5 Steps To Starting A Business

We have had a growing number of enquiries from people looking to start a business.

This is terrific news and so we’ve written down a few points we believe are key when starting a business. It’s also really important to revisit these areas as your business grows and evolves.

The 5 steps to starting a business that we feel are the most important are:

1. Your values
2. Selling
3. Customer Journey
4. Research
5. Finances

 Your values

To start things off let's think about values, your values and how they are going to shape your business.

1. What are the core values that you live by?
2. How could these values be applied to your business?
3. Why is it that you want to start a business?
4. What would make you uncomfortable when selling your products or services and why?
5. What is the one thing that could happen that means you aren't able to achieve what you set out to do?

To us values should always be at the forefront and heart of any business. What core values will shape your business? Write these down and keep referring back to them as you complete the other areas. This helps you stay true to how you want your business to be.

Selling

It is one of the most crucial parts to any business. All businesses exist to make money and to do this there are a few key things to think about before starting out. 

1. What are you going to sell?
2. Who do you want to sell to? 
3. Who is your ideal customer?
4. How / where are you going to sell your products or services?

These may seem simple questions, but so often businesses fail in the first year without these foundations. You don’t need to sell your services or products everywhere on every platform. You want to sell them on the platforms that your ideal client will visit so you need to decide who that is to help you to decide where to sell.

Research

Take a moment and think over these questions, write them down and keep them safe. As your business starts out revisit these questions to make sure that you’re continuing to stay true to your business.

1. Who are your competitors? 
2. What is it that they do?
3. How much do they sell their products or services for?
4. Where do they market? 
5. How and where do they sell? 
6. And finally, how are you going to be BETTER? 

What is the one thing that is going to make your business stand out above others selling the same services or products?

Customer Journey

Whether you’re just starting out, or an established business it is often a good exercise to take a step back and look at things from a customers view.

For this you might want to take out a pen and paper, make notes and draw things out as we start off thinking about the journey your clients will take for your products and services.

What does your customer journey look like from the point they first find you, your product or service, right up to the point of them receiving the complete service?

1. Be sure to include any aftercare, warranty period, continual service or subscription to your journey planning
2. How will your journey differ from those selling similar products or services?
3. Is there a way to make your customer journey stand out?
4. Can you identify potential weak points in your customer journey? How can you change these?
5. Are you confident your customers will refer, leave positive feedback and repeat business? 

Your customer journey can change over time so keep checking back to your notes and drawings. As your business grows you may identify areas for improvement or perhaps it will inspire you to shake things up and try something new.

Finance

These can be some intense questions to think about, but they are things that every business owner should map out before getting started.

1. Where are you going to get the money from to start your business?
2. Is this going to be savings, a grant or a business loan?
3. How are you going to track where you're spending the money so that you know how much you have left?
4. Do you know how much you will make on a service or product after taking off all the costs?
5. Do you know how much money you need to make in order for you to pay your bills, your mortgage or support the lifestyle that you want to live?

Even if you do steps 1-4 really well, if you don’t have your finances under control then your business is at risk of running out of money. It’s so important throughout the whole business life to know when money is going to be received and when you need to spend money.

If you find yourself wanting to start a business but you'd like some more guidance, perhaps you're deliberating, slightly nervous or even if you're absolutely certain, then we're here.

You can drop us a message to hello@troyaccounting.co.uk or if you’re ready to chat further then BOOK A DISCOVERY CALL with Helen or Boo.

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