Starting a business can be exciting and daunting at the same time. However, if you get it right it can lead you to success and a completely different way of life. It can be difficult to know where to start and what you should be prioritising, especially when you are expected to wear many hats and complete several tasks all at once.
Let’s have a look at some of the things you need to think about when starting a business:
How To Fund
One of the first things you’re probably going to want to think about is the funding for your business. You need to take into consideration what you’re start-up costs will be. When thinking about this you need to think about things like:
- The equipment you need
- The marketing you will require
- If you’re going to need to employee
- Are you going to outsource any areas of the business?
- Do you need working space or are you working from home
- What do you expect your running costs to be each year?
- And more.
Once you’ve collated an idea of all the costs that you may come across, specifically in your first year and then your next 4 years, you can start to think about how you’re going to fund your new business. Do you already have the start-up costs saved? Or do you need to look at startup business loan options? If you do look at business loans, make sure you include the repayments in your running costs until it is paid back.
This is one of the most important areas that you need to think about, it’s the way that your customers and clients are going to identify you. Are you planning on using your name or are you thinking about using something unique? Once you know your name, it’s advisable to check that this trading name is available on places like companies house. If you move away from being a sole trader, you don’t want to trade as one name and be forced to change it because someone is already using it later down the line.
This is something that you will need to think about as a priority. It’s the way that you are going to be able to get your services and products out there and spoken about. Think about who your products and services are aimed at and do some research about how these people like to see their products. A lot of people now make use of social media platforms like Instagram, Facebook and Twitter as viable ways to market their business. If marketing isn’t your strong point, it might be worth either employing a marketing expert or using outsourcing. If you outsource you have access to skilled freelancers or marketing services that are experts in the field. Many new businesses use this as an option because it saves a lot of time and often money.
These three areas are three important areas to consider when starting a business. Of course, there are others to factor in. Do you have any important areas that you could share in the comments below?