4 Essential Steps When Starting A Business
Starting a New Business
Starting a new business is an exciting challenge taken up by thousands of entrepreneurs every year.
When you’re just getting started there are lots of important actions to consider. Here are 4 essential steps when starting a new company.
Research & Validate The Market Gap
Before you quit your day job research your new business idea. This will reduce the risks involved in starting a new business and enable you to better serve your customers.
Your research should include:
Market research – understanding the competitive environment, such who you will competing with and what they offer/charge etc.
Customer research – understanding the characteristics and psychology of the target audience you will be selling to.
Examples of research you can carry out include:
- Identify exactly ‘Who’ your new business will be selling to. Build a picture of your ideal customer. What is their age, location, job title, budget and why do they need your service?
- Get out of your comfort zone and speak to prospective customers. Explore how they are currently overcoming the problem that your new business is going to solve for them
- Uncover what your prospective customers dislike about the current solutions available to them and what would make them better
- Research how much it will cost you to deliver your service and whether your prospective customers could afford to pay enough to cover those costs (at a minimum)
Develop & Register Your New Business Name
When starting a new business it’s important to develop a memorable and catchy business name. Your business name will have a huge impact on your future marketing efforts and is an opportunity for your new company to stand out from the crowd. Ideally your new company name will be short, easy to remember and easy to spell.
If you’re going to be trading under an official business name then it’s important to get everything set up correctly. The first step is usually to make sure that the business name that you want is available. Once you confirm it’s available it’s time to officially register it. It’s important to do this promptly in case somebody else registers before you and you need to begin the process again.
Secure Your Website Domain & Social Media Profiles
Once you’ve secure your new business name, the next step is to register your website domain name. This is the web address that people will go to visit your website. For example www.examplecompany.com.
Ideally you want to secure the exact name of your company so that it will be easy for people to find. If your company name is very long, then you should secure a website domain that will be easy for people to remember and which is clearly related to your business.
When you’re starting a new business it’s also important to secure your official social media profiles. Consider which social media channels will be relevant to your business and try to get profiles under your new business name. Popular channels include: LinkedIn, Facebook, Twitter, Instagram, Medium etc..
It’s best to avoid complicated domain names and ‘clever spelling’. Your goal is for customers to be able to easily find and remember your website and a simple domain name will assist with that.
Set Up A Website Landing Page
Your website is the virtual shop window of your business. It’s where you will display your services and communicate the value that your business delivers. While setting up a website can take a few weeks, you can set up a simple ‘landing page’ in just a couple of hours. When setting up a new business it’s important to have an online presence, even if it’s only a simple one.
Benefits of creating a landing page:
- People can visit your domain to learn more about your new business
- You can include your web address on business cards and social media profiles
- Your new company will become discoverable by search engines
- Prospective customers will feel more confident about the credibility of your new business
A landing page can be very simple and include only the following information:
- Your company name
- A brief description of what you do
- A relevant image that communicates your product / service theme
- Your company contact details
- An email sign-up form (optional)