Starting your own small business is a great achievement and something most people only dream about. If you’re in the process of planning your own start-up venture, there are several things you will need to think carefully about before you applying for funding from potential investors. Below are 5 things every start-up needs. Make sure you’re including these in your plans.
1. Business Plan
A well-thought-out business plan is essential to have in place before you start looking for financial backing. Without it, banks and other investors will simply turn you down immediately. You need to prove to them that you have carefully considered any potential issues that might arise for your business, as well as providing thorough market research. Your plan should map out the direction of your business for at least the next 5 years, and include profit and loss predications, branding details, marketing ideas and budgets.
2. Work Space
Depending on what kind of business you’re planning to start, you might not have the luxury of being able to work from home. An individual or a very small team might be able to get away with working off of their dinner table. However, if your start-up requires a few extra bodies, then you’re going to have to find a suitable work space for everyone. Research your local area to find what sort of office or studio spaces are available to rent within your budget.
In a society where everyone relies on the Internet, there’s absolutely no excuse for your start-up not to have an online presence. There are plenty of website building options that you can use for free online, or at a low price. These are fine to use and might be more budget-friendly, but they do have their limitations. You also might find that you’re running the risk of having a very similar website to a competitor due to the restrictions in template choices.
Consider turning to professionals to help create your website. Agencies like ALT Agency, who specialize in web design Birmingham can build a bespoke website that will wow your customers.
4. Social Media
As mentioned above, with the majority of the globe having access to online content, it’s a necessity for businesses to have some form of social media. There are many different platforms you can sign up to — Facebook, Twitter and Instagram being some of the most popular. Find a social media site that best suits you, although you should consider which one will give your company the best coverage. By having a social media account, you can engage directly with customers and promote your brand more efficiently.
Without any cashflow, your business won’t get off the ground. You might be lucky enough to already have enough money to support your start-up yourself, but for most people this isn’t the case. You should be able to invest some of your own money into your company. If you’re not willing to do this, it can be off-putting to other investors. However, if you need a financial boost, ask your bank for a business loan before seeking investment from elsewhere.
Building your own business from the ground up is an exciting venture, but make sure you have these 5 things in place first.