Tuesday, 29 May 2012

10 Step Guide to Setting up your Own Business (Part 1)


I've been hunting everywhere for a clear guide to help me set up my own business, but I haven’t been able to find one – well, not one that wasn’t full of jargon and really hard to follow!

So I figured I might as well have a go at writing one myself... and I’ll use my own fledgling business idea as an example throughout. Here goes...

Step 1

Decide on the product or service you’re going to sell. It has to be something you’re good at, or something you’re sure will make a good profit. I’m assuming here that you’ve already done your market research and picked something valuable that you can provide that other people will be willing to spend money on.

If you haven’t done your market research, do it now! Ask family, friends and anyone you meet in the street about what’s missing in their lives that you might be able to provide. Think about what your hobbies are, or what you enjoyed doing in school... or anything you can think of really, the sky’s the limit.

My example is copywriting. I’ve always enjoyed writing, and I’m pretty good at putting a sentence together. Well, I’m more than happy to pick other people’s sentences to bits, anyway! Plus, I know there’s a big demand for copywriters out there, and I know there’s money to be made if I do it well.

Step 2

Hone your product or skill. Take classes in the subject, contact people who are already doing it professionally, and listen to what they say. You can never know too much about your chosen field, but the same time, don’t spend too long on this step. If you wait for the “right time”, when you feel completely ready to start your business, you’ll probably never do it.

Even the experts still have things to learn and improve. But chances are, if it’s something you enjoy, and you’re good at it, then you probably already know enough to be able to do it well enough to help other people.

In terms of copywriting, I’ve completed the AWAI six-figure course, and I’m constantly reading books and blogs about copywriting, sales and direct marketing. I know there’s a massive learning curve still ahead of me, but I’m sure I know enough of the techniques to do a good job already.

Step 3

Choose your business name. There’s a lot of advice out there about how important this is, but in my opinion it doesn’t have to be a big deal. Plenty of businesses change their name and rebrand themselves later down the line. Just look at Snickers and Starburst!

For now, just pick a name that’s easy to remember, says a bit about what you do, and doesn’t already belong to a multinational conglomerate.

I chose Brilliant Writer as a name because it had a nice ring to it, and because a teacher at school once told me I was a brilliant writer. No doubt in a couple of years, I’ll want to create a more general overarching company, for all my spin-off ideas.

Again, don’t spend ages on this step. The right name will probably leap out at you, and if it doesn’t, just try sticking a pin in a dictionary and picking a word at random. Or use an online random word generator. http://randomwordgenerator.net/

You might be surprised at the results... “Yiddish Cupcakes” anyone?!

Step 4

Buy your domain name. Every business needs a website nowadays, even if it just contains the basic details.

There’s plenty of places out there selling domain names, and some of them offer web hosting packages too (we’ll come to that in a minute). GoDaddy.com, 123-reg and one.com are a few that seem to get good reviews, but I’ll leave it up to you to check out a couple of sites and choose the one that best fits with your business.

I personally went with GoDaddy for my site www.BrilliantWriter.co.uk because it was the first one I looked at, and so far it’s been fine for me, but I’m sure they’re all much of a muchness.

In terms of the actual domain name, you should choose a .com or a .co.uk if you can afford it, and if you want to do better in the search engine rankings. Your domain name should be easy to say (without having to spell out each letter), and as short as possible.

If you’re worried about people misspelling your domain name, or if you’ve got money to spare, you could always buy a couple of different names and have them both pointing to the same site.

Also, think about where the majority of your customers will be based. If you want to be an international brand, it’s probably worth having a .com site, as people searching on Google.com (or other search engines based in the US) will be more likely to find you than a .co.uk site. If you’re setting up a more local business, then choose a local domain for your site.

Step 5

Choose web hosting. Now you’ve got a domain name, it’s time to find somewhere to host your new website (when you’ve built it – that’s the next step!) For a basic website, you should be able to easily find hosting for a couple of pounds a month.

I used http://thetop10bestwebhosting.org/uk to check out the options, and I chose GoDaddy mainly for convenience as that’s where my domain name was registered.

Some web hosts offer extras such as email accounts, as well as other incentives including Google Adwords credits. I’m personally a bit sceptical about these added “freebies” – you’ve got to end up paying for them in the end, right?

If you’re not interested in spending the time boosting your search engine rankings yourself, and you don’t know anyone who can help you, then it could be worthwhile paying for some “SEO assistance” from your web host.

Personally, SEO is one service which I’m interested in learning more about, and offering to my clients in future, so my website is as good a place as any to learn the ropes.


I'd better stop now before this blog post turns into an essay. Come back next week for the remaining five steps to success... and good luck with your business, or businesses, whatever they may be.

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