Getting Your Business Off the Ground
Getting your business off the ground with little or no revenue can seem like a daunting task at first, but it is possible! Below are a few tips to get you started.
Identifying a Business Model The first, and most important thing to do above anything else is to work out how your business is going to make money.
Firstly work out what you are selling, and stick to it.
Too much diversification can lead to a business that doesn't know what it is doing, which ultimately leads to failure.
It is important (especially if you are a small start-up) to maintain focus.
Choose an idea, and stick to it.
Too many start-ups fail by not being focused enough.
The key to a successful enterprise is focus and dedication.
When you have decided what your source of revenue is, do some basic spreadsheets of potential cash flow.
Give a worse case scenario and best case.
The best case is what you should be aiming to exceed, the worse case is what you should be working with and referring to on a day to day basis.
Registering your Company Look into what sort of company you want to register, if at all.
You may be better of just being a sole trader at first, and then upgrading at a later stage.
It may be a good idea just to register the company name at the same time as registering a domain name.
You can register a company online for around £25 and then leave it dormant (you don't have to do anything with it), until it is needed.
Registering your Domain Choosing a domain name is always a hard process.
I use this to help me find a domain worth buying.
You can see what is available as you type.
In terms of registering the domain, shop around for the best deal available.
If you are paying for than £9 for a domain per year, you are being ripped off! Setting Up Email The cheapest (it is free) and probably best way of setting up email for a small business is to use Google applications to host your email for you.
Google Apps.
Choose the free version to start with as it should offer you ample storage.
Managing your time The next important thing to do, is to create a work flow for yourself and your colleagues.
This will help to understand what is happening, what people are doing, and more importantly, what you are doing on a day to day basis.
It is definitely worthwhile investing in a project management tool, such as Base camp.
We use base camp for all of our clients as a project management tool.
We also use it for inter-company planning, and I also use it for personal planning.
There are many other options when it comes to choosing a project management tool, have a shop around, but try to use one that is sharable online so the whole company can share a project.
Identifying a Business Model The first, and most important thing to do above anything else is to work out how your business is going to make money.
Firstly work out what you are selling, and stick to it.
Too much diversification can lead to a business that doesn't know what it is doing, which ultimately leads to failure.
It is important (especially if you are a small start-up) to maintain focus.
Choose an idea, and stick to it.
Too many start-ups fail by not being focused enough.
The key to a successful enterprise is focus and dedication.
When you have decided what your source of revenue is, do some basic spreadsheets of potential cash flow.
Give a worse case scenario and best case.
The best case is what you should be aiming to exceed, the worse case is what you should be working with and referring to on a day to day basis.
Registering your Company Look into what sort of company you want to register, if at all.
You may be better of just being a sole trader at first, and then upgrading at a later stage.
It may be a good idea just to register the company name at the same time as registering a domain name.
You can register a company online for around £25 and then leave it dormant (you don't have to do anything with it), until it is needed.
Registering your Domain Choosing a domain name is always a hard process.
I use this to help me find a domain worth buying.
You can see what is available as you type.
In terms of registering the domain, shop around for the best deal available.
If you are paying for than £9 for a domain per year, you are being ripped off! Setting Up Email The cheapest (it is free) and probably best way of setting up email for a small business is to use Google applications to host your email for you.
Google Apps.
Choose the free version to start with as it should offer you ample storage.
Managing your time The next important thing to do, is to create a work flow for yourself and your colleagues.
This will help to understand what is happening, what people are doing, and more importantly, what you are doing on a day to day basis.
It is definitely worthwhile investing in a project management tool, such as Base camp.
We use base camp for all of our clients as a project management tool.
We also use it for inter-company planning, and I also use it for personal planning.
There are many other options when it comes to choosing a project management tool, have a shop around, but try to use one that is sharable online so the whole company can share a project.
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