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1. Know what problem you solve and who you solve it for
Whether you sell products or services, you’re in the business of solving a problem for someone and it’s your job to clearly understand what that problem is, who has that problem and how you solve it better than anyone else.
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2. Clearly define your services/products and prices
Next, you need to know exactly how you’ll solve that problem for your customers and you can do that by creating a list of clearly defined services or products with simple prices.
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3. Register your business
Now you’re ready to make it official and start taking customers, it’s time to register your business.
If you’re based in the UK, you can register with HMRC as a sole trader, limited company or a business partnership.
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4. Get insurance
No matter which legal business structure you choose, purchasing business insurance will protect you, any employees and your customers should anything unexpected happen. It’s vital that you secure this before you start selling your products and services. Not only is it peace of mind that so many new small business owner’s overlook, it may also be a legal requirement.
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5. Get in front of your customers as quickly as possible
The final essential to-do when starting a business is to get in front of your potential customers as quickly as possible. Marketing is vital if you want people to know your business exists and pull in customers.
If you’ve done your research in step one, you’ll have a clear idea of who your customer is and how to reach them – through advertising, social media, networking or partnerships.
