Forming a brand new company can seem a daunting task in today’s competitive marketplace, it only takes up to 3-4 hours technically. But to make a real success of it, it’s a combination of motivation, planning, execution and constantly adapting/improving, to ensure your business is successful.
You should understand your true motivation for wanting to form a company and how much work you are willing to put in. For example, how many hours a week are you willing to work and how will your business fit in with possible family/employment commitments?
Choose the right business for you
Understanding your own interests, as well as the needs and gaps in the marketplace is a formula that is tried and tested and one that tends to work. In today’s business environment, it may seem difficult to think of a niche market to crack, but with research into the right area you can find needs that need filling and you can ultimately create a profitable company.
Choose a company name
The name of your new company is a critical decision; it needs to be professional but also must attract the consumers you are targeting. You should check to see whether your choice of name is available once you decide upon it; this can be done easily with online searches. If the name you want is not available, there may be close alternatives to choose from.
Write a business plan
A business plan is the road map of your new company; it gives you direction and is a vital document for your bank when you seek funding. A business plan simply gives an overall picture of your aims, including competitor research and your projection for the year ahead, and the experience you have that will drive your new company towards its goals.
A business plan allows you to see how your company will work and it allows other people to see how organised you are and how much thought you have put into the project. The plan will evolve naturally as you progress and understand more about your competition and about your customers. Your business plan helps you to focus and remain focused.
Start small and grow
Entrepreneurs tend to take controlled risks, rather than intuitive ones. By starting your company on a small scale, you are able to test your idea thoroughly, using what you have learned about the marketplace and your competitors. You can then develop your company slowly, learning from mistakes and building on strengths.
Create a registered office
Consider a registered address for your new company. Some owners use their home address for their business, but as this will become publicly available once your business is launched, there are privacy issues that you may want to consider. Company directors are able to disclose a service address rather than their home address in order to maintain their privacy.
If you need investors
Research into what investors look for and where you might find those who would be interested in your business. Approach them professionally and use your plan and research to wow them.