Ask any seasoned entrepreneur and they will confirm that in order for a business venture to be successful, many things need to be in place, and when everything is connected and the business plan is professionally implemented, you can gradually establish your market share. Here are a few essential aspects of a new enterprise that need to be in place.
- The Business Plan – If you thought a business plan was exclusively for sourcing investors, think again. Your business plan is the framework for the project and should address every aspect of the business; marketing, accounting, startup and running costs, plus profit forecasts for the first 5 years. A comprehensive business plan might be 25-30 pages in length and when you are happy with it, let a business guru take a look, and they would likely find a few issues that need to be addressed. This should be the very first thing you do, and if you haven’t got the capital to make it work, take out a business startup loan, which you can pay off gradually.
- Digital Marketing – Don’t make the mistake of thinking that this is an optional extra, it most certainly is not – without SEO services, you will not get sufficient web traffic to break even – and as the services need to be ongoing, factor the monthly service into your running costs. The current Covid-19 pandemic has pushed many consumers online, all the more reason to have your website optimised for Google searches, which is something for a specialist SEO agency to handle.
- Essential Resources – You will need some form of office space, which might be the spare room or garage, and you will need a good Desktop PC, which you can acquire at jib.co.th/web/, the go-to people for all kinds of IT equipment. List all the essential items you need to get the business off the ground, and make sure you have the capital to acquire them all, and never forget that outsourcing is always an option. Business cards, letterheads and flyers can all be done by a local printer, which eliminates the need for laser printing hardware, and prior to doing anything, you need to crunch the numbers to ensure you have the funds you need.
- The Right Mindset – Launching a business demands the right mindset; a positive outlook and lots of enthusiasm are essential, and with a ‘can do’ attitude, don’t listen to those who say you’ll never make it. You will face many obstacles, of that you can be sure, and if you have a strong belief that your products or services are top quality, this should fuel you through the difficult times. Be realistic and plan for every eventuality, and be prepared to work round the clock to make your mark, which will probably be required if you are to succeed. If your new business is e-commerce, here is a great e-commerce checklist to ensure nothing is overlooked.
- Organisation – You should create a flowchart that shows how your organisation works, and if it is truly a one-man show, you will need to delegate at some point. Make the best use of state-of-the-art business software, as this takes the headache out of bookkeeping and other administrative aspects of the business, and it will allow you to focus your energy on improving the customer experience. Make plans for business expansion, as your digital marketing plan will be aiming to drive traffic to your digital platform, so do make provisions for high volumes of orders. If you concentrate on refining the customer experience, this will always lead to growth, and whatever your chosen industry, you will have a lot of competition. Here are some UK government guidelines on setting up a business, which is an informative read.
Once you are sure that your business idea is realistic, start putting together your business plan, which is the foundation for a successful startup, then crunch the numbers to see if you have the finances to make it happen. The rest is all about hard work and determination, and with an aggressive digital marketing plan that is implemented by professionals, you are sure to get your message out to the right people.
While positivity is a great asset, it is important to be realistic, and don’t be afraid to bounce ideas off friends and family, as this can help your concept to take shape. It is worth noting that every single successful business began as an idea in someone’s head, and if you are unsure about anything, seek advice from the experts, who are always happy to help. You can play devil’s advocate and try to pick holes in your own business plan, which often reveals a potential weakness, then you can plan for every eventuality.