New business owner tips 

There’s no two ways about it, starting a new business isn’t easy – but get it right and it can be extremely rewarding.

If you’re taking the leap for the first time, becoming an entrepreneur is a major life change. You’ve got to be creative, flexible, and very well organised. It’ll feel like you’re stepping into a world of uncertainty, so you’ll benefit from advice that comes from those who’ve been in your position.

Here are six tips to get you going….

Start planning

Running a successful small business always starts with a business plan. It should:

• Summarise your company’s goals
• Define your target market
• Outline your competitors
• Illustrate your marketing strategy
• Contain financial projections

Your business plan will help you stay on track and make it easier to measure your progress.

Your business plan won’t always remain the same. It should be updated as your company evolves and the market changes around you. Aim to review and amend your business plan at least once a year. Committing to quarterly check ins will help you to achieve goals, identity market trends and highlight areas where your business strategy can be improved.

Get organised

A business owner has to be well organised as there are always many things to do and tasks to complete.

One easy to way to get on top of things is to create a to-do list every day and prioritise it by order of importance. Check items off your list as and when they’re completed.

If you have the budget there are many online tools, such as Trello or Monday.com, which you can use to keep yourself organised. It’s just about finding what works for you and sticking to it.

Set achievable goals

Whatever your aspirations are for your business, setting goals will help you reach milestones and achieve your objectives.

A business without goals will lack direction and focus. Your goals should be SMART:

• Specific
• Measurable
• Attainable
• Relevant
• Time-based

Once you know what your goals are, create a detailed action plan which outlines all of the steps required to complete each one. This will help you feel like you’re working towards something, and you know how you’re going to get there. Ticking off smaller tasks day by day will help keep you motivated and moving in the right direction.

Make sure any employees know what your company’s goals are, what tasks they are responsible for, and how they can contribute to success. This helps to keep everyone on the same page.

Continued progression requires your goals and objectives to be re-evaluated regularly. It helps to make sure your business remains competitive, delivers what consumers need, and continues to succeed.

Understand your customer

To find out where your business sits in the market, and identify opportunities for growth, carry out thorough market analysis. This process involves collecting data on potential markets so you can develop an understanding of their size, competition, and customer requirements.

You’ll need to examine demographics, economics, and trends to form a more rounded picture. Where are businesses in a similar industry thriving? Where are the gaps that your business could fill? You’ve got to find opportunities for sustainable growth.

Once you have a general overview of your market, you can start creating customer profiles – what problems are they facing? What are their purchasing behaviours? Focus groups and surveys are often used to gather this information. An understanding of local values and culture will help you tailor your marketing and inform your product development, giving you more opportunities to strike a chord with your target audience.

Analyse your competitors

It’s most likely that similar businesses will already operate in your area. Examine them carefully so that you can understand their strategy, work out their strengths, and identify any weaknesses.

Armed with that knowledge, you can work out what might make your business stand out. What could you do better? If there’s a gap you can fill or a unique approach you can take, this can help you build a strategy as you learn what works, and what doesn’t, for your competitors.

Create your brand

Now that you have your customer profile, you understand your competitors, and you know what you want to achieve, it’s time to build your brand. To do this, you’ll need to set out the values, mission, and personality of your company. It’s your brand that’ll differentiate you from your competitors.

Make sure you know exactly what makes your business unique, because that’s what you’ll use to develop how your company looks and sounds.

You’ll need:

• A name for your brand
• A distinctive logo
• Accompanying graphics & imagery
• Tone of voice and messaging

Combine all of the above to create a cohesive presence across your website, social media, advertising materials, and more. Creating, refining, and repeating your brand’s story will help you make connections with your audience and build trust in your company. Now you must share that story everywhere you go.

Good luck!

Correct at the time of publication. Information in this article has been gathered from various sources, therefore Swinton Insurance cannot be held responsible for any view or opinion expressed herein.