So, you have finally decided to start up a new business. You know that you have a fantastic concept, you are excited about it and want to get out there and show the world what you are made of. But, starting a business is not easy; there are many different facets and nuances you need to be aware of. Things that in the heat of the moment, you may not consider. To help you succeed, we have compiled a list of essential things all budding entrepreneurs need to remember:
Keep things simple
The temptation can be when in discussion with friends and family about your business plan, to divert off onto a tangent and add more and more complications to the business. Don’t. Keep focused on the original concept, streamline it down to its purest form and components and work with that.
Write a fully comprehensive business proposal. Doing this will help you iron out any potential pitfalls and hazards. It will help you when it comes to costing and projections. If you are going to pitch your plan to the bank or a group of investors, a well-plotted business proposal is an absolute must. Don’t forget to include the tools you will need for the job within the proposal. Computers and storage seems pretty straightforward to include, and would make the list, but don’t neglect the smaller things, like ink and toner, and thermal transfer barcode printers to attach to your products. Everything needs to be included. It is better to overestimate on costs than underestimate.
Make it legal
Once you have the funds, if you haven’t done so already, think about a business name then register the company. You may want to work as a sole trader or create a Limited Liability Company, for example. You need to research the advantages and disadvantages of each business structure to find the right match for your proposal. You will want to discuss the project with a business lawyer and an accountant. You must ensure that all aspects have been covered in terms of the law, and that you have incorporated taxes correctly into the financial projections of your business model.
Staff and customers
A business needs people. It is run by people for people, and they need to be incorporated into the heart of your plan. This means spending time thinking about the types of people you want to hire. Remember you will be working with them all day every day. You will need to concentrate on marketing ideas to attract the customers you are after and product packaging, for example. You will need to think about a website and a social media presence. It may be an idea to hire freelancers to help with these issues if you cannot afford full-time staff while you begin the process of getting your business off the ground. Do not take on all aspects of the daily running yourself. You need to remember that you need time out too, and taking on too much responsibility will damage you and your reputation rather than help.