Written By: Katie Conroy
Start the Business You Dream About: Prevail Over Your Fears
Starting a business comes with its share of perks, such as being in charge of the company and your financial future. It comes with risks as well, which can be frightening. You, however, need to overcome those fears to reap the rewards. But how do you go about this? Here are some tips from UK Business Banking on how to get started.
Begin as a Side Hustle
If you currently don’t have the financial means to put all your eggs in one basket, work on your business as a side hustle. Continue working your current job, but use your free time to begin your company. This way, you still have stability with less risk and can see if entrepreneurship is a fit for you.
Take Advantage of Free Tools
When starting out, you will likely have limited resources and will need to stretch your funds as far as possible. This means you should use free software and apps whenever
possible. If you’re working with images and documents, for example, use a free online tool to turn your image into a PDF in lieu of purchasing dedicated software. This way, you can store your images in the cloud for free, as well as distribute them as you like.
Know Your Strengths and Weaknesses
Before you begin, take time to reflect on your strengths as well as your weaknesses. Hone in on your strengths as much as you can, and consider hiring help to handle the areas of business where you’re less proficient. For instance, if you’re not artistic, consider hiring a professional to develop your logo. If you’re not familiar with search engine optimization (SEO) and web design, hire a freelancer or company to assist.
Choose a Business Structure Early
When you start planning your business, select a business structure early. This affects how you operate your company. One option is a limited company. It limits your personal liability in case of a lawsuit, which can be a relief if you’re worried about losing your home if an issue arises. Use an online formation service to assist in this process. Doing this helps you comply with the law while spending less of your time handling the paperwork.
Implement Certain Marketing Tactics
How you market your business has a strong impact on your success. Part of the equation consists of digital marketing since the Internet is where most people go to find products or services. You can automate digital marketing efforts with a software-as-a-service (SaaS) solution to integrate with all your existing tools and services to seamlessly help your marketing reach go further.
Nevertheless, you can’t neglect traditional marketing tactics. For example, you should have a business card to give to people you meet. It makes a lasting impression and acts as a gentle reminder of your products or services. You can create business cards online using a pre-fabricated template that allows you to choose your colors, images, text, and font.
Create a Strong Business Plan
Establish a strong business plan that covers a variety of elements, such as your marketing, including your website. Part of your business plan should cover aspects that make your website convenient. For example, save yourself and clients or customers time and hassle by enabling your app or website to accept payments. This promotes long-term growth and makes it simple for your clients or customers.
Compare your payment options carefully. You want a system that doesn’t charge astronomical credit card processing fees and lets your customers or clients know they have the funds available for payment.
Have Realistic Expectations
While making £1 million in your first year of operations would be wonderful, this isn’t realistic. The average small business owner earns less than £30,000 per year. When you’re just getting started, it takes time to gain exposure and become successful.
Risk-Taking Can Equal Success
Although it might seem scary and overwhelming to take a chance, overcoming your fears and starting a business can lead to success.
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