This depends on the country you are in. In the UK if you are looking at limited companies you would use Companies house.

Logo Choice

Once you have decided on your name you then need to think about your logo. You logo will normally represent your name and have a strap line. This can take time but it pays to get it right at the start. Re Branding a company can be expensive, so a little thought at the outset will be well worth it in the long run.

Making Sales

When you start your business you will want to be making sales as soon as possible. There are several routes to market which includes selling to the trade or wholesale. This has benefits that quantity of sales can be high if you develop a good relationship with seller, however you have to set your prices right in order to make a profit and set the right payment terms so you have good cash flow.

Direct selling is good as long as you have the right people in place and can sell well.

Online sales

This probably offers the greatest opportunity, but must be done right. You have to have a good website which is fit for purpose and then market it correctly. This could involve ad words / paid search which can produce sales or enquires very quickly. If using this method you must ensure you have everything setup right such as conversion tracking, so you know which search terms you are bidding on produce sales. It is advisable to use an expert for this to ensure you get the best return for your money. The other way to make sales or produce enquires is to ensure your website appears on the first page of Google and other main search engines. This is called SEO or search engine optimisation. You first need to ensure your website is optimised onsite for the search terms you need. This involves ensuring the copy or text of your website contains useful unique content that is well written for users to obtain the information they require and so the search engines know what your website is about. The second part of SEO is called off site optimisation or content distribution. This takes a considerable amount of time if it is done right. It is always better to concentrate on quality   rather than quantity and to make sure the websites you are placing content on are relevant to your niche.

If you follow the above you should be on your way to setting up a company that will make you money.