So you have decided to take destiny in your own hands, become your own boss and, hopefully, have a few people working for you. Daunting prospect, isn’t it? Setting out on your first entrepreneurial venture is an exciting but scary time, so we’ve got some help with the answers to a few frequently asked questions.
What does it take to start a business?
Well, an idea for a product or service comes first and, if you have gotten this far, you have probably already got that in place, right? What it’ll take from you personally beyond that is a whole lot of tenacity and determination. You’ll need to be willing to take risks, be assertive enough to make big decisions and have the level head to be responsible with your resources (that’s time, money and people). Also be ready to take advice from people who’ve been there and done it – there are words of wisdom across the internet to help keep you on track.
How do I start?
First you need to decide how you’re going to start – will you be a sole trader or a limited company? If you have big plans for enterprise, it’s probably the latter, but make sure you’re aware of the legal, financial and tax implications of whatever you choose. You’ll need a company address (yes, you can use your home if you want to) and an original company name. You’ll probably want an easily remembered website URL as well. Just Host is a great, simple one stop shop for setting up your virtual real estate.
How do I market myself?
Getting custom isn’t going to be easy if people don’t know you exist in the first place. Depending on your intended audience, you might want to adopt a multi-pronged approach to putting yourself out there. It doesn’t always need to cost money, and there are plenty of options if you’re on a budget. Everything from blogging to straightforward advertising and a strong social media presence can raise your profile.
How do I grow my business?
If you really want to expand your business, you’ll have to be ready to expand your horizons to head towards that upper end of the SME spectrum. Keeping your eyes and ears open for opportunity and being willing to move into new markets and territories is key. Fleximize’s advice here is heavily focused on being brave enough to take on new challenges and take deliberate, structured steps to growing your team, customer base and footprint.
What support is available?
We’re lucky to live in a culture where business ownership is actively encouraged and, if done right, can be deeply rewarding. A number of state and independent bodies could be approached for help. A great place to start is your local Chamber of Commerce. Even if not for financial help, they can provide support with your business plan, and are often in touch with networks or venture capitalists who can be the investment angels that help you get things off the ground.
