4 Steps for Starting a New Business

Starting a new business can be one of the most exciting times of your life. You’ve got so many great plans running through your head, and all these ideas are, hopefully, going to make you lots of money. However, it’s important you don’t rush into things when starting a new business, and that you do the proper research. 

It can be tempting to rush into things and start the ball rolling, but in order to give your business the best shot at success, there are some steps you need to follow. Once you’ve got these aspects set up, then your new business will be ready and raring to go, but it’s important you set up good foundations to build upon.

1.     Do your market research.

2.     Create a business plan.

3.     Get your finances in order.

4.     Create an environment for success (offices, hardware, software).

If you take care of these four points right at the beginning of your business venture, then you’re going to give your business a much better chance of success.

1.   Market Research

You might have this amazing idea, but until you do your market research, there’s no way of knowing whether your idea is actually amazing. Many times, companies fail because they have not understood the true conditions of the market, making it nearly impossible for them to succeed.

If you carry out thorough market research, then you tick that first box which asks, “does this business have a realistic shot of succeeding?” There are still many hurdles to overcome, but market research allows you to better understand whether your idea is viable in the first place.

2.   Business Plan

All great ventures start with a well thought out plan. Without a business plan, you’re like a boat without a paddle, you’re at the whim of circumstances. Of course, things will happen that you could never have predicted, but the better you plan, the better prepared you are to deal with adversity.  

This business plan is your blueprint to success, and without it, you’ll find it much harder to turn your business into the successful entity you want it to be. 

3.   Finances

It’s hard to create a successful business if you don’t have the required finances in place. Some companies need a huge amount of startup cash, others don’t need so much, but they all need some kind of finance.

With your business plan already written, you can start to have a better understanding of your budget and the amount of cash you need to raise.

4.   An Environment for Success 

If you’re going to do this properly, then you’re going to need an office to work from and the right equipment to work with. It’s easy to think you can get by without investing properly in these areas, but if you choose this approach, you’re just making life harder for yourself in the long run.

Make sure you’ve got the software you need from a top-quality provider like Bytes and get an office where you’re going to feel comfortable doing your best work. Without the correct Microsoft suites, you will struggle to work effectively, risking the success of your career and new business venture.

If your company is going to be a success, then you need to be offering a top-quality product and you can’t do that if you don’t have the right working environment. Make sure you’ve got a comfortable office and the right equipment to do your best work.

4 Key Considerations When Starting a Clothing Alteration Business

Even the cheapest suit can fit like a designer original when properly altered. Many people turn to a seamstress for this purpose, as well as to repair the suits they regard as valuable investments. But the skills of a seamstress are becoming somewhat of a lost art, making their expertise increasingly difficult to find.

Once you’ve mastered the necessary skills, a clothing alteration business can be very lucrative. Just as important are the skills required to start any kind of business in the first place. If you’re an entrepreneur at heart, then it’s likely that you possess many of these skills, such as time management, strategic thinking, creativity, finance, and communication.

So, if you’re ready to delve into the clothing alterations industry and establish yourself as a reputable seamstress in your area, all that’s left are a few important considerations. Keep the following in mind to start on the right foot.

The Basics

No matter how small your business, it requires a legal structure. This allows you to lawfully operate and advertise your services, as well as permitting you to accept cash payments. Once you’ve chosen and created a suitable business structure, it’s time to register your alterations business’s name and operations with the state.

Your name should be simple, easy to spell, memorable and ideally, available as a .com domain. The last point is important, as you’ll want to create a website for your business, which will serve as a key component of your future marketing efforts. You’ll also need an employer identification and DUNS number for tax, credit and payment purposes.

Business Plan

The better thought-out your business plan, the more likely you will be to avoid mistakes and make the right decisions from the get-go. Take some time to organize and plan your strategies and objectives. Think about your competitors, marketing strategies, budget, target audience, and staffing. Where you plan to operate should also be considered.

Equipment

The equipment you’ll need for your alteration business will likely be one of your biggest expenses. At the same time, your equipment of choice can make or break your ability to provide a quality service, which is why it’s important to identify the best solution.

At the bare minimum, you’ll need a clothing presser, as well as plenty of needles, thread, buttons and other necessary materials for alterations and repairs. Most importantly, you’ll need a set of quality sewing machines. A great option in this category is Gold Star Tools, a company that provides class-leading Sewing Machines and related equipment.

Location

When starting off, it would be wise to consider keeping your operations at home until you’re in a position where you can comfortably afford a dedicated location. Once you reach this point, remember that your premises should have ample space for measurements and cutting, as well as room for clients to try on clothing.

Finally, don’t forget the importance of an effective marketing plan. Even if you’re on a tight budget, the internet is a great place to start. Use your website, social media and online listings to your advantage. Get it right and you’ll quickly gain a steady stream of clients.

Top Things Your Business Needs To Succeed

Financial and operational success are two of the most important goals for any business owner. You don’t put your time, money, and sanity into a business idea with the hope that it will be a failure, right? Well, that means that you need to get your head down and start to consider the things that your business needs the most to be well received by the audience you’re aiming for, despite how boring and laborious those tasks may be.

