Building A Business: Where to start.
Updated: Oct 17, 2022
20% of businesses fail in the first year and 60% will go bust within 3 years. These huge statistics are due to the sheer complexity of starting up your own business, then being able to keep it going. That’s why we're here to help you with the main steps of building a business.
Coming Up with An Idea
Find a solution to a problem
With all the current world issues, there are so many options. Climate change, pollution, growing demands etc, there are ways in which you can help solve these problems. For example, electric cars are becoming increasingly popular, with petrol and diesel cars being banned from being manufactured in 2030.
Meet future needs
Learn the future targets of current successful businesses and think about what trends and demands are next to come. With the right ideas you could quickly climb to succession.
Be the best
There are thousands of businesses with the exact same purpose however some are much more successful than others. This is because they have more competitive pricing, more advertisements, more products/ services. The list is endless.
Do the things you’re passionate about
If you have a hobby or something that interests you, turn it into a business! Being an entrepreneur increases your risk of mental health conditions by 50% due to the stress, worry and uncertainty. Doing something that makes you happy will help to lower this risk!
Picking your Business Location
Situating your business in a bustling town centre is the obvious way forward growth wise however purchasing a site there will be very costly and at the beginning of your journey is likely to be out of price range. But not to worry as being situated in a slightly secluded spot doesn’t mean you’ll be any less successful and it means your building will be safer!
If your business is one in which customers must view your products, then this is a crucial factor. People use all different modes of transport, and your site should accommodate them all. Are there enough parking spaces? Nearby public transport? Think about foot traffic too, are you on a busy street or one that’s tucked away? Remember your employees need to be able to access the site too not just customers!
It probably isn’t a great idea for you to situate your business close to a competitor especially if they’re well known and have a good reputation in the area, however, if you’re confident you’re better then go for it!
Creating a business plan
Keep current goals separate from future goals. Your current goals should be realistic and achievable while your future goals can be ambitious and way out of reach at the time. Remember its going to be a slow process, don’t overwhelm yourself.
Have a clear purpose and description of your business. What’s your market like? What type of company are you? What makes you different from the rest?
A marketing plan is the key to growth, it will bring traffic to your site and customers to shop. Your marketing should be bold, eye catching and intriguing to your intended audience.
Making notes of all finances used to operate your company is vital for your plan. You will need an income statement to show your profits and losses, a balance sheet for liabilities and assets and a cash flow statement, which shows any money needed for projects.
Create a personal brand and website
Come up with a logo design and symbol which will represent your company. They should be exciting and engaging as well as being relevant to your purpose. Your symbol should be a minimalised version of your logo and can be used when a full logo isn’t necessary. You should have a running colour theme for your business that should look appealing, be clear and clean.
Your new website should be visually pleasing, organised and easy to use. 38% of people will leave your site if they find the layout or content unattractive, this is a huge percentage for a new company! On the other hand, its arguably more important for your website to be accessible, easy to use and fast otherwise you’re risking the loss of many potential customers!
88% of online consumers are less likely to return after a bad experience!
So make sure your business contact details are obtainable and reliable, they should always be available in case a customer has a query or a complaint! 88% is huge but with impeccable customer service you have nothing to worry about!
If you’re still struggling to get the grips of things, Strive can help and support you through the process or even do it for you! Send a quick email to email@example.com or give us a ring on 0333 335 5137 for more information.