ULTIMATE GUIDE TO STARTING UP A NEW BUSINESS

Genius Digital Agency — Your First Marketing Partner
Have you an incredible idea? Are you looking to put it to market without making a huge strain on your initial budget? In this post, we’ll discuss some of the basics in our ultimate guide to starting up a new business. But, with a focus on marketing tactics & how you can make the most of your budget drive sales and maximise growth. Our guide will help you get through that first year in business.
To begin with, here is the list of necessities that make up our Ultimate Guide:
- Produce a business plan
- Determine your startup structure (Sole Trader, Partnership or Limited Company)
- Decide on your brand identity
- Look for realistic financial sources
- Search for premises, equipment & hardware
- Get deals on software & try to bootstrap
Start by producing a business plan
The first step of our ultimate guide for startups is to begin writing your business plan. But, don’t just jump straight into the writing. Start with research, look at your competitors and external impacts on your industry. Our preferred and the quickest technique is to use the PESTLE Analysis. Which stands for Political, Economical, Social, Technological, Legal & Environmental. Now, all six might not be relevant to your new idea.
However, it’s important to look at the wider spectrum as it’ll affect everything from your product/service offering to your sales strategy and most importantly the target audience. To become an industry expert, you have to read, research & be fluent in all the trends.
Following on from your research, clearly, state your business goals & determine the strategy going forward. Although, it’s pivotal that your goals and strategy are scaleable particularly in the first year to accommodate any pitfalls and major changes.
Once you’ve got the strategy set & you’ve completed the research, begin the writing. But, consider the audience for your business plan. In this ultimate guide, we emphasise the importance of producing two plan formats. Which go as follows:
- Report Format. This will be more formal and can be presented to the Banks and Corporate Institutions
- Presentation. Produce a shorter version, to be used at networking events and smaller meetings. This would just need to include your branding and a rundown of the services/products, audience and budgets.
Determine your business structure
When producing a business plan it’s important to state your businesses structure. Therefore, look at the different options that are available.
This all depends on your size and financial projections for the first couple of years. For example, the safest option would be to run as a Limited Company.
Having limited liability and more security over your personal wealth. In addition, the legal standing “Ltd” provides a more viable option for finance sources and investors looking to pump funds into your idea.
Additionally, look at your employees. How many do you need? What role will you be taking? Look at your personal skill set? Only hire where your weaknesses lie! As a startup founder, take a hands-on approach from the day 1!
Choosing the perfect name & branding
The next step in our ultimate guide is to determine your brand. One of the most important areas for GDA Media. The brand identity is how the world will perceive you and your corporation. As a startup, your budget might be limited to produce vast amounts of branding materials. Therefore, our recommendation is to search for a specialist startup marketing company that understands your exact needs and budget requirements. It can be difficult as a standalone startup to change the public perceptions easily. Here’s a list of the core branding materials necessary to get you started:
- Website. Your online business card. Make sure you’re represented properly online
- Logo & Visual branding. It’s tempting, but don’t rush in and find a freelancer to produce your branding. Often startups fall into the trap of overspending on freelancers to cover all aspects of branding. For instance, GDA provides your logo, visual branding (email, letterheads, invoices etc) as well as bespoke website designs. We help with cost reduction, by managing your entire marketing portfolio.
Searching for startup financial sources
A major element of your business plan is the forecast for the first three years in business. Although, to produce a solid forecast you’ll need to clarify your startup sources of finance.
Despite the temptation of jumping to the competitive Venture Capitalists look a little deeper into the financial world, your industry and even your personal skill set.
To start with, research organisations and accelerators that support startups, apply and find the perfect option for you. Additionally, make sure your pricing strategy includes customers paying a percentage in advantage for added security. Moreover, this is where you start getting creative. If you’re looking for some office space to rent, trade your skill set (as time allows). E.g. if you’re in the Information Technology or Security space, present a service offering to the landlord. Offer technology services for a rental discount.
Additionally, if you require equipment, hardware or furniture. Don’t lease! Look for cheaper second-hand or refurbished options. As long as it works, you’ve started saving.
3 Sales & Marketing tips that’ll get you startup
Sales and marketing are two elements that’ll make or break your business. When the strategy is perfectly aligned to your business goals, you’ll see lines of exponential growth. Therefore, to sign off this ultimate guide here are three relatively simple tips to boost startup revenue, increase customers and maintain a positive brand perception.
Listen to your customer
Most importantly; the simplest technique. Just listen and learn your customer needs. Before you jump in with the hard sell. Start softly, get to know your audience. By simply taking more time to listen even the least experienced salesperson will turn a hard sell into a soft sell. It’s not just a marketing campaign that’ll nurture leads. It’s simple human interaction.
Cement your marketing strategy
Produce an aligned, marketing strategy that’ll swiftly put you on track meet the revenue goals stated in your financial forecast. There should be two campaigns to think about, to begin with. Lead Generation & Brand Awareness. Push your name out there and offer something unique that’ll encourage consumers to sign up and join your cause.
Boost your reputation
Online and Offline PR goes a long way in business. In order to boost your companies reputation, get in touch with the trade press as well as the local and regional media. Think outside the box, if you want a journalist to write about you, offer something enticing. The perfect solution here could be to hold a press day (an experiment). If your product is unique or technological, invite a group of journalists and influencers to trial it and eventually, you’ll see quick growth and interest in your revolutionary idea.
About us
Genius Digital Agency is a specialist Digital Marketing Provider whose aim it is to provide startups, small to medium businesses and large organisations with a perfectly adjusted digital marketing solution to ensure growth and success. For more information about our marketing services get in touch with our team online today.
