Thinking about how to start your own business? Don’t know where to start? The this article’s just right for you

I started my own business, an internet start-up called StudyFlats, as a solo immigrant founder at the age of 22 with very little professional experience.

Not only did I have to overcome the hardships of starting my own business as a fresh graduate, I also had to deal with a rigid set of immigration rules. (But hey they say whatever doesn’t kill you makes you stronger)

Undoubtedly, starting your own business involves (and demands) a great deal of ambiguity, risk, mistakes and sacrifice. I know this because I’ve gone through this journey 

One of the most difficult stages is actually getting started. 

Some questions that you may be asking yourself are:

  •  What business should I even start? 
  • How much money do I need to get started?
  • How to market it?
  • Should I leave my regular job?

1) Start with a “pain point”

So we all know that most businesses are essentially solving a problem or simplifying a process (e.g. UberEast simplifies the process of ordering food online). 

Think about something that has bothered you personally, particularly if it has done so on multiple occasions or if there’s a pattern of that inconvenience.

 

2) Alternatively, think about what you’re personally good at

Okay let’s say you can’t really think of a pain point. Or you did and you discovered that a solution already exists in the market. 

Another way to start your own business would be to think about your personal skills, strengths and attributes. 

For example, you’re a two-time national champion in a sport and are a fitness enthusiast. In this case, a good idea would be to start your own (online) personal training business, or something relevant to that area. 

This is a really good way to start because it involves the things that you’re passionate about. We’d all love to do what we’re passionate about as a career, yet sadly most of us don’t.

 

3) Market research

Regardless of how you find a business idea (steps 1 and 2 above), the next step is validating your idea with actual numbers and facts. This is the process that’s called market research. 

Market research is about understanding everything that concerns your customers, their characteristics and defining features in addition to the competitive landscape. 

Make sure to make use of online tools such as Mintel. There are also plenty of online guides about how to do market research such as this one.

 

4) Think about the business’ operational structure

Now that you’ve discovered the idea, it’s time to think how you will implement and execute it. 

Depending on whether your business provides goods or services (or both), it’s key to think how you will provide them. 

Is it online over a website? Is it e-commerce? If yes, which platform to use? 

And if it’s providing products, some relevant questions would be how to source your products? What about storage? And so on…

 

5) Choose a business name (AND think about your digital marketing strategy)

Okay so in my experience, this was the part that things started to get slightly annoying. As you’re planning to start your own business, things are generally exciting and on the optimistic side.

However, choosing a name is, in my opinion, where things start to get tricky. 

Now, the extent of how difficult choosing a business name is will depend on the nature of your business. 

However, here are some of the things to keep in mind when choosing a name:

  • As a general rule, keep it to less than 10 letters 
  • Your chosen name must be rememberable 
  • It cannot infringe any existing rights (i.e. if another company is already using that name)
  • It should be available on social media channels 
  • No association with any events,. individuals or content that may harm the company’s reputation

The latter and additional factors are even more significant if your business is primarily online-based. Some factors include:

  • The availability of domains (we all know the preference is for the .com extensions though this is slowly changing)
  • Social media user availability 

Once you choose a name, it’s also important to think about your online presence, with some of the key things to consider being:

  • Creating a Google Business profile 
  • Website 
  • Social media channels 
 
 

6) Consider the legal structure of your business

Once you’ve taken the previous steps, it’s now time to think about the legal structure of your business. 

Depending on factors such as your circumstances, number of people. involved and so on, this part is highly dependent on each business. 

In the UK, there are a number of options such as limited companies, partnerships or self-employment. 

It’s important to consider all the legal implications of any path you decide to take. Make sure to obtain professional advice from an accountant or a solicitor if necessary.

 

7) Prepare your business plan

It’s important to create a 3-5 year forecast and planning for your business. This is where your business plan comes in. 

 

7) Register your business

After deciding the legal structure of your business, it’s time to register it. Once again, make sure that you do so after you gain a thorough of understanding of the implications and details of your chosen structure.

 

Here are some of the key steps to take towards starting your own business. 

As I mentioned before, starting a business is a demanding journey but if you’re passionate about your venture, it’ll all be worth it. 

You might also like another article of mine about 5 brutal truths about being a founder. 

Additionally, If you need help with starting your own business, contact me.