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These Simple Ways Will Bring Your Business To Life

These Simple Ways Will Bring Your Business To Life

Bringing any kind of idea to life is difficult. There will be a lot of thought that needs to take place. You have to have two hats, the hat of the entrepreneur and the hat of the investor. It’s more difficult to play the role of the former. Needing to look at your business from a different perspective, moreover, the perspective of the outsider, takes skill. Not to mention, you will need knowledge of the laws you need to follow to register your business, file financial statements and comply with regulations. But if you don’t mind doing the paperwork and making a few phone calls, your business can leap into life and become the dream you want it to be. Here are some simple ways to get the ball rolling.

Fix the problem

Research the market and find a viable gap that you can exploit. Think of this from the perspective of an investor. You want to invest in the next best thing, or at least, something that does an existing task better than everything else. 

You are the innovation that needs to exist! You have to think this way, you need to approach your business in this manner. You have to focus on your unique selling point (USP), something that will show your products and services to be new, different and exciting to investors and customers.

Far too many new business owners think they can rely on their marketing campaigns to angle their products and services as a new problem-solver. Customers will see through this. Nowadays, there are influencers who do reviews of products online and they will pick your product apart. So, think about being innovative, be different but have a purpose for being unique. 

Operations = business plan

A business plan doesn’t have to be complex. In fact, this needs to be said again and again, as far too many new business owners think it has to include everything. It doesn’t! You just need to think about what the processes will be and then consider that as your business plan. No you don’t necessarily need to include finances, roles and responsibilities, nor reporting or marketing plans. These are not part of the business plan, as they can change, be replaced or no longer be needed. So focus on just your processes. 

 

What are operations?

Your operations will include three things: objectives, key dependencies and core processes. These are the operations that deliver your products and services. As you can imagine, the things that deliver your end products will be the core or key aspects of your business. The objectives will be your strategy both long-term and short-term. The ethos and philosophy your business is built on, will be the driving force that delivers your core and key operations. 

An example:

Your objectives as a fintech business might be to create a digital currency exchange platform for customers and clients. 

Your key dependencies will be, your software, monitoring, security from cybercrime, integration of currency markets, design or coding of software features etc. 

Core processes will be, your research and design phase, design phase, software purchasing or creation, risk management, testing, molding to various tasks, tracking and reviewing feedback, updating the software.

As you can see, these are the most important aspects of your business and thus, it is your business plan.

Setting up your business officially

You probably know some of the things you need to do to set up your business. You need to register your business name, brand name, ownership, number of employees etc. However it’s more complex than that. If you Visit 1st Formations to learn more about company formation you can see what you need to do. You’ll need to set up a business tax account, register your address, VAT, PAYE, GDPR and whether or not you are a publicly-traded company, limited liability, etc. The government needs to know what type of business you are, how large you are, what your legal obligations are by design and where you are situated. This is also going to aid in their ability to give you aid when needed, demand taxes that are proportionate and know how many people you employ for their employment data. Your address is very important as you may need to give an address for customers to contact or perhaps, for investors to be able to send you documents such as contracts.

Securing funding

We have touched upon investors but let’s look at the process of finding an investor. You should work with an investment opportunity firm, which will spread your name around the world, in a bid to find prospective investors. The type of firm you should find will be one that deals in private investing, not public investing such as shareholders. A private investor will be someone who is willing to put a large amount of money into your business and in return ask for part ownership, or perhaps a very attractive equity contract. 

You can also set up a line of credit with a financial institution. A business loan might be the right thing for you as banks usually allow for low interest rates to businesses they believe in. You can also have a higher chance of getting more funding as you grow, better rates and a better overall deal from a bank. Usually they will not want part ownership, they will want the right to sell assets should you fail to meet payments. This is often seen as better than giving up ownership of the business to some degree.

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Put in the hours

In the beginning, you will need to act like a demon that is hellbent on working. You have to be willing to put the hours in. You are setting up your own business, working for yourself, responsible for your own salary now. So you have to throw away the accepted notion that 8 hours a day is normal. You have to be willing to work 10-12 hours a day to get your business up and running and not slip and fall after a few weeks or months. 

This may also include and probably should, working on the weekends. Try to take Sunday off or one day off in the week. You will need to have your fingers in every pie. You will need to develop your website, research the market, do product research, competitor research, sales calls, responding to emails, talking to investors, speaking with customers, pitching your business, finding a place to store your products, choosing the packaging, designing your brand logo, colors and themes, etc. This will take a lot of energy, focus and drive but it’s also incredibly exciting and fulfilling. 

Prototype your product

Sooner or later, you will need to bring your product to market. However, you should never bring your product to market without testing it on customers and consumers alike. You may already have customers that have signed up to get the first few products that fly off the product facility loading bays. However, prototyping is highly recommended so you can make adjustments to the design, materials and uses. 

For example, you are a brand new gluten-free cookie company. You think your product stands out because it is different from most others. However, the people you try the product on might say differently. Of course, this does all correlate to your marketing campaign, but what better way to get feedback than in person? You can go to baking conventions and give out your product to those who are passing by, in exchange for feedback. You may also wish to send your cookies to gluten-free dietary groups and also, various businesses that sell your kind of product such as cafes, restaurants, coffee shops and healthcare companies. 

Get some partners

Don’t always see investors as individual people. You can get a lot of investment from a B2B relationship and can be a great way to find the right kind of guidance, expertise and financial support. Partnerships are a little harder for small businesses as businesses wouldn’t want to associate themselves with you, unless you have a very good idea, a good return on investment (ROI) potential, or perhaps you are an established brand name. How would you become established as a young brand? Getting some kind of endorsement from a high-profile figure for example.

Come to mention it, getting endorsements and brand ambassadors is another brilliant way for new businesses to get some well-needed exposure. This could be an endorsement from a celebrity who makes a post on their social media. It could be an endorsement from an organization or it could be from another brand. 

Bringing your business to life isn’t as difficult as you might have once thought. You just need to clearly identify your unique selling point, plugging a gap in the market, and establishing a great business plan. Once you have done this, your next step will be to register your business, set up the basics and begin to seek funding. Good luck!

 

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