07 Nov Setting up a business? What you need to know by Joseph Ashford
Are you setting up a business? If you are not sure what to do, our resident guru and business expert Joseph Ashford is here to help you today with some of his thoughts, beliefs and recommendations for would-be business owners.
What business to start by Joseph Ashford
An obvious heading but it is important to know what business you want to start before going ahead. Joseph Ashford with his many years of business experience knows how important it is to plan wisely in all fields of business. Having a clear idea of what you want to do is vital before you forge a new business path.
Joe Ashford recommends that before you go head-on into a new business venture that you first research competitors in your planned business field. It is vital that you spend time getting to know your competitors. Joseph Ashford recommends that you take note of the following:
- The ins and outs of every service
- Coverage of businesses – are they local or national?
- Key USP’s of the business
- What are their working hours?
- Are there any weak areas?
From here you can then begin to formulate how your business will differ. Joseph Ashford is of the belief that it is key to have selling points that make your business. Customers need to know why they should choose over more established businesses in the field. A key way to set yourself from your competitors is to offer something different, or a better service.
Joe Ashford believes if your product or service is better than your competitors then you have the chance to prise customers from their loyalty to a brand. This leads us to Joseph Ashford’s next recommendation – value proposition. This term refers to a process to make a product, service or company more attractive to the audience.
Create a business plan
Before going ahead in your business ventures, Joseph Ashford believes that it is important to create a business plan. Similar to researching businesses in the same area, Joe Ashford has listed the benefits underneath of a business plan:
- Explains your business ideas in great deal
- Unveils problems within your idea
- Outline aims and goals
- Measures the development of your business idea
Joseph Ashford stressed that a business plan is vital and that you should not skimp when it comes to time and developing your ideas. A business plan will play an important role if you intend on securing loans or funding from external sources
Researching your competitors
Joe Ashford is a big believer in the old phrase “you’re only as strong as your weakest link” and believes that this maxim has great application for businesses. Before going into a business field, it is very important to thoroughly research your competition and would-be competitors. If your field is over-saturated with other businesses, it will mean that finding new customers will be very hard and that you will have to work even harder to gain a foothold. Should you be lucky and find that your market is not over-saturated then you will have to ensure that your product will get the expected response. If you offer a service or product that is not new, Joseph Ashford believes you will have to spend time researching marketing methods appropriate to you.
Other things to do before starting up your business
Hire the right people
When starting up a new business, it is important to get the right people in so that your company can get the desired growth. Joseph Ashford believes that knowing what the expected standard in this industry is and being passionate/knowledgeable will help you attract the right people. He says knowing your stuff will help you spot the gems among the bluffers.
Joe Ashford believes that it is your duty as an employer to find out everything about your potential employees. Read their CV’s in details and don’t be afraid to ask questions. Hire people who share the same passion as you for the work.
Being a new business, cash flow could be restricted but it is important to pay your staff good wages to keep them with you. If you are unable to offer high wages for the industry, benefits such as free parking, holidays and more are great incentives for getting people to work for you.
Getting a website
The internet has revolutionised the market in most industries and made it more competitive. Joe Ashford is a believer in that websites are the key force in propelling you to where you want to be. With the help of marketing agencies, you can attain your marketing goals. Don’t forget to use the many resources on the internet and speak to people.
If you find that are struggling to find the right website design company, do please get in touch and Joseph Ashford will supply you with some of his trusted contracts who offer great deals for start-ups and small businesses, in particular, those referred to by this website.
Joseph Ashford knows how scary it is to start up your own business, but the risk can be exhilarating and rewarding when it pays off. Seize the day and start your business today!