You want a solid business foundation, a strong support system, effective marketing campaigns, and a superior IT strategy to ensure that you can input the ideas that mean the most to you and your business bottom-line. So, that means that you need to know exactly what will make sense for your business to be a successful one and thrive in the future. With that in mind, let’s take a closer look at the items things that your new business needs to grow and succeed.

Cash on Hand. Let’s be honest, without hard cash or some type of financial reserve, you’re not getting anywhere fast! A lot of small business owners fail at money management, though, so while it feels like something that should be common sense, you’d be surprised at how many entrepreneurs aren't sorting and spending their business funds properly. In many instances, they spend more than they earn and lack a fundamental understanding of bookkeeping and how to balance a budget. So the lesson here is to know what your finance options are, and make sure that you are always prepared for challenges or economic downturns. Keeping at least $5K in reserve in the bank can help weather unpredictable challenges.

Marketing Strategy. When it comes to investing in marketing, digital advertising, PR, or social media strategy development and execution, most small business owners and entrepreneurs view it as another expense or something that they’ll only invest in when they get time, or after they’ve launched other important initiatives. However, for your business to stand out against your competition and build your brand, you need to invest in a diverse array of marketing activities. Marketing can be complex and difficult if you don’t have the skills, knowledge, or experience to develop and implement such strategies.

Fortunately, you don’t have to do it alone. You can partner with a digital marketing agency or publicity firm that will help guide you throughout your marketing journey. A strong agency partner will develop your short and long-term strategies and execute those tactics. This means that you’ll still have enough time to handle the other essential business processes and operations. As an aside note, we usually tell clients they should allocate seven percent of their net revenue to spend on marketing for the year.

Strong and Supportive Staff. You may be the brains and leader of the operation, but without knowledgeable and experienced staff, your business is not going anywhere. You need people—good people at that—to help you to run each department of your business. You cannot be successful without a strong team working in the right positions, and so you need to take the time to interview the right candidates. Once you determine right people for the right positions and onboard them, then, you need to support them in any way they need! You also need to think outside the box and outsource some of your tasks to experts, and you can see more information here about who you could need. It’s important to research your options so that you get the best of the best every single time.

The Right Tools and Equipment. You cannot operate successfully without the right equipment, resources, and tools, so take as much advice as possible about what you need in terms of technology, furniture, marketing materials, and everything else that your business could require to keep running and growing. Conducting the right research is key, and you can be ahead of the game simply by knowing you are using the right tools to run your business correctly. Don’t be fooled that all you need is a laptop and yourself—it’s so much more than that! This is especially true if you’re selling products as you need to maintain inventory, fulfillment, and many other operations.

Excellent Mentors and Coaches. Your staff is an excellent support system for you—you know that already, but starting and running a business is HARD work. You need cheerleaders—a strong support structure to keep YOU motivated and inspired to weather the tough and unpredictable times. Every business experiences it.

While you’re over there motivating everyone else on your team, you need to ensure that you also have the motivation to keep going yourself. Don’t be fooled about what you think you may need, and instead invest in what you know you will need. Personal cheerleaders are a must, but maybe with fewer pom-poms.

Your business can be a success if you’re focused and input what you need the most. Don’t be afraid!

The Dos And Dont's of Starting The Business Of Your Dreams in 2020

There are only a few months left of 2019, and that means many people are excitedly making plans for 2020. If you have big plans for 2020, such as starting your own business, you’ve come to the right place. If you want to make sure that this is your dream business and your momentum and motivation do not waver, read on for some dos and don'ts that will help you. 

Do Start Networking Now

The more people you know, the better. The phrase ‘it’s not what you know, it’s who you know is very true. By networking now, you never know who you might meet. You’ll be able to get the word out about your business before it’s even started, and you might just be able to find other business owners and people who can help you to achieve your dreams. 

Don’t Start A Business Just Because Of The Money You Stand To Make 

If you have an idea in your head of the business you’d like to start, you need to make sure you’re doing it for the right reasons. This should be because you’re passionate about it, not because you feel like this is something you could stand to make a lot of money doing. There are always going to be trends in business. At the moment, aesthetics (filler and botox) businesses are opening up everywhere, but that doesn’t mean you should follow suit. It needs to be a business that you are an expert in, where you feel so strongly about it that you’ll easily build momentum as you grow.

Do Figure Out How You’ll Get The Support You Need

Every business owner needs support. You’ll need the support of your loved ones when things get tough, and you’ll need the support of companies like F1 Networks when you need to outsource certain processes. This will give you more time and mental energy to tackle the things only you can do. 

Don’t Underestimate How Important It Is To Get Into Good Habits Yourself

As you are at the helm of your business, it’s so important to get into good habits. Get up earlier and meditate and you’ll start the day on the best possible note. Exercise, especially if you can break up the day with it, is also a great way to feel energized throughout the day. 

What if running your own business seems daunting?

If you are interested in becoming a business owner but are nervous about it being too much for you to handle on your own, consider investing in a franchise. These types of business opportunities are great for new entrepreneurs who wish to get the experience of running a business but are in need of training and support to make it a success. If a franchise sounds like your ideal business opportunity considers browsing franchise business opportunities today using a website such as https://www.franchise-uk.co.uk/.

