Family • Wellbeing • Adventure

Wednesday, 21 June 2017

Launching a Business | Part 1

Launching a Business is something that has been on my agenda for some time. I've created a business plan, vision, mission statement, logo even. I've been very passionate about this business for the past year, but I've had to keep it on the back burner. It's just not the right time at the moment.



This doesn't mean it's not going to happen because I can see it all coming to life. I know I have the drive and passion for making it succeed, but with two small ones, I'm weary of committing. In my head, I'm thinking once Henry is in school (four years time), then there will be nothing from stopping me from making it all a reality.

So without giving away my business plan (wouldn't want to spoil the surprise!), I thought I would share my process of putting together a business plan to help make your dreams a reality.

Research and choose your market

Is there a need? Can you bring something new? This is vital. If there is already huge competition in your nieche, you will have to create something truly special to stand out from the crowd.

Once you've done this and you're happy with your idea/product is to then really refine it. Think about any potential problems, who your ideal customers are and ultimately how much this is all going to cost.

Business Plan

Everyone's business plan will look slightly different, you need to think about who will be looking at this business plan. Investors? This will need to be incredibly detailed. If you're working on a smaller platform, then try to keep your business plan concise and agile - it may be something that is evolving over time. Subsequently, what on earth should be in this business plan?

  • Your basic business concept. This is a general brief of your idea, keep it straight to the point. It should be your vision on why this idea/product can work. 
  • Your strategy and how you're going to be successful. Discuss goals, when will these be reached? How will you reach them? What is needed in order to reach them?
  • Your product/services and they're superior to others. Time to shine now folks, this is where you include solid information about your product/idea and why people will want to buy them over anyone else in your market. 
  • The markets you’ll pursue. This is where you establish your marketing plan. Who are your customers? How will you reach them? How will you create loyal customers?
  • How this will be managed. You need to lay out who will be involved in the business. What do they bring to the table? Will you need to employ staff? Do they require training?
  • Your financing needs. What investment do you require? When will this become profitable? What set up costs are required?

Branding

What look and feel are you're trying to create? What will resonate with customers and make you memorable? This is a good idea to play about with the brand name. Finding something that works just for you. The name of my business came out of nowhere but helped with the vision and creating a solid starting point. Approach designers, share with them your ideas. Etsy, Fiverr are great starting points if you have a small budget.

Premises

Does your business require premises? If so, how big? What is your budget? Enquire about business rates too. Do you plan on working from home? How does this impact your home and family? Does it require a spot of DIY or an all out build? Do you require storage?

This has been one of my biggest issues. Business rates and rent are a huge cost and it's really daunting when you're first starting out. I'm personally thinking about working from home but having storage for stock. There are plenty of business storage solutions out there for businesses, large or small. It's about assessing your needs and how it can work practically. You may want to start small, from home but it's worth bearing in mind that if things really do take off and demand increases, a backup plan is always worthwhile. For professional industrial storage in North Yorkshire, one good place to go is Warehouse storage solutions.

I hope you've enjoyed part one of this series and have found my tips helpful. When I started my journey I was incredibly clueless and it's been quite a huge learning curve. If you have any questions, please feel free to contact me and I'd be happy to help or point you in the right direction.



Mummy B xoxox



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