7 Important Tips for Starting a Business – What should be Considered?

Who hasn’t dreamed of running their own company? Own employees, decision-making power, freedom, and, best of all, a lot of money. But what does reality look like, what needs to be considered, and is it as simple as it looks? Simple answer: no! If you want to be all fun and games you can check out slots instead, but if you want to start your business from scratch, stay and read our 7 tips.

Tip 1: the content of a business plan

As already mentioned, the business plan supports you in dealing with your business idea in more detail. The whole thing starts with an executive summary and summarizes your entire concept on a maximum of two pages. Imagine you are writing a novel and have to try to inspire your readers with a prologue so that they read the entire book. Here is a little insider tip on how your summary binds your readers to your business plan: Problem before benefit! Companies are founded to solve problems with new ideas. In the first third, you describe the problem that you have recognized and want to solve. Then you explain how your idea can contribute and at the end you give a few words about the company. In other words, what makes the company so special and why cannot any other company implement it. If the reader is captivated, it goes on with the details.

Tip 2: business idea

Have you ever thought about a business idea in detail? Imagine you want to open a small shop in the city center. Even if this idea sounds relatively simple, there are a few things to consider here as well. What kind of shop should it be? Classic or modern with some nice features? Should it be just an offline shop or even an omnichannel (offline + e-commerce)? What is special about your shop? There are 100 more questions and the more intensely you deal with the idea, the easier it will be for you to convince others of it. Because it makes you more confident when you have an answer to every question. Above all, there are not only questions about the business idea.

Tip 3: Industry

Have you already dealt more intensively with the topic of the industry? Determining the industry itself will be easy. But what is the market like in this branch? What is the competition doing? How many competitors are there? How big is the sales market? A competitive analysis is essential. The better you know other companies in your industry, the better you can position yourself in the market. Because simply being cheaper than others is not a competitive advantage. You know your product or service and there was a trigger that led you to start your own business. The customer only gets to know this, however, and since everyone can use the Internet these days, your customer will compare. So be prepared for the questions “Oh, something like Company XY?” And “Oh, that’s what Company XY also offers, right?”.

Tip 4: market analysis

The market analysis is similar to the industry. However, this is about examining the market and, above all, dealing more with the target group before you start a company. Of course, if possible, you want the entire world to be a customer. However, it is important to focus on certain groups of people at the beginning. These can be people of a certain age or maybe your product is aimed at a specific gender. The better you deal with this topic, the easier it will be for you to find the next tip.

Tip 5: Marketing

As soon as you have dealt intensively with your idea and the market, it’s about how you present your company to your potential customers. Marketing can also be described as love at first sight. Imagine you’re going to a party and want to get to know someone. What do you pay attention to first? His job? His flat? No! Because as superficial as it may sound, it’s the outside! How does this person move and how is he dressed. It’s the same with marketing. With marketing measures, you want to present yourself to new customers and win them over to you. Be it via a poster, an online advertisement, or a TV advertisement. The first impression counts!

Tip 6: sales

However, marketing alone is not enough. Imagine you succeeded in convincing someone of you at the party. Then he is initially optically impressed by you. For this encounter to become more, you need to impress the person. For example through intelligent or humorous conversations. It’s similar in your company. If a customer is convinced of your advertising, it does not mean that they will “buy” directly. So you have to think about how you can get the product to your customers. If you have never done something like this before, it is advisable to deal with the topic of sales or to hire an external agency to start with.

Tip 7: the founding team

Now we have dealt intensively with the idea and marketing of the tips for setting up a company. But who will implement all of this? Do you want to start the company or do you have colleagues? While this part sounds pretty easy, it is important to deal with. If you want to do it on your own, then you have to ask yourself the question of whether you are sure that you will be able to implement all of this, and if you are setting up a team, then it is important to draw up a very precise partnership agreement. Preferably together with a specialist lawyer. Even sandpit friendships have already broken when founding a company. It is therefore all the more important to define the areas of responsibility and the topic of responsibility as precisely as possible. In addition to the founding team, it is also important to talk to friends and family. Most Germans grow up to be employees. They love the security it gives them. Talk to you. Knowing that your friends and family stand by you also gives you extra security and reduces the pressure to prove it to you.

About Carson Derrow

My name is Carson Derrow I'm an entrepreneur, professional blogger, and marketer from Arkansas. I've been writing for startups and small businesses since 2012. I share the latest business news, tools, resources, and marketing tips to help startups and small businesses to grow their business.