Things to Consider Before Starting Your Own Business

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If you want to start your own business, there are some things you may wish to consider before taking the plunge. It can be a time of great excitement and with the number of business start-ups reaching a 13 year high, now is as good a time as any. You may have been made redundant from a previous job or you may have been thinking of going on your own on and off for some time. No matter the reason, it’s important to consider the following before committing. On average 50% of new start-ups don’t make it past their first year, so if you want to start a business that succeeds, take account of the following suggestions. 

What is Your Market?

Not only do you need to research your competition, but you also need to research your customers. Understanding the needs and wants of your target market are essential to understanding if you have a product that they would pay for. This means having a clear picture of them, their age, their occupation, what they like to do, where they are based, their disposable income. All of these factors will help when it comes to marketing your product or service. 

Online or Physical?

Deciding whether you want a bricks and mortar shop or instead opt for an online presence is important as it will impact not only your marketing but on the costs you require to set up your business. If you wish to have a building then the location will be important especially if you are relying on passing trade. If you instead opt for an online store then you will need to consider space if you are selling physical products.

How much for start-up costs?

It is difficult to predict costs for starting your business, however, sitting down and drafting up a business plan with potential costs is important to understand the implications for your income. It doesn’t matter if you are choosing an online presence and require only the costs of a website or blog, having a business plan and outlining expected income and expenditure is important and will allow you to treat your venture as a business and not just a hobby. Include everything in your business plan, from costs to set up a website through to products liability insurance if you are selling products. 

Should I start small?

Starting small is a great way to test your business idea. It will allow you to grow and learn from what you are doing. If you are successful then you will have the confidence to grow your business. You can read this post on top business tips to help you on your journey. You could also decide to start your business while you are an employee. This is another way of testing the water for your business idea, before leaping to becoming fully self-employed.

Should I outsource tasks?

Whether you don’t have enough time or the skills, you can outsource some of the tasks involved in the running of a business. Don’t be afraid of doing this, from accountants to administration staff, outsourcing is a great way of getting more done and freeing you up to promote your business.

 

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