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(Last Updated On: October 28, 2017)

So, you’ve decided you’re going to start your first business. Congratulations! Be prepared for a long and difficult road ahead. Starting a business isn’t easy, and it takes guts to take a leap of faith and trust that it’ll all work out in your favour. There are probably hundreds of things you need to consider before you start your first business. However, there are a few things you need to think about first. Thinking about the right things first will help you to develop an amazing business idea, followed by an incredible business plan that helps you to move forward!

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Your Business Idea

First, you need to think about your business idea. It only makes sense! You need to make sure you come up with an idea that you’re excited about, that you think could go places. You must be willing to test out the viability of your idea by doing things like market research. This will give you a good idea of whether there’s a true market for your product/service. You don’t tell people what they want; they tell you. You should also research the competition in the industry to see what they’re doing and get a feel for how you could do better.

 

Your Business Name

Your business name may seem like a pretty insignificant thing when compared to everything else, but it’s important. Your business name needs to be memorable, and tell people a little something about your business before they even see your marketing materials. Your business name should also be your domain name, so before you set your heart on one you must check that a variation of it is free to use! Check out similar business names and work out whether there could be any confusion.

 

Your Business Structure

There are a number of business structures that could work for you and your business. Will you be a limited company or a sole trader? Will you look for a business partner? Each option has various pros and cons you should familiarize yourself with.

 

Your Website

Your website is going to be one of the most powerful marketing materials you have. What sort of content do you want on your site? You need to consider home pages and product pages as well as your company blog. A blog is a must and will help keep your site updated and fresh! Check out these web hosting reviews so that you find the perfect complimentary service too.

 

Your Business Plan

This is a blueprint for your business, so make sure you spend time designing it and putting it together. Not only will it help you to stay clear on what you’re doing, it help to secure funding and investments if you need them.

 

Your Branding

Your business brand is so much more than your business logo. It’s your colors, theme, the way you speak to customers and handle their queries/complaints – everything. Your branding must be consistent across all of your platforms and appeal to your audience. Consider your unique selling proposition too – why should somebody come to you over a competitor?

 

What stage of your business development are you at?


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- Chiino

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