Things to Consider when Starting Your own Business

Congratulations! You are taking your first steps into the big bad world of entrepreneurship. This, in itself, is an impressive feat. You have secured a business idea that you truly believe in and are going to run with it. But the success of a business is not down to just to a great idea.

You need to put lots of thought into the “less fun” stuff when planning how your business will work. As the number one brand ambassador, you need to know your business inside out and be prepared to sell it confidently to anyone at a moment’s notice. You need to consider how many employees to start out with, how big the office space required is and the trajectory you expect the business to take. So just put a little time aside to consider all of the following thoroughly before you launch your business:

Is your timescale realistic?

Although being ambitious is key in making a business work, it’s also vital to be realistic. Expecting to become a millionaire overnight will only set you up for a failure. Set you and the team realistic goals and targets to work towards. This will keep everyone motivated and give a real sense of satisfaction when each target is met, no matter how small.

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Do you have enough money?

Most businesses operate at a loss for a while before they break even. Then comes the money-making. You need to ensure you have enough money yourself saved or from investors to keep you safely afloat. Consider everything from all employee salaries and office space rent to a cushion just in case things didn’t go quite as planned for a while.

Have you made the correct amount of hires?

Working out how many you need on an initial team can be tricky. The rule of thumb is to hire the minimum amount of talented people that will be a little stretched. However, make sure they are not going to be overwhelmed. Employee happiness is crucial to a successful business.

Are you insured?

Get yourself sorted with the right business insurance ASAP. If anything did happen to go wrong, you would be forever grateful for an insurance policy to fall back on. You don’t know what the future holds. Hope for the best, but prepare for the worst.

Can you offer any staff perks?

Staff perks can be as small or big as you want. It’s just a case of making staff feel valued and recognized to keep morale high. It could be a shiny new espresso machine or just useful branded accessories. Plenty of websites have branded totes or ID holders and so on. Visit now for a little inspiration!

Have you identified your USP and target audience?

Knowing where to pitch your business will come naturally, but ensure this is communicated to the entire team. You need to make yourself stand out from the rest. It’s just a case of identifying exactly what your unique selling point is and capitalizing on this.

There is obviously so much more to consider, but these are some vital things to get you started. As your business progresses, avoid making these common business mistakes with these useful tips.

[post contributed for tamarhela.com]

 

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