Entrepreneurship

15/03/2018

Raw Space prides itself in being supportive for new businesses. Previously, we have discussed the common issues that new business often come up against and how to get past these problems. We’re going to backtrack a little, and talk about what you need when starting a business.

Money

 

Funding was outlined as one of the issues new business owners struggle with. But it is a necessity when starting a business. Some very small online businesses, such as stores on the online site Etsy require very little money, just the fee to list items, but it is minimal on the scale of what businesses cost. If you’re aiming a bit higher than this, you need to draw up a budget for your business idea and then make sure you have sufficient funds.

You can raise funds by either taking out loans, attracting an angel investor or venture capitalist or by crowd-funding using sites such as Kickstarter, a very popular method of raising capital in this day and age.

 

Research

 

Of course all the money in the world is not going to help if you haven’t taken the time to do research. Is there a demand for your service? Is there a chance for success? Also look into existing businesses in the area you’re interested in. Once you’ve checked those boxes, you’re ready to move on, and look into getting your business up and running.

 

Motivation

 

Getting the idea down on paper is the easy part. Setting it in motion is hard. It’s too easy to be put-off the idea of lifting your business off of the ground because of the amount of work and stress it will lead to. Keep in mind why you wanted to start this business. Don’t lose sight of this goal.

If needed, look to others for help. Acquiring a partner for your business lightens the workload and can give you the pep talk you need to spur you into action. It is also a way that you could tackle funding. It’ll be easier once the business is up and running, it’s just that initial step that is the hardest/ So remember the fact that it will get easier with time.

 

Choose a Name

 

Every business needs a name, and yours is not different. Names should be simple, and give a very general idea of what your business is and what service it offers, though large businesses can get away with it’s name not really having much relevance since it’ popular enough that people know what they do, such as McDonalds.

It is imperative to make sure the business name you want isn’t already taken and trademarked otherwise that will lead to a legal debacle.

Also, with how important it is to have an online presence in this day and age, try and grab a URL matching your company name, or one as close as you can manage.

 

This blog post was written by Amy Cowley. For business inquiries please email me at linkslove.amy@gmail.com

 

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