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Saturday, October 16, 2021

So, You Want to Start A Business? Here’s What You Need to Know!

There is a different type of business owner for every individual business type. But there is one thing that is true of every successful owner, and that is passion! There are a lot of reasons for starting a business from something as simple as being tired of working for other people to want to build something for you and your family’s future. 

As anyone who has started a business knows some sacrifices have to be made. There will be early mornings, stressful days, and times of uncertainty but if you are one of the rare people in this world with the passion needed you will get through all the rough patches. Having the knowledge of what needs to go into a business is fundamental in the success of any business, it’s also important in knowing where you want your business to be within the market and your expectations to grow your business in the future. if you are starting out or are experienced in the field of building a business, having expert advice from a qualified professional is a vital step into the future success of your business. this is where we come in, we recommend seeking out a trusted team of valuation experts to help determine your business-related requirements. 

A business valuation is a process of determining the current market value of a company. A number of techniques can be used in a business valuation to determine the true value. Most importantly the type of person needed to complete a valuation is a business valuer. A valuer is a certified professional that requires exceptional knowledge and expertise in the specialized field of business and property-related purposes. Whether you are starting out with an investment in a business, or you are already an experienced business owner seeking additional insight into the runnings of the business for future needs. It’s always a good idea to be ahead in the industry as anything can happen at any time and that may affect your business resulting in the future success or failure of the company. 

As we mentioned having a business requires hard work, dedication, knowledge but most importantly passion. An idea for a business doesn’t just appear, it has to do with your interests and that results in having a passion for something you do. 

But what makes up passion?

  • Drive, the inner strength to push through 
  • Knowledge, passion can only come from really knowing what your business is about
  • Certainty, you need to be sure of yourself or your customers and staff will be affected 
  • Adaptability, to build a business you need to be able to deal with anything that can happen and build up from there

Every successful business has started with two things passion and an idea. The passion comes from who you are as a person. The idea comes from you and what you know. 

That spark might come from years of hard work and research, or it might just pop into your head. No matter where it came from this idea is the seed that will grow into your business structure. 

But what about the first concrete steps? 

You need a name, logo, and website. For most of your future customers reading this will be the first thing that they see. There are few key things that you need to keep in mind.

  • Keep it simple! It shouldn’t be a sentence or a long description.
  • Make it informative. Your customers should know what your business does
  • Make it memorable. You want your name to be the first thing your customer thinks of.
  • Research the name and trademark if possible
  • When creating a website get .com (this is a more popular choice in branding) 
  • Pick a name that can grow with the business and is not limited. 

The right name to starting a business can have a significant impact on your business success. Do thorough research into copyrights and trademarking websites, logos, and names.  This can be detrimental to your business if not done correctly.  Spend time is building a great website to give a clear insight into what you offer and what the customers can expect from the product/service. 

Keep in mind

  • Competitor sites
  • Layout and template aesthetic
  • Decided on the right website builder that best suits your layout designs and functioning of the site 
  • High-quality original content
  • Mobile and desktop user friendly 
  • Clean and simple design, visual clutter drives potential customers away 
  • Creating an easily accessible way to get in contact. 

Building a great product/service

Depending on your business, having the right product/service that best reflects your idea of the business is vital, what sets you apart from others that may have a product/service similar. You a point of difference from your competition, everything else follows once you have succeeded in the type of product/service you offer is basically “better than the rest” try not to take too long in getting your product out there, doing research and receiving early customer feedback is one of the best ways to help you improve the product/service and give you an insight into your target audience and what your potential customers expect and want to receive in the type of product/ service you are looking for. 

Employees 

Depending on your business, if you need to hire future employee’s this is an important step into your business structure. Having a comprehensive and clear reference check and skill level when it comes to interviewing potential staff. Having staff that meets your standards, understands the skill required for your business in selling your product/service, and is hardworking is vital to the success of your business as well as the reputation of your company when it comes to customer experience. Your employees are your first point of contact for your company and customer’s overall experience and expectations. 

Overall, there are many factors to consider when starting a business and these were just key points to get you started on your business journey. As we mentioned new or existing businesses require a business valuation to help them determine the structure of their business and the worth of the business for future potential and success. It’s important to have an insight into your business standards and procedures, we ensure you will receive expert knowledge of a detailed report with regards to your business and any external factors that may come into effect for the future of your business.

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Steve Anderson
Steven Anderson is one of our top leading valuation experts, with over 20 years real life experience in all specialised commercial and industrial property purposes. Steven is Canberra’s leading independent valuer, with all this knowledge and experience, and with multiple guest lectures at local colleges and universities, he has had the privilege to connect with peers and clients over the years.

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