Top 5 Things to Consider when setting up a new Business

Everyone has their own list of New Year's resolutions, some personal and some more professional - one that is popular among self-motivated individuals is setting up a new business.

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This is your year, 2017 is your time to shine – at least that is what you are telling yourself in the mirror each morning. Before you set up that swanky new website and set off on the road of entrepreneurship, it is important to take stock of your current situation.



Partnerships

First of all, will you be going it alone? Or will you form partnerships (if so, who with?) as you set up your own business. It is important to consider this aspect as setting up a new business takes a lot, and we mean a lot of time.



If you gawp at the amount of time required, consider the financial aspect – do you require funding? Will your partners be providing this? Or are you fortunate to possess deep enough pockets to get the ball rolling yourself.



Another key factor when thinking about partnerships is to consider the industry that you are entering. How much experience do you have in the sector? How much influence do you have? If you enter a partnership with someone who has years of experience and is a major influencer, the chances are that they will be able to open up far more doors than you can on your own.

Managing the workload

Managing the workload is another key aspect to consider when setting up your own business. Taking on everything on your own is a daunting prospect – if you are not a solo act, then call upon the help of those taking the same journey with you.



When delegating tasks it is also important not to micromanage and have trust in those that you are working with, and for those working for you. This is a delicate time for your fledgling business and requires everyone to be on the same page. It also requires that you are not completely stressed out and worrying about the tasks of others – you will have plenty of time to pull your hair out as a business owner.



What is your USP?

Every successful business around the world has a USP, so what is yours? What are you able to offer that is different from what is already on the market? More importantly, how do you plan to market your product and/or services to potential customers?



Your USP is what will set you apart from the competition and should be the foundation for what your new business is built on. Carry out market research on what your competition offers, and then carry out further research on whether your USP is something that customers will want – no demand, no supply.



Selling

To run a successful business, you are going to have to sell your brand to potential customers – tell them why they should ditch their current supplier and move to you.



This can be a daunting prospect to anyone, never mind someone selling the services of a start-up, but remain confident because no one is guying to buy into a quivering sweaty mess.



Digital Strategy

Once you have the key factors of your business, it is time to consider arguably the most important piece of the puzzle – your digital strategy.



There is little point in having the best idea that anyone has ever thought if nobody is going to know about it. You need to be seen, and by the right people. The first thing is that swanky new website we spoke about earlier – what type of website will you be using? Will it be an E-Commerce site? Or is it purely blog-based? Whatever it is it needs to represent the image and voice of your brand exactly. Having a



As well as the website, you are going to want to consider the advantages of making use of social media and other digital marketing campaigns that will thrust your business in front of your targeted audience in a matter of clicks.



If you are still keen and raring to begin your entrepreneurship then this list of helpful advice will get you off to a solid start – good luck! Managing the workload is another key aspect to consider when setting up your own business. Taking on everything on your own is a daunting prospect – if you are not a solo act, then call upon the help of those taking the same journey with you.When delegating tasks it is also important not to micromanage and have trust in those that you are working with, and for those working for you. This is a delicate time for your fledgling business and requires everyone to be on the same page. It also requires that you are not completely stressed out and worrying about the tasks of others – you will have plenty of time to pull your hair out as a business owner.Every successful business around the world has a USP, so what is yours? What are you able to offer that is different from what is already on the market? More importantly, how do you plan to market your product and/or services to potential customers?Your USP is what will set you apart from the competition and should be the foundation for what your new business is built on. Carry out market research on what your competition offers, and then carry out further research on whether your USP is something that customers will want – no demand, no supply.To run a successful business, you are going to have to sell your brand to potential customers – tell them why they should ditch their current supplier and move to you.This can be a daunting prospect to anyone, never mind someone selling the services of a start-up, but remain confident because no one is guying to buy into a quivering sweaty mess.Once you have the key factors of your business, it is time to consider arguably the most important piece of the puzzle – your digital strategy.There is little point in having the best idea that anyone has ever thought if nobody is going to know about it. You need to be seen, and by the right people. The first thing is that swanky new website we spoke about earlier – what type of website will you be using? Will it be an E-Commerce site? Or is it purely blog-based? Whatever it is it needs to represent the image and voice of your brand exactly. Having a professionally built website designed will set you apart from the competition with a modern image.As well as the website, you are going to want to consider the advantages of making use of social media and other digital marketing campaigns that will thrust your business in front of your targeted audience in a matter of clicks.If you are still keen and raring to begin your entrepreneurship then this list of helpful advice will get you off to a solid start – good luck!



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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 18th December 2016.