7 Tips for starting a new business!

Have you ever thought about starting a new business? Many persons are leaving their traditional nine to five jobs and becoming their own boss.  Being self employed might be a dream situation for a lot of people, however it is important to take stock of the pros and cons before stepping out on your own. Here are 7 tips to help you on your journey to start a new business!

Research

It is vital that you do your research on your competitors before attempting to launch a new business. This helps you to determine the trends and identify key competitors and how you can differentiate yourself from them.

If you can find a niche market that is even more desirable. This means finding an area that consumers have a demand for a product that is not already on the market. Some businesses carve out their own space by offering services that were not previously available and this shows the importance of the research aspect of planning for the business.

Write a Business Plan

Even if you are not getting a loan, writing a business plan helps to guide your vision for the company.  Think of a business plan as your road map and guide for success and any potential roadblocks you may face. It’s not just how you get things off the ground, it’s your strategy and tactics for growing your business. Your business plan should show you’re planning three to five years ahead, and include markers for milestones along the way.

Financing Options

It is important to determine your startup costs and financing options for your new company. Especially now, funds might be in short supply, and you might need a loan to get the cash flow going in the beginning stage.  There are several financing options: such as traditional bank loans, loans from friends or family, or personal savings. The most important factor when deciding what type of  financing you will use is to read the fine print and make sure you fully understand how it will affect your business.

Register your business name

The next step is to register your business.  There  is no need to go to register  the business in person, as it can be done online at the Companies Office of Jamaica website at https://www.orcjamaica.com/Default.aspx . The website also provides additional details such as the cost for their services. It is also a good idea to check that the name that you have chosen for your business is original in order to avoid confusion among your customers.

Develop your product/service plan

Define your product or service offering: what it is, how it works, how it benefits customers, and how you will make it come into fruition. Include your sales and distribution strategy, as well.  Marketing will also be an essential part of that plan.  Social media will be your greatest asset so set up Twitter, Facebook, and Instagram accounts for your business, and start posting regularly.

Ensure you comply with all guidelines

Along with the usual permits and licenses that you might need remember to include the new sanitation guidelines.  We all need to keep safe, even if it means a little extra work to do so. 

Ensure you have dedicated  and trained staff

Though often overlooked, staff who are dedicated and well trained in customer service can add value to your company. This is especially true of new companies which need to be able to attract new customers.

So what’s your take? What advice do you have for new businesses? Let me hear from you!

Teri Ann Renee Paisley

Gleaner Online Writer

Tags: business, customer service, customers