Starting A Business

By Ellen Walford

Starting a new business from scratch can feel overwhelming and it's always difficult to know where to start, but don't worry it may be easier than you think.

Preparation and planning are key, and here at SDC, we love planning and organising. We're all about supporting our collective with their business goals.

So we've put together a list of steps you can take, to make building a business more manageable.

It all starts with an idea...

First things first, you'll need an idea. Do you have a passion or hobby that you would love to turn into a business? Do you think you could create something that consumers want/need? If so, then you may be on to something! Once you have your idea nailed down you can start to build a product or service that offers a solution for your consumers.

Find Your Why

A huge part of building a business is finding your WHY.

When first starting out, the most important question to ask yourself is: Why do I do what I do? WHY do I want to launch this business?

Do you want to help people? Do you get satisfaction from helping others? Do you have a genuine passion for what you do? If the answer is YES then that is your WHY. Always ask yourself WHY. Keeping asking yourself questions. What do you want to achieve with your business? What do you want to gain? Why are you launching this business?

Do Your Research

Once you have discovered your WHY. You'll need to do your research, here are a few reasons why doing your research is super important...

  • It will help you understand your customers’ needs.
  • It will help you identify potential problems with your business/service.
  • It will help you identify your audience
  • It will help you set goals that will guide your business.

Analyzing competing products or services can give you an idea of what already exists in your industry. Research is vital as it can help you find ways to improve and build upon your business idea. It can also help you identify weaknesses in your product or service. Look at your competitors, look at their prices, their marketing, their website – you’ll gain so much inspiration, and have a better understanding of the market.

Identify your target audience

A big part of research is identifying your target audience. You'll need to identify the person who will be using/buying your goods or services. When it comes to identifying your audience, ask yourself the below questions:

How old is this person? Where do they shop? How much money do they earn? What social media platforms do they use? What are their goals?

You can identify your target audience by looking into who will benefit from your product or service. Once you know who your target consumer is, create a target audience profile – you can then refer back to this and include it in your business plan.

Write your Business Plan

Next, you'll need to write your business plan. Your business plan should outline your current and future goals. A business plan will help you organise the direction of your company, it should also be clear and detailed - so anyone reading it can understand your business. Here are a few things to include:

Statement of purpose: This is a summary of your product/service.

Product descriptions: Explain the details of your product or service and how it will benefit your customer.

Market analysis: Outline your target demographic, trends, and customer expectations.

Competitor analysis: This should highlight the strengths and weaknesses of companies that have similar products or services.

Believe in yourself!

And lastly, believe in yourself and your idea! After all, with the right mindset, you can do anything.