If you’ve ever found yourself thinking that you could do better than your current job, it might be time to start your own business. Don’t fall into the trap of thinking that you don’t have the right idea or haven’t found the perfect time yet; most businesses launch imperfectly, and the most important thing is making sure you right the ship after it’s started sailing. The business world is full of opportunities to take advantage of, so here’s how you can start your very own business in 2022 and break free of the trappings of a conventional job.
Fund yourself first
The most important thing to have when you’re starting a business is funding. We’re not talking about funding the business itself, though; that step comes later. Rather, we’re talking about taking the plunge into the unknown and having enough money to do so. Dip into savings, ask your partner or family to support you (if they’re happy to), or even take out £1000 loans just to give you some cash on a month-to-month basis if you need to. Whatever you do, just make sure that you’re not floundering for money when you start your own business.
Solidify your idea
Whatever your business idea is, you need to make sure that it’s rock-solid before you proceed. The best way to do this is to rigorously test it out on friends, family, and anybody else you meet who’s willing to entertain the idea. Ask them about it and tell them what you’re planning to do. See what kind of feedback they come up with and consider implementing it. This is the best way to test whether your idea is foolproof before you move on; if there are major flaws in the basic concept, then running it past people will help you identify those flaws.
Write a business plan
You aren’t likely to get very far in the world of business if you don’t have a core plan to operate on. Your business plan dictates what kind of business you run and how you run it. The plan should tell potential investors of your path to profitability, as well as your operational costs and challenges, your staffing strategy, and everything else needed to run your business smoothly. Make sure to keep your business plan succinct, expressive, and clear. It’s also important to communicate some of your personality within your business plan so that it doesn’t feel too “corporate”!
Secure your product and supply chain
We’re only devoting a small amount of space to this step, but in many ways, it’s the most important element of your business. Once your core idea is solidified and you have a business plan in place, it’s time to start thinking about how you’re going to source your product. If you’re going to make it yourself, or you’re able to produce locally, this is ideal; it means you’ll save on import costs. However, if you need to source remotely, then you’ll need to make sure you have a robust plan in place, and that includes a supply chain to actually get the product to you.
Do market research
Market research is another critical component of starting up a business in 2022. If you don’t do market research, then you’re going to struggle to understand your competition, which means that you could make critical mistakes that set you back in a competitive sense. So, how do you do market research? Well, it’s pretty simple; all you need to do is observe your competitors and talk to your core demographic. Once you start attracting customers (and you will, eventually), ask them how they feel about your business and what you could be doing better. You’ll soon discover how to improve your core strategy.
Build a brand identity
Getting the basics of your business down is all well and good, but you’ll also need to build a killer brand identity for yourself. Your brand identity is how customers will know who you are, and it’s what they’ll think of first when they think about your business. It’s everything from your graphic design all the way down to the fonts you use on your website (more on which in a moment), so it’s very important to get it right. We’d recommend spending money on a pro graphic designer who can help you here, because it’s not worth making any missteps in this department.
Create a website
Any great business needs its own website. Your customers need to feel like you radiate authority when they land on your page, so the website can’t be sloppy or amateurish. Luckily, there are tons of tools out there that can help you build a great website. Platforms like Squarespace, Wix, and WordPress can all result in a great-looking, professional site that will add an air of authority to your brand. Emphasise minimalism, show customers the information they’re looking for, and be sure to tell your brand’s story on your website as well.
Build a social media presence
Of course, a business also needs a social media presence if it’s going to succeed. Granted, this is slightly less important if you’re focusing on business-to-business operations, but even then, projecting a friendly and approachable image is very important for your customers. You should maintain a presence on all the biggest social media platforms, and it’s also important to keep an eye out for any emerging platforms that you can join in order to be a pioneer. Being able to say you were at the forefront of a trend is always a plus!
