5 things to consider when starting a business
When starting your business, there’s a whole raft of things for you to think about ranging from finance, your skills, marketing and much, much more. We’ve listed a few things to think about when you start your business.
- Identify your skills
When setting up your own business, it’s quite important to recognise and know your own skillset. This is for a couple of reasons, one being, for example: if you’ve spotted a gap in the food industry and you are looking to setup a business in this industry – but have zero experience in the industry – you may be setting yourself up to fail, or you may need to upskill before taking the plunge. If you can setup a business that falls under your already existing skillset, it could make the whole journey easier for yourself.
- Market Research
Before you decide to setup your own business, it would be wise for you to conduct some research into your market – however basic it is, something is better than nothing. For example, if you are looking to setup a Personal Training business in your local area, you should research the market to see if your area is heavily saturated with this kind of business. If it is, you should try to add an element to your business that will make you stand out in the market.
- Work on a Financial Plan
Before setting up your business, it’s a good idea to develop an in-depth understanding of how your finances look, and how much you plan to invest/can afford to invest. Creating a cash flow statement would be a fantastic start – Cash flow statements help to calculate cash balances, by collating outgoings and incomings. The cash balance after applying expenses is a perfect way to figure out your cash balances and working capital.
- Develop a strong business pitch
A business pitch is so important to people starting their own business, when you meet someone, you need to be able to explain about your business, what it is you do and what you’re looking for. A prime example of a solid business pitch is called an ‘elevator pitch’ – They are named this because imagine getting into an elevator having the opportunity to inform somebody about your business. There is a very limited time-period (60 seconds or so), and in this time you need to be able to do all what was mentioned above, in an engaging but concise manor that is memorable to the audience, be it 1 person or 10 people.
We held a talk with NatWest Business Entrepreneur all about writing a great 60-second pitch, read more about it here: https://www.thewomensorganisation.org.uk/writing-a-great-60-second-pitch-with-natwest/
- Think about creating a social media presence
When starting your business, you should be thinking about the possible ways you’ll market your business. One of the most effective, cheap ways to do this is by establishing a solid social media presence. There are several perks to social media marketing, it’s cheap, you can target your specific audience, develop a good sense of brand awareness and much more. We have a blog on our website which goes more in-depth on this topic, read more here: https://www.thewomensorganisation.org.uk/5-reasons-why-your-business-needs-a-social-media-presence/
If you have a business registered under 42 months within the Liverpool City Region or are looking to start a business – Enterprise Hub can support you! Get in touch with us at enterprisehub@thewo.org.uk
