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Starting your own business is more achievable than you realise.
It may seem like being your own boss while doing something you love is only available to a lucky few. However, the number of people turning their passions into microbusinesses has soared over the last couple of years, according to the latest research from GoDaddy.
A major advantage of setting up your own business is that your work instantly becomes more satisfying.
What’s more, you’re likely to be able to set your own hours, meaning you can create a true work/life balance for quality family time.
Whether you may have a hobby you enjoy or a skill you wish you used more, if you’re ready to turn that passion into profit, here’s what you need to do to get started.
1) Know your market
Good market research is crucial when you're setting up a business.
Rachel Skinner’s West Yorkshire business,Tipsy Bakes UK, is going from strength to strength - not least because she spent time at the start really considering her target market.
‘Having a product which contains alcohol makes it a very niche product and excludes a lot of demographics and celebratory occasions like children’s birthdays,’ she explains.
‘After much research I realised I should be marketing towards occasions that usually include alcohol, such as weddings, bottomless brunch, grown up birthdays and hen parties.’
2) Choose your name carefully
The right name will help your brand stand out and make it memorable, so it’s worth putting in some time to get this right.
Make sure the name or a similar one doesn't already operate. There may also be sensitive words or expressions that are copyrighted by an existing company.
Once you’re ready to set up your website - more on that below - GoDaddy can help you find the most suitable domain, and their Professional Business Email service will let you communicate using your brand name.
3) Set up a website
Your website is your shop window: it’s a tool for communicating with customers and a key way to bring in new business.
‘Social media is great for advertisements but a website adds that extra layer of professionalism and credibility,’ says Rachel.
You don’t need any technical skills to create a gorgeous site. Rachel used GoDaddy’s website builder to create hers.
‘It was simple and easy to use, and I could do everything I wanted to from my phone,’ she says.
4) Write a business plan
Like any project, starting a business successfully depends on a good plan.
It doesn't have to be perfect but you should write down your goals, timeframes, projected spending and how you will cover costs.
5) Be realistic with finances
Speaking of costs and spending: funding is one the most important aspects when working out how to start a business.
If you don't have the money to start with and don't want a bank loan, see if you're eligible for a government small business loan or grant.
6) Invest in relationships
Word of mouth is a powerful tool and people are always keen to support those they know and local businesses. Tell people what you're doing - parents at the school, your neighbours, friends at your local gym - and ask them to share your website with people they know.
7) Be your own cheerleader
While it’s important to have the support of family and friends, it’s equally important that you show yourself support! Be confident and believe in your abilities. You may not start off as a business expert, but passion is just as important.
What are you waiting for? Find out how GoDaddy can help set you up for success and grow your new passion-project business.
