With the emergence of the internet, setting up a small business has never been easier.
Many people have decided to take control of their destiny by looking to start up their own company because they have been made redundant, perhaps due to COVID-19 or because they want to be their own boss.
When setting up a small business, there are a few essentials that you will need to consider to make your business viable, and here are a few of the most important ones.
A Business Plan
First of all, you need a sensible business plan. It should detail the nature of your business, how you will finance its start-up process, and state your targets and objectives for the company’s future in one year, five years, and ten years.
You will need a place from which to run your business.
If you plan to sell or manufacture goods, you will need a place to make and store them. The premises may also need offices for staff and a shop front from which to sell the goods. The size of the building will depend on the scale of your company.
Some businesses may just require you to have a website and a phone, so you could conduct such a business from the comfort of your home or garage.
If you want to start a business more extensive than just you and a computer, you will need to employ staff.
For staff required to take care of the financial duties within the company, consult an agency that deals with vetted accountants. Find a great team of administration staff for office duties and skilled and reliable people to fill all other positions within the company. Personally interview each person when building your team, taking into consideration their skills and their ability to fit in with other team members.
A business needs a plethora of equipment such as IT gadgets, desks, chairs, manufacturing machines, stationery, manufacturing supplies – the list goes on.
When starting out, don’t be tempted to blow the majority of your budget on expensive machinery or non-essentials. To save money, you could buy some second-hand equipment or lease it. Once you are making a profit, you can increase the number of purchases you make.
Whether you buy products cheap to resell at a higher price or manufacture goods, you will need stock.
Ensure you find suitable, reliable suppliers who can offer you goods at a reasonable price and that are high quality. A good supplier is one that can deliver stock to you when you need it and never lets you down intentionally.
Once you have premises, staff, and something to sell, you need to attract customers.
Set up a website that is attractive, easy to navigate, and makes it easy for customers to contact you or buy goods from your company.
Open a page on a social media platform such as Facebook that features clear photographs of your products and an informative script about your services. The page could also have a facility for purchasing your goods and/or a link to your company website.