5 'must haves' when starting a business

Updated: 2 days ago

Every business journey has it's challenges. This shouldn’t mean that your first hurdle is the one that prevents you from getting started. Here are six business requirements that your business will need to hit the ground running.


Your idea

It sounds obvious but this is the hardest step in the journey. To succeed you are going to need a great idea. This doesn’t mean you have to re-invent the wheel but you will need to get creative and innovative. Some of the methods to brainstorm an idea include:


· Travelling

· Testing new experiences

· Reading

· Collaborating

· Focused thinking


Your business plan

Once you have your idea, take the time to develop a business plan outlining your goals and the activities that will help you achieve them. You will also want to consider your projected turnover, especially if you are looking for a business loan as you will need the evidence to prove your idea is worth getting behind.


Your brand

When it comes to your branding you will need to consider a few aspects including; company name, logo and values. Your logo and company name should reflect your purpose and it is worth spending time on as you should avoid changing the brand to ensure your customers begin to recognise and trust your brand.


Your brand values will influence stakeholders in your business such as customers, employees and investors. The core values are aligned around a philosophy that is going to guide all your stakeholders.


Finance

Finance is another common barrier preventing aspiring entrepreneurs from getting started. Some of the likely sources of finance you might consider include:

· Personal savings

· Crowdfunding

· Friends and family

· Business loan

· Angel investors


Website

In today’s business world having a website is a requirement. A survey found that 87% of shoppers start their shopping experience online via searches. For your business to be found online you need to have a website in place. The website acts as your shop front where customers can browse, ask questions and purchase the products or services they desire.


If you don’t have a website in place, you’re five steps behind the competition and you will lose customers. Find out how you can access all the core support you need to get your business up and running so you can focus on the business.

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