13 Things you should consider when starting up your own business
It’s a brilliant thought to know that you could have your very own business. It’s exciting, nerve racking and emotional all at the same time which makes it easy to get lost in the whirlwind of it all. But now that you’ve got a business idea, here are some things for you to consider before you go racing off to the back manager.
Where will you run the business from?
There are always some drawbacks to where you will run your business so choose it carefully and consider all angles. If work from an office then you will be paying rent money, if you work from home then your rent will be considerably less but you may come across more distractions than you would in your own office.
Choosing a location is one of the most important decisions that you can make, having a café right next door to another café could well hinder your success.
What hours will you work?
Even if you plan to work from home, it will still benefit you to have a guideline of the amount hours that you will work and when you will work. If you plan on setting up a shop, you might think about staying open a little bit later than the rest to draw in them last minute shoppers or you might decide that you will take every Wednesday off and work Sundays instead.
Advertising and Marketing
How are you going to advertise your products, services or information? You will with no doubt, want to choose the most cost effective approach. Ensure that you shop around for the best prices.
Where are you going to advertise and how are you going to be marketing to? Target marketing will be your most cost effective way of drawing in your customers. It wouldn’t make any sense to advertise a baby party in a mechanics booklet because you would be reaching out to the wrong audience.
What sales techniques are you going to use? Can you entice your customers into your shop or website with special offers, discounts or maybe a free membership?
Start up finance
Getting your start up finances organised can be quite a stressful time. Do you have all the finances you need already or will you be looking for a business start up grant, business loan or for a partner to come in on it with you?
If you didn’t want a partner to necessarily have a hands on approach in the business then you could consider finding a silent partner.
Taking on staff
Are you able to do all the jobs yourself or will you need to take on staff? Where will you advertise for your staff and if you don’t need staff right now, will you possibly need them in the future?
Every business that plans on making money will need an accountant, whether you become the account yourself or hire someone else to look after the books for you.
If you are planning on doing the books yourself then remember to consider the amount of time it will take and if you will have time to do it yourself.
Just about everyone who sets up a business wants and needs to make a profit so have you planned how much you will mark up the resale price for?
You will need to remember to include all expenses when deciding on your profit margin such as rent, gas, electric, purchases, broadband, website building or hosting, telephone bills, business insurance and stationery etc.
Advice and support
Sometimes if you plan on setting up a business and working alone then an adviser gets completely forgotten about.
No matter how determined you are, at some point or another you will feel a bit of stress starting to build up when the tough gets going,so having someone there to support you and offer you advice will be a god send, even if it’s just a friend or a family member that you can turn to for a cup of tea and chat.
When you are planning on starting up your own business, one of the last things you want to do is start planning for the ‘what if things go wrong’, but unfortunately they sometimes do so it’s best to cover yourself as much as possible right from the start. You might need home business insurance if you are going to be working from home, car business insurance if you are planning on using your car for work purposes, business insurance or public liability insurance.
Health and safety
It’s important that you meet certain standards of health and safety whether you work alone, with other people, at a work place or at your home.
Choosing a name
There’s a lot more to choosing a business name than you might think like avoiding trademark infringements and picking one that will not limit your business growth.
Please see choosing a name for your business for more details on picking a good name.
A business plan
Every business needs a business plan, whether is it to help you gain financial support or simply to organise yourself. It will help you to keep things in perspective and you can always refer back to if you find you self losing track at any point.
See here for What is a business plan?