Do Find A Mentor 

If you’ve never done this before, a business mentor could be just what you need. See if there’s somebody who is willing to coach you. 

Don’t Put It Off Any Longer

If this is what you really want, start planning now. If you want to launch in 2020, the best thing you can do is start getting your business plan and everything else you need together now. No more procrastinating or excuses! 

Do Surveys And Questionnaires

To figure out what can be improved before you launch, hand out surveys and questionnaires to people who are willing to take them - ideally your target audience. 

Are you ready to make your business dreams come true in 2020?

Digitizing Your Business Methods Effectively

Starting up a business from nothing is a daunting process. You go through so many stages from the planning and foundation side of things to the implementation and sales. Many people can find that as entrepreneurs they can be a little “old school” with their methods.

For many that involves keeping physical copies of things and using a good old fashioned notebook, diary, and pen. However, with technology advancing all of the time, you need to digitize many elements of your business. So which areas should you focus on? Here are some of the business methods that you can focus on digitizing to help your company and ideas thrive now and in the future.

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Your website and online shop

A website is likely to be a standardized element of your business, and with people using the internet hourly for information, social aspects or for business, it is one of your biggest assets. Giving your website the option of a shop can also enhance your capability for business as this makes transactions within your business far easier for the consumer. In terms of how it benefits your business in other ways, a website and online shop will allow you to keep digitized records of sales strategies and stock levels. Allowing you to plan and be forward thinking for new campaigns. 

Using the cloud 

The cloud, in its basic terms, is a centralized location on the internet that stores data. For a business there is huge value in using it. Gone are the days where you have filing systems from floor to ceiling filled with paperwork. You can now easily transfer the data to a digital copy, and then store it in the cloud. There are many different cloud services options you can use.

However, the main benefit is a reduction in costs, it's easy to use and accessible for those that need it, while giving your business and employees flexibility. Last of all it helps to encourage automation within your business practices. 

Customer management and service

It is important to recognise that the way you handle and manage your customers can also be digitized. With the introduction of customer relationship management systems, allowing you to keep records of purchase history and notes to help add value to customer conversations, can help your business to thrive when it comes to the customer service side of things.

Email communication where G Suite for business productivity could help enhance this area might be the answer. Instead of letters, using email or even text messaging services for simple and up to date information regarding updates can help to improve the level of service you provide. 

Being present online and humanizing your social media

Finally, social media is such a big part of business these days and can be arguably one of the biggest contenders when it comes to your marketing campaigns. However, with every other business focusing on it, you need to ensure that your social media strategy and content plan stands out from the crowd.

This is when humanizing your business and social media can be a huge asset. You can offer up insights using other tools within the platform, play around with video and imagery. The old practice of people buying from people does still exist today, so it is important to add an element of that in an online world. 

Let’s hope this has helped you to consider what methods to change within your business.

Why 1 Out of Every 10 Startups Will Succeed

As a startup founder and the owner of three businesses, I know all about failure. I’ve made my fair share of really dumb mistakes throughout my career, especially in the early years; however, I’ve also been fortunate enough to learn from those mistakes and never to make them again.

And so, I’m going to share my insight on why only one out of every ten startups will succeed and make it see its second and third birthdays.

1). Strong Market Research and Target Audience Definition - The founders and business owners who have conducted the proper market research are more likely to have startups that succeed because they made sure there’s a demand for their product or service. They don’t spend weeks or months trying to guess what their market(s) want.

2). Product or Service Differentiation - Founders and businesses owners who have a product or service that’s different from the rest of the competition (it’s unique, better, or innovative), have a pretty good chance that it’ll sell, which means their businesses will probably be successful.  

3). Business and Marketing Planning - Smart founders and business owners plan each stage of their businesses. They have short-term and long-term plans including measurable goals and results. Without a plan, a business is more likely to fail.

4). Strong Leadership - Businesses with strong managers and founders do better because employees feel appreciated and, therefore motivated to perform better.

5). Scaling at the Right Time - Many business owners fail because they scale their businesses too quickly by hiring too many employees or spending too much money on marketing in the beginning. However, business owners and founders that control their growth are the ones that win.

6). Knowing the Numbers and Showing Profitability - Business owners and founders who know their numbers and show profitability are more successful than business owners who don’t a sense of their customer acquisition costs and the lifetime value of their customers. They also understand the differences between revenue and profit as well as know how to read financial statements.

7). Clear Core Values - Businesses with clear core values and communicate them through marketing are more often successful than businesses that don’t have them. Core values often times include honesty, transparency, integrity, quality, respect, among many others.

8). Business Owners/Founders are Accountable - Successful business owners and founders hold themselves accountable for their actions and write down their goals to make sure they stay on track.

9). Business Owners/Founders are Action Takers - Successful business owners and founders plan and then take action. They don’t let procrastination or perfectionism get in the way of launching a new product or service or growing their ventures.

If you’re in the 10 percent of businesses that are succeeding, we’d love to hear what you’re doing in the comment section below.