Before starting your business there are many things to consider. However I would recommend you to look into these 10 things. This guide will take you through each of the key sections of the start-up process: evaluating your business idea, choosing a business model, planning strategy and finance, creating a team, branding and finally getting ready to launch.
1. Do market research
Market research is very important component of business strategy. When identifying and analysing the market needs, market size and competition, you will find a niche which leads to the profitable business.
2. Plan your finance
A wise person first sits down and calculates the expense to see if he will succeed. In other words you must have a financial forecasting in place otherwise you could be at risk of shortfall or have a bad cash flow.
If you are looking for finance for your new business, there are alternative sources, such as Start Up Loan, Business Finance, Crowdfunding.
3. Write a business plan
Planning is a core of success of your business. A business plan helps you to clarify your business idea, to spot potential hazards, to set out your goals, to measure your progress.
You’ll also need a business plan if you want to secure an investment or a loan.
4. Design a brand
There is no doubt that the brand matters. Branding is one of business priorities. Choose a name for your business, create a logo and business cards, register a domain, set up professional email (not gmail, yahoo or any other).
5. Prepare Sales & Marketing strategy
The business model has changed dramatically and business owners have to reset their strategies for digital age. Nowadays marketing is a must especially when you are just starting to sell your service or product.
6. Create a strong team
Creating a strong team can help you to reach heights in the business. No matter if you have in-house or outsourced people, just make sure they understand your business idea and will give support during harsh-times.
7. Invest into professional business consultants
Business consultants can guide you to the right direction. These professionals analyze businesses and create solutions while helping entrepreneurs meet their goals.
8. Choose the right business structure
Deciding what business structure to use for your venture is very important as it could personally affect you and your finance. Most businesses chose to register as sole trader, private limited company or partnership.
9. Check rules for your type of business
You may have other responsibilities depending on the type of business for example, you might need licences, permits or insurance. If you rent or buy a property, you may have to pay business rates. If you plan to employ people, you have to register as employer and etc.
10. Find an experienced accountant in your sector
Accountant in your business sector can provide beneficial information to evaluate financial performance which helps you to make better decisions.
If you think you can’t manage all or some of the above mentioned objectives, please talk to us and we will be happy to assist you.
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