Start up a business is a milestone for anyone, but it is equally challenging as it is not a game, it involves more serious and mature decision making. It is risky and can cost you if you’re not careful. Yes, it is a major investment, and because of that, the requirements are also major. If you are serious about starting up your own business soon, you better prepare the must-haves. Luckily, we have listed them below. Read on!
Things You Should Prepare for Your Startup Business
Table of Contents
1. More Than Enough Capital
They say money can’t buy you happiness, but let me tell you this: money can help you start up a business, and that’s sort of similar to happiness. The amount of money must be more than enough to help you sustain your business for a few months, like 6 months and to also be prepared with unexpected expenses, which will surely occur. Thus, start finding ways now to fund your business or start saving now.
2. Understanding of Your Industry
When you have zero knowledge about the business you want to start, then better think twice. It’s important that you know what you are doing or at least you have an idea about it. It is also an advantage if you have already have experience in the business industry you are planning to enter. Let’s say you have worked as an employee in a restaurant before, then you can start a restaurant business, or if you have worked in a clothing line before, then you can start a business about clothes. However, if you want challenges and you want to take the risk of getting into something you have never been to, then, you must at least do thorough research about it.
A business license is a permit that allows an individual or an organization to operate a business: to sell a product or service. There is no reason for you not to acquire one as it is required in any business, big or small. It is also an added factor for people to trust you more; when they see that you are recognized by the law, they will think you are legit and trusted.
4. Business Name
Names are not just for people but for businesses too. The name is the first glimpse to what you offer; it gives hints on what kind of business you have. Thus, when choosing a name, make sure that it is related to your business’ niche. Let’s say you are starting a restaurant business and you are planning to serve Italian dishes, then your name could be something like “Cuisine Italy” or something to that effect. However, it is still up to you. You can choose any name you like even if it’s not clearly related to your industry, but again, it is suggested to come up with a name that speaks good words about your business.
5. Good Marketing Skills
Nowadays, marketing your business is no longer through just words of mouth although that is still proven effective. Here are other ways to market your business.
With the use of social media – social media platforms are perfect avenues to promote businesses, whether the businesses offer products or services. It is faster as one post can reach thousands and even millions of target audience. It is cheaper because all you need is a social media page account, post your business, have it shared by your page’s members or your friends. There’s also a sponsored way of posting ads on social media, like the Facebook and Instagram ads, but it’s still cheap.
Slogan – A good slogan makes it easier for your audience to remember your business. Let’s say you are promoting your business on Facebook, you can use a catchy slogan to make people remember your business more. That way, when they hear or see words or phrases similar to your business’, they will be able to recall it. If you cannot think of your own slogan, you can hire a slogan maker to create one for you.
SEO – Search Engine Optimization is a form of digital marketing that focuses on your presence on search engines as people nowadays, look for services or products on search engines, like Google. If your business is performing well in terms of Google search ranking, there’s a high possibility that you will attract more customers or clients. Let’s put it this way: you are searching for the best pizza in your area, and the first in the ranking of Google search is Yellow Cab, you will most probably click its link and order your pizza online. That’s how it works.
6. Technical Requirements
In connection with the marketing skills, you must therefore have the necessary technical requirements your business asks. Basically, you will be needing the following.
Computer or Cellphone – when you are creating the logo yourself, you will need a computer, when you are doing the SEO yourself or with the help of someone, you must provide a computer, when you are editing a photo for your business, you must have a computer. When you are posting your business online, you will need a computer or a cellphone.
Internet Connection – Of course, you cannot do the marketing without an internet connection, so make sure you apply for an internet plan.
Software – Software, like adobe Photoshop is a must for editing photos you will post online regarding your product. Remember, an image that is well presented is remembered most by your target audience.
7. Realistic Expectations
While this is not a tangible must-have, this is basically an important factor to have a successful business start-up. When you have too much expectation, like getting the return on investment in a span of 6 months, then you will just be disappointed and will probably lose hope in your business, causing you to think of backing out, which is tantamount to putting your capital to waste. Thus, to be honest, it takes 6 months or a year or two for your business to be stable and earn a good amount of money.
There are lots of businesses you can think of, but surely, all of them have some things in common, the basic must-haves. Make sure that you prepare beforehand the ones mentioned above to help you have a smooth start up. Good luck!