Six steps to setting up your own business
So you’ve had your light bulb moment – you’ve spotted a gap in the market – a product or service that no one can live without. But how do you get from the excitement of your new idea to the nuts and bolts of building your own business? Follow our six steps for setting up your own business to keep you on track…
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Love what you do
It sounds obvious but being a Mumpreneur takes up a lot of time and energy. You really have to love what you do - otherwise it’s easy to resent the time it takes away from your family. Enthusiasm is contagious – if you are passionate about your business others will be too!
Research, research and more research
You’re so busy dreaming of being the next Anita Roddick or Martha Lane Stewart that it’s very tempting to rush ahead and miss out the research stage. Don’t do it – take the time to really research your target market, competitors and pricing. This can feel like the “boring” part of setting up your own business, but it’s actually one of the most important It will save you loads of time in the long run - making sure your business has a real chance of success from day 1.
Write a business plan
Once all your research is finished, put everything together in a proper business plan. If you’re not sure where to begin, check out https://www.gov.uk/write-business-plan for their guide on this. A well-written business plan with a list of goals and objectives will help keep you focused and on track. It also adds to your credibility if you are marketing your business to other people.
Use the power of networking
Networking can seem scary at first, but make yourself do it! It’s a powerful way to get your business out into the market. Join local networking groups, visit trade shows and conferences and you’ll find you get more and more confident about telling your story.
Use social media such as LinkedIn and Facebook to reach potential customers. There are also online support networks targeted at Mumpreneurs, that are a great source of contacts such as http://www.mumpreneuruk.com and http://www.mumsclub.co.uk
Surround yourself with great support
When you’ve been used to the wide range of resources available in a larger company or organisation, working for yourself can seem lonely at first. Be realistic about what you can and can’t do on your own and don’t be frightened to ask for support when you need it. It may be an accountant to help with the financial side of your business, a marketing professional to advise you on branding or a career coach to help you build your business. It’s very difficult to be an expert in all areas - understand your key strengths and work on your areas for development with help from others.
Keep persevering!
Finally, no one builds a business overnight – there will definitely be highs and lows. Resilience is a key trait of the most successful people – you have to be optimistic even when there are set backs, as Steve Jobs CEO of Apple said:
“I am convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance.”
Inspired Mums offers a full range of support for Mums who run their own business. Contact us today if:
- You want to gain complete clarity on your direction and goals
- You want practical advise on the basics of setting up in business
- You need a sounding board to talk through your creative ideas and prioritise the best ones.
- You want to grow your business to the next level
For more information on these or any of your coaching needs, please contact fiona@inspiredmums.co.uk
