5 Things to Think About When Starting Your Business

If you are considering starting your own business but aren’t sure where to start or what questions to ask, here are a few things to think about to help start your journey!

Audience

Who are you trying to attract? Working out your target audience is an important first step. Many things come into consideration such as age, location, interests, and budgets, and these can all affect how you run and grow your business. Knowing your customers is as important as knowing your brand so that you can build strong connections and gain return custom. Think about the brands and businesses you like and use the most, what is it about them that keeps you coming back? You can also grow your business into related areas, taking your services further and attracting more clients, regardless of whether you are in the medical industry, food, or fashion!

Online Presence

In the digital age, having a solid online presence is very important, as the internet is where many people shop and find new brands and content. Invest in a good website, with great design and imagery to catch the eye, and make sure it is informative and easy to use. Utilizing social media will also help grow your custom. There are many platforms available, so choose which ones work best for your business. You can also use social media management software to keep up to date with posting schedules, which will make sure a steady stream of content appears in your followers’ feeds.

Collaboration

Working with other businesses can really help you to grow. Whether this is on a local scale, or something larger, there are lots of online and in-person markets, fairs, and events that you can attend as a small business. Visit other independent businesses in your area, make connections and reach out. You can also find local groups and businesses in newsletters, noticeboards and on social media. Collaborating with a charity is also a wonderful way to give back and support a good cause, whether it is local or further afield.

Advertising

The way you advertise your business will have a huge impact on your growth. There are so many options available, including social media, television, radio and printed adverts, that it can seem difficult to know where to start. Luckily, there are plenty of advertising agencies out there that will help you make the best decisions for your business. You don’t have to be a marketing or graphic design expert, as there are lots of people who can assist you. You could also take part in a marketing, design, or business course to further your skills. These could be done online or in person; whatever works best for you.

Finance

Managing the financial side of a business can appear intimidating, so it is important to have a good understanding of these elements. There's plenty to think about, from payroll and invoices to profits and wages, so keeping up to date books and records is essential. Financial management software can help with this, making sure you are up to date with invoices and payments and ensuring your business runs as smoothly as possible.