Starting up a new and exciting business can be pretty daunting at first, and there is much planning to be done as a whole. You must make absolute sure that it’s what you want to progress as it is a substantial commitment, however done in the right way it could pay off big time. Here we take a peek at the some of the bare basic queries and insights you need to keep in mind before jumping into the deep end.
The Sector
The sector you ultimately opt for can be driven by one of two main things – your personal expertise or your personal desires. If you go down the route of expertise it may make life a little easier on you, although the route of desire could be more enriching. You need to decide which one has more importance and will benefit you the most in the long run.
The USP
All businesses have a unique selling point, and yours is no exception. You need to find something that puts you above all your other competitors and is highly desirable within your sector. It’s the one thing that could make or break your company so it needs to be chosen wisely. You may not know first-hand what you can do, and it could take weeks if not months to find something that separates you from the masses, so get to it.
The Research
This not only refers to the USP, but also things like your target audience, the potential shelf life of your business, the location, anything relating to your competitors and much more. The research you do has to be as solid as possible in order for you not to fall before you’ve tried to stand. Your research can be a combination of your own findings and the findings of experts in your sector. Research options include observation, surveys and town meetings.
The Funding
There’s only so far you can go before you have to start thinking of your wallet. It’s a dreaded task for anyone but it must be figured out. You need to keep in mind the costs of the premises including the building itself and any utilities you need, plus you need to account for furnishings, wages, stock and branding from uniforms to business cards. You will also need some petty cash and start up cash to help get things rolling. You may have to borrow some money from the bank to help fund the cause.
The Legalities
Given the scale of what you’re trying to do it’s no surprise that there is a little bit of important paperwork that goes with it. The exact amount will depend on the sector you’re in. For instance, if you’re planning to start in the catering sector you’ll need health and safety and food hygiene certificates, plus you’ll need to make sure that all your equipment is insured in case something goes backwards and that you have a secure safe to put the days earnings in, amongst other things.
The Final Checks
Once everything has been put in place it’s time to double check and triple check your plans. The last thing you want is to have slaved away for months only to fail due to one minor fault. You need to be certain of your sector, have a convincing USP, having research to back up your methods and enough money to keep things steady. If they all get the thumbs up then you’re pretty much ready to start your new journey as a business owner.
Starting a new business is a scary thing but don’t let that put you off as having a business of your own can not only help you develop your personal skills, but also the skills of others. It can also bring in some much needed cash and keep you on your toes. To find out more about starting your own business or to take a look into certain sectors and other such information simply have a peek online.
Photo Credit: Flickr/Juliet Earth
