Are you ready to bring your business idea to life? Starting your own business is an exciting prospect and can often be financially and personally liberating. Of course, it doesn’t come without obstacles and complications. Before you dive right into the start-up process, there are a few things to take into consideration. In order to build the most successful start-up company possible, ask yourself the following questions:
What problem are you solving?
The most successful businesses are born out of a problem that requires a solution. Consumers are looking for ways to make their day-to-day lives easier; identifying a problem and offering an answer to that issue is the easiest way to get consumers on board with your idea. This will be your starting point for the entire business. It will help you craft your mission statement, build a quality marketing strategy, and even secure a small-business loan.
Do you have a business plan?
Once you are confident in your business idea, you need to start thinking about logistics – this means it’s time to craft your business plan. If your business idea is the big picture, your business plan is all the brush strokes that make up the picture. Your business plan should outline what your start-up will do and how you will do it. It will include things such as financial projections, staff you’ll need to hire, equipment you will purchase, and more. Use this plan to help guide the choices you make as you get your startup off the ground.
Who do you know in the industry?
You’ve probably heard the cliché, “it’s not what you know, it’s who you know”. But don’t worry if you don’t have any current connections in the industry you are breaking into – that’s what networking is for. Building relationships with other names in the industry is an invaluable skill. These links can help you grow your business, find a mentor, and gain key insight into the industry. Attending networking events and growing your LinkedIn network are simple ways to make connections in the field.
Who are you going to hire?
Everyone needs help from time to time – you don’t want to burn yourself out by trying to carry the entire start-up on your own back. Having the right people by your side as you build your business is essential to the success of your start-up. Make sure you screen each candidate thoroughly to make sure they have your business’s best interests at heart and they are willing to work hard alongside you.
Where is your funding coming from?
Before you can get really started building your start-up, you need to secure funding. Small-business loans and finding investors are two common ways to ensure funding for your start-up. Both lenders and investors will want to know that their money is secure – this typically means applying for a secured loan or showing investors a sound business plan. If you’re worried that a poor credit score will hold banks back from loaning you money, don’t stress – many non-bank lenders will look past your credit score to find a loan that suits you and your start-up.
How can Zip Business help?
Zip Business is known for offering an interest free ‘buy now, pay later’ service – but did you know that we also offer buy now pay later designed for business? To get started on your application or to find out more about what we can do for your business, get in contact with us today.