Important Things to Consider Before Starting Your Own Business

StrategyDriven Entrepreneurship ArticleYou’ve got a great business idea that you’re pretty certain won’t fail. Perhaps you’ve got a crafty side to you and can make things you know people will want. Whatever your new business idea, there are a few things you should consider before you give up your day job and leap into working for yourself. Starting a new business can be very exciting, but it can also be very costly. Costs you’re not likely to get back if you don’t have a clear plan for the future!

The best place to start with your new venture is to write a business plan. It will help you decide whether your idea is as feasible as you think and give you some direction to follow. Draw up your business plan correctly, and it will provide you with a series of clear steps to follow. To help with your business plan, there are going to be some questions you need to ask yourself.

Do You Have Any Competition?

Is there anyone else doing what you want to do? Are they any good at it? Before setting up your own business, you need to do some research on the competition. It’s possible you could learn a lot from the mistakes they may have already made. You should also be able to gain an insight into what their customers appreciate. Look at what people are prepared to pay for the same kind of service or product you’ll be offering.

Who Will be Your Target Audience?

It’s extremely unlikely that your product or service will appeal to everyone, and even if it did, you’d need to narrow your audience down for marketing purposes. Consider the type of people who are going to want to pay you money and target everything at them. It will include your website, advertising and your marketing campaigns. If you’re not sure whether you’ve targeted the right audience, you can always send out a questionnaire. Alternatively, communicate with them via social media. There is another benefit to consulting with your customers; it will make them feel like they have a say, which will ultimately bring their loyalty and increase the chances of them making a recommendation.

Think About a Web Presence

It might surprise you to learn that as many as half of small businesses don’t actually have a website! Out of these, there are bound to be a large percentage that wants one but doesn’t know what to do about building one. If you’re likely to fall into this bracket, don’t worry because it is easier than you think. There are some pretty amazing web building tools that an absolute beginner will be able to understand. Even if you’re not planning to sell anything online, it is important to have an online presence. So many consumers do their research using their smartphones you’d be mad to miss out on such an opportunity.

What Payment Methods are You Planning to Accept?

This is particularly important if you’re planning to open an e-commerce store. There are a wealth of different payment methods you can choose to accept. However, it’s probably not wise to accept all of them. For example, will you accept credit cards or just debit cards? What kind of card provider would you prefer? Is PayPal going to be an option worth considering? Payments can also be made using:

  • Skrill
  • Bank transfer
  • Cash on delivery
  • Direct debit
  • Amazon payments
  • Payoneer
  • Checks

Do You Have Any USPs?

What are your USPs? They are unique selling propositions or points; it’s what will make you stand out from the competition. Is there anything special about what you’re offering? Are you offering something customers won’t be able to get anywhere else? Maybe the customer service experience you’re planning is what will make you stand out. Think about your angle and make sure everything is true to it.

How Are You Going to Fund Your Enterprise?

The ideal scenario would be for you to have enough money to fund your new business yourself. The truth of the matter is more likely to be that you will need to look for funding. Start with friends and family as they might be willing to help you out in the short term. You’ll also be able to avoid paying huge sums in interest payments. There may be business grants available in your location. If you’re struggling to finance your idea, then start small and prove to yourself that it works before looking further. This will also put you in a better position to approach banks or investors for their support.

There are numerous other things worth considering such as licenses, accountants, insurance, staffing requirements, bank accounts, partners, marketing your business and many more. Starting your own business is a big step to take, but as long as you have your realistic plan, you’re already on the right road to success.

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