We enjoy a 3 part guest post by the owner of UrbanAlpha, Andrew Pallett.
Starting your own business is one of the most challenging and rewarding things you could ever do, and if your business is successful it could set you up for life – just look at Fraser Doherty or Jamal Edwards. To get to that point, there will be many obstacles to overcome, but through some hard work and perseverance you could be the next Sir Richard Branson!
So where to begin? Quite simply, where every business begins – with an idea. This will be one of the most exciting phases of your start-up, as you can truly let your imagination run wild and set out the vision you have for your business.
This stage is also extremely important for one reason – the definition of your Unique Selling Point (USP). It’s a term that everyone is familiar with and is used a lot in business, but for good reason. Your USP is like a secret weapon, and is useful for so many different scenarios – your elevator pitch, securing new customers, impressing investors, getting the attention of journalists… the list is potentially endless, but its primary purpose is to set your business apart from your competitors and to help generate publicity!
Defining your USP may be second nature or extremely difficult depending on your business idea, industry and resources. Take the time to truly determine what it is, as it will make the rest of your start-up journey much easier. Unfortunately, businesses are not built on ideas alone – you must also put in a lot of hard work. As the saying goes, success is 1 percent inspiration and 99 percent perspiration, so with idea and USP in mind, you need to do as much market research as you can possibly do – and then do a bit more. Think of it this way: the more you do now, the better prepared you are later, so really get to know your potential customers, your target market and your competition.
The next stage is often where many entrepreneurs, both young and old, are forced to really confront their business idea and decide if it’s worth the risk. Seeking finance is never easy, especially for young entrepreneurs, but fortunately there are several available options to help out. Before asking for money, the best thing to do would be to outline how you will pay people back! A forecast of expected sales and profits can help convince family and friends, and even help sway your business bank manager. If you can put up your own money, even better, and if you can evidence that your product has already sold then they may be fighting to offer you the money!
One of the first things I realised as a young entrepreneur was that I was the business. I don’t mean it in the respect of I was it’s only employee, I mean it in the respect of I am responsible for its success or failure, so if I wanted to convince people that they should sell me their products or give me the bank loan, I also had to convince them that I was responsible and would not damage their brand and would make sure I could pay them back.
Starting a business is a commitment and one that you should not take lightly – but if you truly believe that you can make it a success, you shouldn’t hesitate for a second. You will learn so much about business and yourself, so just do it!
Andrew is the owner of Urban Alpha www.urbanalpha.co.uk, an online designer men’s clothing retailer. In his next article, he will be covering aspects of launching a business and the days that follow. You can find Urban Alpha on Facebook www.facebook.com/urbanalpha or Twitter www.twitter.com/urbanalpha, and you can follow Andrew on Twitter at @AFDPALLETT.