If you want to determine just how long it will take to start a business, then you will have to keep several highly important factors in mind. The development of a business will depend upon many crucial factors that are heavily related to the nature of the business itself.
Outsourcing some projects will make the process faster. For example, if you’re in the UK, you can employ from a list of digital marketing services in the UK to take care of your marketing needs.
In this post, luminablog.co.uk will show you some of the most important things that you will want to keep in mind when starting a business in order to determine how long it will most likely take.
What product or service will your business focus on? Will you need to create the product from the ground up? Or is the product or service readily available?
The focus of your startup will be in the first step in determining how long it will take to start your business. The focus of your startup will either be a product, service, or a combination of both. If you have to build a product or service from scratch, then you can expect this phase to take much longer.
Tech startups, for example, may take longer to create their businesses simply because of the need to develop their product and idea beforehand. Selling existing products, on the other hand, allows a startup to skip the creation phase altogether.
Business plans are a key factor to a business’s success. Not only do they give you as an owner an operation guide to follow, but they also help investors and lenders to take you more seriously.
Business plans cover a variety of topics and require a lot of research. Accurate research takes time and you certainly shouldn’t skip over this step! Researching and drafting your business plan could take anywhere from one month to one year depending on how complex your plan, finances, and business ideas are.
Business Structure Set-Up
The next step in starting a business is setting up your business structure. Your business structure selection will affect your business’s taxes, amount of liability, and forms needed.
There are a number of business structures. Some of the most popular are Sole Proprietorship, Limited Liability, Partnership, and Corporations.
The rest of the business structures require an application, filing fees, and other formal paperwork. Exactly what is required depends on your state. Since the state needs to process these forms, expect to wait anywhere from one hour to several weeks depending on your state’s filing processes.
Securing Capital and Investments
Securing capital through funding, investors, or a business loan could take anywhere from a month to a few months. This is because of the time it takes to gather documents, meet lender requirements, and processing times.
Lenders will have a list of requirements which need to be met before they will give your business a loan. Luckily, most of these requirements will be met already if you made a thorough business plan.
Requirements include, but are not limited to, personal and business bank statements, tax returns, and financial projections if your business is in its early stages.
Building Customer Base
Once these initial steps are completed, it’s time to build your customer base. This is the phase where business owners begin scratching their heads. You jumped through hoops to get this thing started, now where are the customers?
Your customers need time to learn who you are. The more you reach them through marketing efforts, the more familiar they become with your company.
This is best achieved through your marketing plan and strategies. Your marketing plan should include a branding strategy, target audience research, and a budget for marketing spending. It should also include marketing strategies to reach customers such as ad space, social media campaigns, and email marketing.