It’s about diversifying what you can offer to the same audiences
British Asians are exceedingly moving into the entrepreneurial space to start their own business.
Whether it’s retail, technology or a specific service, creating a company from scratch is a tedious task.
Many individuals jump into this journey expecting it to be a breeze.
However, it takes a lot of research, understanding and resilience in order to succeed with a homegrown business.
Additionally, focusing on the funding, structure and legalities of your company is vital to know.
However, starting a business is one of the most exciting and rewarding experiences.
With the amount of effort, sacrifice and time one can put into their own business, seeing it grow from an idea to a profitable company is amazing.
Therefore, we’ve compiled a list of top tips that will help you get any company started on the right foot.
Have a Stable Idea
Many people can think of numerous business ideas, whether it’s opening an online bakery or selling homemade jewellery.
There are tons of industries that one can get into, but making it a profitable business is different.
During Covid-19, many people, especially online influencers started diving into the podcast space.
With lockdown and certain limitations, podcasts were a way for brands and people to connect with audiences without breaking certain rules.
Then, everyone started to create their own podcast because of how that market was booming.
But, the problem here is once everyone starts doing something, it’s very hard to imitate that same success.
Therefore, when setting up a business, plan and research thoroughly to make sure you can make a unique company that will grow but also make a profit.
For example, if you want to build a fashion brand, design pieces with a cultural twist. This will set it apart from other brands and give it a unique touch.
Know your Business
This may seem obvious but when starting your own company, it’s important to know as much as possible about the business itself.
Whether it’s a product or service, having a depth of knowledge in that given sector will help you to refine your business idea.
For example, if you want to build a company that sells trainers but you only know one trainer brand, then your business won’t be viable.
However, if you research and know about numerous trainer brands, it will be easier to elevate your business.
This will also provide you with an understanding of how your competitors work, giving you insight into how to differentiate your business from others.
Also once you start picking up on certain industry patterns, such as seasonal trends, your company will mature amongst the competition.
Create a Structure
Although it’s hard to envisage how large your company will eventually be, it’s still important to have an idea of the business structure.
This comes down to the management formation, employee numbers and certain roles within the business.
It’s also good to plan what type of company you will be as not all businesses operate in the same way.
Business structures include:
- Sole trader – this business is owned and managed by one individual.
- Partnership – similar to a sole trader but will have two or more individuals running the business.
- Private/Public Limited Company – the ownership is divided into shares that are owned by the shareholders.
Additionally, there are other structures like franchises, social enterprises etc so it’s good to do some research to see which structure your company will fit into.
Once this is confirmed, you will have a better understanding of the type of paperwork to do, the taxes to pay and the way profit is distributed.
Know your Competitors
When starting a business, there are undoubtedly going to be other companies that are in that same space.
However, this should not deter you from focusing on your own aspirations as a company.
But, it’s vital to keep note of what your competitors are doing.
This will keep you updated on how they manoeuvre in that specific market so you can make sure your own business doesn’t get lost behind.
Additionally, when entrepreneurs require funding from investors, it’s great to pitch a plan on how your company stands out against the competition.
Let’s take a housekeeping business as an example. Rather than having generic cleaning services like thousands of other brands, you may specialise in garage or loft clean-ups.
So, it’s about diversifying what you can offer to the same audiences that your competitors are trying to tap into as well.
Secure the Funding
It is important that once you understand the technicalities surrounding your business, the required funding will become apparent.
These important finances will cover potential salaries, marketing campaigns, client meetings etc. So it is vital to know if and how your business will need its backing.
You can get this type of money either internally or externally.
Internal funding methods consist of personal savings, family loans, credit cards.
However, if the business starts off shaky, be wary of interest rates on credit cards and potential tainted family relationships if the company fails.
Therefore, a budding entrepreneur would normally opt for external funding to start their own business.
This includes start-up loans, small business grants, investors and crowdfunding.
Likewise, remain realistic with how profitable your business can be. This will allow you to choose the most sensible funding source without taking too much risk.
Market the Business
It’s incredibly important to pay attention to the marketing of your business as much as the service/product it provides.
Many budding entrepreneurs put all their time and effort into creating the product. But, they end up having no one to sell it to because of the lack of marketing.
In the modern world, web and social media presence are essential. Not only will this allow you to engage with audiences but your customer reach is limitless.
Social media is a great tool in understanding the needs of your customers as well.
For example, if you have your own clothing business and a new garment receives a lot of engagement, you know to create more of that item for the future.
But you can market your business in several different ways.
Through blogs, YouTube videos and LinkedIn you can promote your company and build a solid foundation for future growth.
Networking is also an overlooked method in marketing.
Talking to more people or setting up informal meetings is incredible in promoting your business and encourages conversation amongst potential investors.
Have the Correct Mindset
Whether you’re a business graduate or a person with a small business idea, having the proper mindset is the ultimate key.
When building any company, there are going to be numerous setbacks and hurdles to overcome.
That is why remaining consistent and focused is important. Have the self-belief that the business will work.
As you move in small steps, you will surely learn more about yourself and what direction the company needs to move into to thrive.
Try to keep a clear mind and don’t get stuck in analysing too much.
Likewise, it’s always good to have the next stage in mind so finding that middle ground is key.
Some steps may take minutes, some may take weeks but the point is to always take the next step regardless.
These seven top tips will surely help guide an entrepreneur to start their own business.
Whilst many think starting a company is straightforward, it’s important to see the bigger picture when it comes to things like structure, funding and marketing.
However, the most poignant aspect is to stay dedicated to the vision.
Prepare for any setbacks but do not let that discourage you from pushing forward.
Whether it’s fashion, computing or food, follow these tips to start your own business and make it thrive.