Starting Your Own Small Business

small business owners starting off

Starting a small business from scratch can be daunting, with the worry for many business owners being failure constantly lurking in the background. To give new business owners a chance for success, our experts have put together several factors you should consider when starting.  

Before you start, you need to consider that you will be putting a lot of time and energy into starting a business. So, you must enjoy what you do, whether you love the industry or not, you must be devoted.

Do Your Research

The concept for new businesses could arise at any moment in time. You might base your business around your skillset, take inspiration from another successful business, or you might have found a gap in the market for a product or service. When you stumble upon your idea, check if there is a demand for it.

You can start your research close to home by asking friends and family their thoughts. Follow this up with more research based on the area you want to target and what is already on the market for your business sector. There are tools online that you can use to create a profile of your potential client, HubSpot’s customer persona creator is a great place to start.

Write up a Business Plan

Your business plan is the blueprint for your business, pulling together the information of what you are offering and how it differs from the rest of the competition. The plan should also include your marketing, sales and funding plans.

Not only is a business plan a great way of tracking your businesses progress, but it is also a vital part of securing investments or bank loans. Start with a summary of what your business will do and go from there. Once you have put everything together, talk over your plan with someone you trust before going to a bank or investors. This way you will get a second opinion on things, and they may also raise questions that you have missed.

Be Careful with the Name

Your business name should help you stand out from the crowd. So, make it distinctive. Once you have decided on an eye-catching name, it is time to check that no one else is using it. You can do this by checking through social media channels and domain name directories.

To not get disheartened when you see your name has already been taken, write a list of all the possible names you could use or like. Then when they start to narrow down you can pick a name from what is left. Or just start again, the name of your business will be the thing that people remember so it is important to get it right.

How BeMySocial Can Help

Here at Humana, we support many small businesses and larger sized businesses, with our world-class digital marketing support through our sister brand BeMySocial.

BeMySocial is already helping businesses to improve every aspect of their business, from design to marketing and communications. They do in-depth research into your branding and deliver their client’s new ideas that will take their business to the next level.

To find out more on the benefits of using a digital marketing agency to help with your marketing campaigns, contact a member of the BeMySocial team by calling on 01302 494 050 or by filling out their online form.