If you’re tired of working the usual nine to five and building someone else’s fortune for them, you’re probably considering setting up your own company. This can be an extremely promising and profit-filled path to pursue. But it is going to take a lot of hard work and effort. Let’s get you off to the best start by giving you a run down of the basics you need to consider when first starting out!
Whatever kind of business you set up, you’re going to have to go through the legal basics of starting a business. This can include registered as self-employed and a business owner. It can involve establishing your business as a legal entity. It can involve all sorts. This, of course, can be a lot to get your head around. But don’t worry too much. You can massively simplify the process by using a company formation agent. They have all of the knowledge and expertise to get you set up properly.
E-Commerce vs. Brick and Mortar
Once you’re set up, you need to make the decision of whether to create an E-commerce store or a brick and mortar store. One option is more modern. The other is more traditional. Let’s take a moment to look at what’s entailed in each below.
E-Commerce is thriving and this is the form of business we’d recommend starting out with. E-commerce has all sorts of benefits for a first-time business owner. Generally speaking, it’s cheaper to set up. Sure, you’ll have to fork out for a website, graphic design, copy and the other elements that will bring your site together. But once this is done, you’ll be fine for a while and you won’t have the monthly outlay of rent, energy costs and more. An online store is also open 24/7. People can shop with you any time of the day or night, any day of the week, so you are likely to process more orders out of sheer convenience. You can also reach out to an international audience with the simple addition of international shipping, giving your brand more exposure and opportunity to grow.
Getting the Basics
As we’ve established, you’re going to have to work with a team of freelancers to bring your website together. Make sure to look for references and good quality portfolios. Then you’ll know you’re going to get a good job and value for your money.
Once your site is set up, you’re going to have to make sure you stand out in a pretty saturated marketplace. Establish yourself by looking into SEO. SEO stands for search engine optimisation and it’ll help your page stand out by bringing it to the top of search engine results when potential customers search for what you have to offer. You may also want to consider PPC (or pay per click advertising) to draw people to your page from similar sites, or social media advertising to bring people to your webpage from their social media accounts.
Brick and Mortar
As you can see, there are all sorts of benefits that come hand in hand with setting up an Ecommerce store. Logically speaking, it is probably best to start out online if you want to get your feet off the ground without risking all too much. But, as your business begins to grow and expand, you may want to consider setting up a brick and mortar store down the line. Here are a few areas you might want to focus on when this time comes around!
Choosing a Location
Location is key to the success of brick and mortar stores. If you put your shop in the middle of nowhere, most people won’t know it exists. On top of that, the people who do know it exists are unlikely to go massively out of their way to get there. So, choose somewhere sensible and logical. Focus on areas with high footfall and in places where your target demographic frequent.This will require some research and you’ll also have to weigh up the pros and cons of location and price. Better locations tend to come with a higher price tag, so you need to be realistic in regards to whether your profits will justify or support a large rent outlay.
Of course, setting up your first business is a huge area to tackle and you’re bound to have to learn a whole lot in the process. But hopefully, the above information will help to get you started out in the right direction!