Open4Business: November 2015
Five steps to starting a business in Global Entrepreneurship Week
Now in its 8th year, Global Entrepreneurship Week continues to shine a spotlight on enterprise across the globe. Emma Jones, founder of Enterprise Nation and StartUp expert, offers five steps to Wandsworth pre-starts on becoming your own boss.
Starting a business will be one of the best things you ever do. With self-employment comes the freedom and flexibility to work how you like and with whom you like!
1. What's the idea?
Every business starts with an idea. What’s yours? In coming up with an idea for a business, ask yourself three questions:
- Have you spotted a gap in the market? Is there something you’d like to buy and just can't find? Others might be looking too – and that spells a market.
- What's your passion, hobby or skill? Turning what you love to do into a way of making a living means work will never really feel like work! Build a business based on what you love and your passion will shine through.
- Have you seen someone offering something that you think you can do better yourself? If so, give it a go!
2. Make a plan
A business plan acts as your routemap and writing it will help confirm how you move from where you are now, to where you want the business to be. The plan does not have to be long and it's easy to remember what to include as it spells I'm off:
- Idea – what's the idea
- Market – who is the market of customers you're going to serve
- Operations – what kit do you need to get started
- Finance – do a basic forecast on sales less costs = profit
- Friends – who is your support network as the business starts and grows
With plan in hand, your sense of direction is confirmed.
3. Make sales
You're not in business until you're making sales! Start selling to friends and then widen the network through selling online, considering template sites such as Moonfruit, Wix and Weebly, or make sales on powerful marketplaces such as Etsy, eBay and Notonthehighstreet.com. Deliver the product or service on time and in budget to ensure customers keep coming back.
4. Get known
Increase sales and profile through getting known. Achieve this by reaching out to local and target media with the story of what makes you special and embrace social media (Twitter, Facebook, Instagram etc) to reach customers and contacts across the globe. Agree to speak at events, enter Awards, host events and take steps to quickly become an expert in your field. Soon journalists will be knocking on your door asking for comment.
Repeat the above steps to stay in business and try to balance your precious time by dividing it across three key tasks; business development and making sales, taking care of existing customers and staying on top of company admin. Before you know it, you’ll be a fully fledged business owner and by this time next year advising other StartUps on how to get going!
Emma Jones is Founder of Enterprise Nation and author of best selling books including 'Spare Room StartUp, 'Working 5 to 9', 'Go Global' and 'The StartUp Kit'.
Attend the biggest StartUp Saturday during Global Entrepreneurship Week and pick up all these tips. and more in person from Emma and the Enterprise Nation team. Book your ticket.