Hints and Tips for Starting a Small Business in 2018 | Guide

New Year new business? What better way to kick start 2018 than getting started on building your brand new business. Creating a company takes a lot of research, planning financing and adhering to legal requirements. As always the best thing to do is plenty of planning. Detail all the steps you will need to take to reach the stage of actually launching your business. Having it laid out in front of you will make it easier to understand the time you should prioritise to different tasks. It will also let you mark your progress on something visible and tangible. If you aren’t sure where to start follow this guide for ideas.

Research Your Market

Before you invest in your big idea you should carry out market research to establish whether there is an opportunity to turn your idea into a successful business. Determine your customer demographics and gather information on demand for your product or service. You should also speak to other business owners in your local area as this could bring you a competitive advantage in the marketplace. Not to mention, being aware of business pitfalls in your locality and known tricks of the trade could help you avoid making rookie mistakes.

Man shaking hands after agreeing to business plan

Build a Strong Business Plan

A strong business plan is essential for securing a business loan. You should be able to detail what your business is, where it is located, who will run it and how it and when it operates. You should be able to show how to will make a profit.

 

Finances

Once you have your thorough business plan you should be able to determine how much money you will need to get your business started. Unless you have savings or family or friends who are willing to or able to support your business venture it is likely you will have to approach a bank for a loan. Certain governments offer business grants for small local start-ups or there may be other special funding in your local area. You should thoroughly research this to avoid missing out.

 

Location, Location, Location

Picking the perfect location for your business is one of the most important steps on your way to success. Take into consideration things like employee and customer access, future expansion, traffic both car and pedestrian, competitors and cost structures. If people will be spending long periods of time at your business then you may want to ensure there is parking available. You also want to avoid setting up shop on a street where there are several other stores selling the exact same services within a one-mile radius.

New business with a we're open sing on the door

Licences and Permits

This is an integral part of setting up your business. You don’t want to get the point of business launch only to discover that you don’t have the required licence to sell your products. You could also find that you need to make changes to your establishment before it is deemed legal or safe to operate under the conditions of your service. Not only will this set you back and delay your launch it could also incur you a fine if left too late and even jeopardise your entire operation being shut down.