How to Build a Successful Start-up

So you have this idea and you want to create a business around it.  Maybe it is a product or a range of products.  Or you have a skill that you want to create into a service. Whatever the case, you then move into the territory of becoming a start-up but how do you take steps to have success?

The business plan

A key part of success is having a plan – a business plan.  This is often required as well if you are seeking any kind of business finance such as a loan or a credit card.  It is a plan of how you will make money, what the business will do and where it will do it.  There are plenty of templates out there to use for inspiration both for bricks and mortar businesses and for online ones.

You may also want to consider the structure of your business at this stage.  Many companies will start out as a sole trader but there are other options such as being a partnership if there are two of you or even a limited company. Chat with an expert on company structure to see which is the best option.

Decide how to market the business

If you want to get customers, you need to market your business.  The good news is that there are lots of different ways to do this – but this can also be a bad thing if you are unsure what is best for you.  Look at where your customers are and think about how you can reach them.

Social media is one big avenue if you are an online business or will have a website.  You can use Facebook, for example, to reach people through a Facebook Page and even with paid ads.  For some online businesses, Pinterest is a key part of their marketing strategy and can be a great source of website traffic to convert to customers.

Don’t be afraid to get help

It is easy to fall into the trap of thinking that you need to do everything yourself as a start-up, but this way leads to burnout and exhaustion.  You also don’t always want to take on staff just yet, so the answer is to outsource.

There are lots of examples from using a telephone answering centre to handle calls through to outsourcing your accounts to an online bookkeeper or hiring a social media manager to help with marketing.  Getting the right help is often key to start-up success.