Things to consider before starting a business

Nowadays it’s easy to start your own business, which is a great thing. However, it’s never good to start a business without a clear plan of action.

What business structure is best suited?

Different business structures have an impact on the tax that is paid and your legal and financial responsibility, so getting this right from the start is important.

What competition is out there?

Before getting into a market space, it is important to see what existing companies you will be competing with. You can find out how well they are doing to see if there is enough space and value in the market. Also you can find out what existing companies are not doing well in order to grab a larger share of the market and service your customers better. By researching the market you may be able to find a niche which is currently not well serviced or is a new opportunity.

Who are going to be your customers?

You need to know what kind of people are going to be your customers. It is worth producing avatars for these potential clients, which you can refer back to when making plans. This will help keep you on track and remind you of what is best suited to service these customers.

Where can you find and reach out to your customers?

Once you know who your customers are, you will need to figure out how you can reach them. This can be done in a variety of ways, some of which your competitors may be utilising well.

What image do you want your brand to represent?

It is important to think about your brand from the start, as your customers will encounter it straight away. All of the designs and content your company sends out needs to keep in mind what image you are portraying. This can be what kind of company you are and also whereabouts in the market you are such as a budget or premium brand.

What are your unique selling points?

You will need to think about what sets you apart from your competitors and why should your customers choose you over them. These points need to be communicated to your potential customers and should be kept in mind when you are producing content.

How will you finance your business?

You need to research how much money will be required to survive the start-up process and if necessary where additional funds can be sourced from. On top of this, it is also good to have plans for what to do if you require more capital at a later date.

What licensing or legal requirements do you need to cover?

You need to research to see if there are licensing or legal requirements that you need to meet for your industry. This includes things such as health and safety, insurance and contracts.

Are you working in a partnership?

If so, then you will need to formalise this agreement with a contract outlining the roles and responsibilities for each party. If these are not met, then you need to have a plan of action which will be taken, as you can never predict the future so it is best to have everything covered.

What technologies can you use?

Technology can help your business get ahead of your competitors by offering a better service or a lower price point. It is a good idea to look into each area of the business to see how and what technology may aid you either now or at a later date once further investments can be made.

Who can help mentor you?

It is extremely useful to have a mentor that you can turn to for advice or guidance or to just bounce ideas off of. Finding someone who has built a business before and knows the steps in order to become success is invaluable.

What goals are you aiming to achieve?

Having goals are important as they give you clarity of what you want to achieve and you can plan the steps to get there.

Finally, do you feel like you need help?

Never be afraid of seeking help as being an entrepreneur can be lonely at times. If you have any questions or would like a chat, then please get in touch.