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Going It Alone - The Steps You Need To Take When Setting Up Your Own Business

7 Motivational Steps To Start-Up Success
Shihab S Joi
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You’ve had a great idea, you want to turn it into a money-spinner, you’re ready to go it alone and start-up your dream business straight away.

Hold your horses. The thing about a great idea is that it happens inside an encouraging mind, bursting with excitement and hope. It’s only after the plan has been put in to motion that the reality of it kicks in, other people get involved (or worse, they dismiss it), and suddenly your idea starts rhyming with oh dear.

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Considering 50% of small businesses fail in the early stages, it’s clear a lot of novice entrepreneurs get carried away with the poetry of being one’s own boss, without first becoming well-versed in the ramifications of doing so.

But follow these steps before you start-up, and with the aid of our handy cut-out-and-keep motivational quotes, you too could be among the lucky ones whose idea turns out to be even better than you dreamed…

Steps To Setting Up Own Business
Is This A Winning Idea?(01 of07)
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A unique idea might not necessarily be one that no one else has thought of. It could be that someone looked into it and found it was simply not financially viable. Do extensive market research to assess exactly what your competitors are offering, and more importantly, why they don’t offer the things you’d like to. Study published data for quantitative research and get feedback from your potential customer base for a more qualitative analysis. Find out why they would buy into your idea, how much they are willing and able to spend and how often to make your start-up worthwhile. (credit:Shutterstock / ideldesign)
Do You Have A Plan?(02 of07)
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Just because you’re going it alone does not mean you can operate a business without structure. A business plan is crucial to help you clarify your idea, spot problems, set out goals and measure your progress. It’s highly unlikely that a bank or an investor will consider offering you a start-up loan without one. To find out how to put together the perfect plan, log on here. (credit:Thomas Barwick via Getty Images)
Make Your Mark(03 of07)
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Register yourself as a sole trader and start branding your product. The name of your business will be crucial – you’ll need to get a logo designed, print out letterheads, business cards and register the domain name, which means changing your mind afterwards will be a waste of money and time. As well as making sure the name reflects your business and sounds appealing to potential customers, check the name isn’t already taken (or too similar sounding to a competitor). Also check that nothing unsavoury pops up on search engines when you type it in! If your idea is genuinely new, get it patented for free. (credit:Martin Barraud via Getty Images)
Pick Your Team(04 of07)
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Starting a business on your own doesn’t mean you can do it without others. You’ll need to source and build a good relationship with reliable and affordable suppliers, as well as distributors. A start-up also relies heavily on validation, so get to know people whose endorsement will make new customers take you seriously too. And don’t forget, you can be a sole trader and still have partners to help share the load. (credit:Henrik Sorensen via Getty Images)
Say Hello To The World(05 of07)
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Make yourself accessible and approachable from the get go by building a website that’s both professional and personable. Make it is easy-to-navigate, easy-to-understand and easy on the eye. Choose a host that provides quality support, ensure your site loads quickly, and that it works effectively on mobile devices. Find out as much as you can about SEO. Start building up followers and likes on social networking sites as soon as possible, have engaging interactions with them regularly, so by the time you’re ready to launch your product, you already have a loyal base to help you spread the word. (credit:JDawnInk via Getty Images)
Is It Definitely Worth It?(06 of07)
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The excitement of starting up your dream business means it’s easy to overspend, but once the novelty wears off, many end up losing both money and heart. Before you start ploughing your loans or your savings into the project, be absolutely sure this isn’t a vanity project, that you’ve assessed the market and your spending well enough to know how you’ll keep your head above water until you’re guaranteed a profit. Don’t skimp on hiring advisors, a good lawyer and accountant will help you get your head around tax and stop you drowning in invoices, receipts and small print. (credit:PM Images via Getty Images)
Are You Cut Out For This?(07 of07)
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A solo venture comes with its assurances of stress, so be absolutely sure you have what it takes before you start-up. Do you have the negotiation skills to get the best deals, the communication skills to win people over, a head for figures to ensure you’re on top of your finances? A lot of novice entrepreneurs give up once they start to question their product. How will you handle a customer demanding their money back, or reading a bad review online? A thick skin, the ability to come up with solutions to unforeseen problems and a solid support network are all crucial for those going at it alone. (credit:frankpeters via Getty Images)
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