6 Things To Do When Starting Out In Business

Taking the plunge and running your own business can very nerve-wracking, particularly if you are leaving a reliable and steady position in the process. But if done right, it is extremely gratifying and could open up many incredible opportunities that you never thought possible. Dreaming is good – making those dreams a reality is even better – although it should always be backed with sound financial support and a little bit of common sense. Here is a list of some of the things you need to do when you are starting out in business aside from the obvious coffee pot; you are definitely going to need it!

1. Build a business plan

A business plan should be one of the first things you should do when opening a business. If you have already set up a company and skipped this step, then it is worth backtracking and writing one out to help refocus your approach. Your direction should always stay true to your business and will act as a map throughout your business journey. Just as any self-respecting road trip needs a map or a GPS, your business needs a solid business plan to guide it along each day. Don’t be afraid to think of logistics in the long-term. While it may only be a pipe dream, you want to determine whether you are in it for the money or wish to create a company to hand over to the kids, should you make it that far!

2. Create a quality website

Many creative entrepreneurs operate purely online before they even consider investing into a brick and mortar store. That is indeed a viable way to begin a business without getting committed to debt or financing in the early stages. If that is the case, and in lieu of the fact you have no office or storefront in which to operate from, a website is your introduction to the world. Therefore, it makes sense that it is of a certain standard of quality to bring in your customers and have them trust you without ever having seen you. WordPress websites are a great way to start, and if you cannot create a simple website yourself, then it is worth hiring someone to assist you.

3. Set up your social media accounts

Once you have purchased your domain name and created your website and associated email names, then it is a simple operation to set up your corresponding social media pages (Facebook, Twitter, LinkedIn, Instagram, etc.) to begin marketing. As simple as the process is, it is actually one of the most important things you can do. It is the starting point for your business and can improve your online presence quite quickly when paired with a well-thought-out marketing plan. Ask your friends and associates to join in the fun to help you get your business off your ground.

4. Determine your payment processing

How will people pay you? What form of payment methods do you wish to use? Knowing which methods you are going to run with in the early stages will help you determine the direction you need to head. If you plan to accept direct deposits or even cheques, then you may need to consider opening a bank account in your business name. If you want to receive payments via credit card, then you can set up an online payment processor through your bank, or enable your PayPal account to receive payments from your new business. The more options you present to your customers, the better.

5. Outsource the tasks that you cannot do yourself

Unless you are an incredibly talented and knowledgeable individual, chances are you are going to encounter things that you don’t know how to do. If you lack the skills to complete them, or don’t have the time, then consider outsourcing as an option. Whether it is setting up your website, bookkeeping, writing, marketing or administration, there are a lot of talented people that are looking to work with new businesses. If you don’t intend to hire any other employees in the early stages, then outsourcing is the smart way to go.

6. Check your attitude

When owning your own business, you need to be a little bit confident even without being able to see the full picture. This may mean that you have to check your attitude so you can continue to make the best decisions for your business without second-guessing yourself. Do not feel the need to give things away or discount your services as this can be an unhealthy approach to winning over new customers. Once your prices are set, then it can be hard to raise them to a more sustainable level. If you are not afraid to fail, then you will be more likely to look out for ways to build your business.