4 Things to Consider When Starting a New Business

This post brought to you by Elbowroomwomen in business

Starting a new business is just like starting a new stage in your life. Knowing what niche in the market you want to fill is one thing, but implementing an action plan to bring it to life is quite another.

If you’re in need of some advice, take a look at four things you should consider during this daunting – yet truly exciting – period of your life.

1. Online or Bricks and Mortar?

Have you thought about whether it’s more effective to run your business online or in a bricks and mortar location? If you’re thinking of running your business online, make sure you consider the most cost-effective and secure hosting for your website. You must also search for user-friendly website layouts for the best client experience.

If you’re looking to base your business outside of the digital realm, you must understand which office or shop will work best for you. For example, how will you most effectively display your products? Do you have a stock room for deliveries and excess products? Take a look at companies like Elbowroom to see how you can safely organise your stock. Click here to see their range of pallet racking solutions, and start researching to find other solutions that best suit your business’ platform.

2. Legal Matters

To avoid headaches down the line, you need to have considered all legal obligations before you start your business. For example, once you’ve chosen your business name, you must register it and trademark it to stop any other companies from taking on the same title. General insurance and insurance for public liability are other crucial elements to consider before you open your doors.

3. Social Media

Social media has become a powerful tool in getting your brand well known, especially in your business’ early days. Facebook, Instagram, Twitter, Pinterest and YouTube are all great platforms to consider when you need to advertise your business. Also ensure you conduct ongoing research to see which channels best sell your product and appeal to your clients. To do this consistently well, you may need to hire a social media professional.

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4. Know Your Clients and Competition

To ensure the long-term success of your business, you must know the likes and dislikes of your clients and how effectively your competition is campaigning their products and services. Social media is again a key tool in understanding how past and present campaigns and trends performed with your target clients.

Before you start your business, research established and other start-up companies that will be your competition. Learn how they optimise their content towards their clients and read any feedback and comments their clients leave on their social media pages and on review sites. This will help you understand what you should (or should not) be doing when you’re running and branding your business.

While the process of starting up a new business can be overwhelming, it’s important to take it step by step. If you know of any other points to consider, please leave them in the comments.

Images courtesy of phanlopp88 and Stuart Miles at FreeDigitalPhotos.net

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