Starting your own business is an exciting time. This is your chance to break free, go at it alone, and show the world that your vision and passion is worth investing in.
You need to bottle your enthusiasm and energy for the road ahead. No-one should be under any illusion that things will be easy- but you should embrace that long to-do list and tackle it with relish.
Here are five things you shouldn’t miss out when setting off on your start-up journey…
Market research
A lot of work needs to be completed before you launch to the public. You need to have a thorough understanding of the potential customers of your product and service and of the potential competitors in your field. Understand what your rivals are good and bad at, and where you can step in to build a superior product for your customer. Your research must include your pricing, marketing strategy and growth plans – it is the vital work that will underpin everything you do.
Premises
Getting a base for your business can be a big hurdle to overcome. The rent and rates for many buildings can amount to a large expense and that results in a lot of startups beginning in the home. If this is possible for you, it would be a good way to reduce your overheads especially in your early days – it might just require a quick home improvement loan to transform a room into an office, or even turning your garage into a work spacePersonal loan providers such as Avant Credit can offer swift access to funds to help you to do this, with no early repayment costs. So if business goes well and you want to repay the loan quicker, you have the flexibility to do so.
If that’s not an option, make sure you consider transport links, local facilities and services so that you can pick somewhere that serves your needs.
Employees/contractors
Are you going alone or do you need help to get your business off the ground? Like buildings, people are expensive. However, don’t let that put you off. Teaming up with the right talent is key to making your company a success. Find people who share your vision and passion who you will be able to trust.
Financial plan
You’ll need to spend a long time fully evaluating the cost of your business. Think about the capital you need to get things off the ground and set realistic revenue targets. You’ll need to revisit these often while your business is growing to make sure they’re in line with your performance and the conditions in the market. Build in a contingency fund so that you can weather any early teething troubles.
Paperwork
You won’t get far unless your paperwork is order. Call on the services of an accountant and check out this guide from the Government to make sure you’re fully aware of the licences, insurance, tax and other documents you need to fill in. This might not be too much fun but it’s all essential.
