You wake up one morning feeling completely different, knowing it is time to do something new and different in your life. You feel tired of your 9-5 job, you see the opportunity to turn your knowledge and expertise into something better, you are ready for a change – it is time to start your own business!
We know this can be quite scary. Starting a business at first feels like leaving your comfort zone in many ways. Everything is different and it all depends on you, you are the maker of your own future. It’s a bit like growing up.
But hey, the fact you’ve been contemplating this idea is a sign that you are ready, and you should bravely go for it. Here’s a little guide that might be helpful when starting this new adventure in life. Grab a cup of coffee or tea, start reading, and mark this as an initial step, the first you have taken towards being your own boss.
1. Choose a Name
As your own name is an integral part of your character that defines you as a person, in many ways, so is the case with a company name. Maybe the most important decision in this process, in fact. The name should be different, short, memorable and searchable. Choose a name that means something to you, but make sure it is recognizable and carries the right message for your target audience. Avoid generic names that don’t reflect who you want to be as a company. You need a name that grabs attention.
2. Turn Your Idea into a Business – Build a Concept
Even though it might not seem that important, creating a concept for your business is crucial for success. It will help you define the core of your business idea and truly understand what your future business is going to be. This initial stage of starting a business is usually all about excitement, a bit of fear, and ideas scattered all over the place. For example, if you say “I want to start a digital agency” it doesn’t say much. But, if you say “I want to start an online digital agency providing SEO and content writing services to small and mid-sized companies” you are doing a better job. And this is the concept – defining what your business should be in one sentence. Once you do this, you can start doing deeper research for each of these parameters.
3. Choose a Bank Account
This is a vital decision, as the type of account you open will largely influence how you can use the money you earn. As a startup owner, you want a good and reliable service that will also save you some money along the way. One option is a business checking account you’ll be able to open without going to the bank. This is a fee-free account that offers unlimited transactions. It operates and is as safe as any other bank account, the only disadvantage is that it doesn’t process cash deposits and is not able to send money wires. Then again, it offers unlimited electronic payments free of charge, so this makes wires unnecessary. However, if that is not what you need, make sure to look into other available options.
4. Focus on Your Audience
Your product or service is important, but your target audience is even more important. Focusing on the target audience is what guarantees success. You need to turn to them completely, meaning you need to design your business to meet their needs. The way you build your website, market your services, your tone of communication, the benefits you offer – this all needs to be tailored to fit the needs of your potential clients.
5. Create a Website
Your website is your ID in the business world. If you want to evolve and grow, you need a website. Your customers expect it. Start from your perspective. What is the first thing you do when you want to know more about a company or a product? You start googling them, searching for their website. A website offers (or at least it should) value in terms of quality content and provides answers to all the important questions. A website also allows you to choose the way you communicate, and the way you present your services. Social media is also a good choice, but a website offers an entire story. And today, with so many affordable options, it is easier than ever to create a great one.
6. Build a Team
Business is a team sport, no one has ever scaled up a business by being a solo player. According to research, one of the top reasons for business failure is building the wrong team. So, choose wisely, hire people to complement you and who can get the job done. You are not perfect and knowing your weak spots can only help when choosing the right team. Because, if you are not good at something, someone else out there surely is.
These are 6 things that might help you along the way. Hold on to your idea and make it work.