Important Things to Consider Before You Start Your Own Business

If you’re looking to make it in business, then you need to be driven and determined. You also need to question yourself at every twist and turn along the way to help maintain your focus.

Make sure you’re clear in what you’re doing so that you can come up with the solutions to every issue you face. Here’s the ‘who, what, where, when, how and why’ to consider before starting your own business…

Who… is your target customer?

Got a good product or service? That’s fine, but without anyone to purchase it you won’t last very long. Think hard about who will be spending money with you and how to cater for that demand. Who do these customers currently get their services from? Check out these competitors and analyse what they do well and what gaps they have left in the market for you to fill.

You also need a strategy for letting these people know that you’ve launched. Even firms with next to nothing by way of marketing budget can make an impact – check out this list of 18 ideas from Smarta.

What… are the important things you must have in place?

Whether it’s insurance, a licence, planning permission or your accounts – there is a lot of paperwork that has to be completed before you can begin. Pinpoint the documents you need to get sorted, draw up a ‘to-do’ list and plough through them. This red tape is a necessary evil to get you up and running and will establish your organisation on a sound – and legal – footing.

On top of that, draw up your business plan. Include everything in here from your mission statement to your long term goals. By committing this to a document you’ll be able to get it clear in your own mind – and you’ll also need this if you’re going to go to the bank or another investor for finance.

Where… will you be based?

This can be really tricky to get right. Office space can carry a large price tag in terms of rent and rates and shopping around for somewhere to suit your needs can be every bit as tricky as finding the right house.

These days, with greater access to superfast broadband, many people choose to start out from the comfort of their own home. An avantcredit home renovation loan can be an awful lot more manageable than the cost of a standalone office and can allow you to create a professional workspace within your own four walls. This is a great way for single person businesses to begin with minimal overheads.

When… is the best time to launch?

You will want to start out in business at a moment when you can capitalise on a gap in the market but also when you have had the time to do all of your research and are in a sound financial position to go forward. Don’t jump into things before you’re ready – get your house in order.

How… will you measure your success?

How will you know if you’re on track for success? Map out relevant and realistic targets based on both revenue and general performance. At the start, make these short term goals and monitor things closely so that you can iron out any teething troubles that arise before they grow into bigger issues.

Why… are you launching?

This might seem a silly question, but it’s not. Never lose track of the core message of your business. Keep hold of that strong, central idea and make sure everything you do is geared towards delivering that. Regularly stop and ask yourself ‘why?’ to make sure you’re not veering off course. Yes, there’s a lot on your plate but doing all this for your own benefit – and not someone else’s profits – will spur you on to success.

Answering these questions will give you a sound footing. Think too about staffing, training and any capital investment you might need to make and don’t forget to get a fully functioning web presence up and running so that, at the very least, you’ll be able to signpost people in the right direction.