5 Things to Do When Starting a New Business

new business

One of the scariest and most exciting things you will ever do is start a new business. You may find the process a little daunting, but you must ignore the fear of the unknown to reap the many rewards a successful company can bring.

Of course, you will want to avoid the many pitfalls of starting a new company, which is why you should ensure you read our checklist of the top five things to do when launching a new business.

Market Research

You might have fallen in love with your business model, but is there an actual need for your products and services. It is worth finding out before you invest all your time and money, and market research can help you identify if you can fill a gap in the market.

Take to the streets with a notepad and pen and ask people questions about your business idea. Don’t be afraid to ask them tough questions, and brace yourself for answers you might not like to hear. Write down all their feedback to identify if it is worth moving forward with an idea. You never know, one comment might be all it takes to identify a USP.

A Business Plan

You will need more than a few scribbles on a piece of paper to attract investors or clients. If you are serious about forming a start-up company, start creating a business proposal that will showcase your services, whilst offering company projections and potential marketing plans.

Grammar is important when it comes to a business plan, because poor spelling and punctuation (or lack of) will make you look unprofessional. Redraft your proposal multiple times and ask a colleague or loved one to proofread it, too. You can learn more about the prose of a proposal on qorus.com.

Company Name

A company’s name is its brand. It must be memorable and reflect its services and tone of voice. The name you create could make or break your company’s success, so choose wisely and keep it short and simple.

Google is the perfect example of a strong company name, but you probably would never have used the search engine if they had gone for their first name of ‘Backrub’, would you?

Design Your Logo

The company logo is the first thing a potential customer or client will see, so ensure you make a great first impression. It pays to hire the services of a professional graphic designer who can create a logo that reflects a business’s name and services.

Create a Website

Once you have your name, try to claim the domain name as soon as possible before someone else does. You should also hire a website developer or digital marketing agency to create your company website. You must think carefully about your content marketing strategy, checkout area (if required) and the user experience. SEO optimisation is also essential if you want to effectively rank in the search engine results pages.

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