How to set up a business | Victoria Eggs

Female Entrepreneur in meetingAward-winning homeware designer VictoriaEggs.com shares how to successfully turn an idea into a business

So you’ve got an idea that lights you up, a solution to a problem, a product that will make a positive impact, and you’re ready to make your dream real. Turning ideas into reality, whether it’s chocolate, superfood pizza or beautiful design is what business is about. There’s incredible information available and if you focus on taking one step at a time, you can reach your goal.

Regardless of how much money you have, how young or old you are, how scared or bold you are, here are some pointers to get you started and get your creation out into the world.

Your Big Idea

If it gives you passion and energy you’re on the right track. Get it out of your head onto paper to take it from a thought to a concept. ‘Create superfood chocolate that is delicious and healthy’ that’s a thought, the full concept will encompass how you will deliver that promise. You need operational detail, how will you make it, deliver it, where will you get the superfoods, how much will you spend? Get clarity on what it is, the need it meets, how it works and the benefits people get from it.

Your Market

Get feedback – create whatever your idea is, make a mock-up/sample/video/synopsis and get feedback. Register a domain name, create a first website, Facebook, Instagram, YouTube account, approach your ideal customer, create a sales pitch. Put it in front of people and get a response, learn, revise, get feedback, repeat etc.

Practicalities

Let HMRC know you’re starting a business, not every new business starts as a limited company; you may register as a sole trader. Read up on the different legal business structures and decide on the best option for you.

If you set up a company, you’ll need a business bank account which is not strictly required as a sole trader. As a minimum keep clear accounts on all sales and costs. Keep your personal costs small, dream big, do as much as you can yourself, start small and focus on getting people to love your idea first.

Your Brand

Do it your way, don’t try and imitate the success of others. Your brand is in everything you do – your name, your product, logo, website, social media, customer service – paint a picture of your story, the lifestyle your customers will have if they embrace your brand. Show your customers what you stand for and use recognisable elements across your branding.

Support

Assess your skills and identify the gaps. Don’t employ others until you really must and then you can collaborate with other freelancers. But if and whilst you’re creating on your own, find a mentor, business adviser or tribe of other creatives who you can share successes and challenges with.

Your Motto

‘Do It Now’ – action is an amazing motivating force. Get into a mind-set of being proactive, rather than finding a million different reasons not to do it, the energy of taking action will drive you forward.

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