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Launching a business is one of the most all-consuming processes you can go through. It’s a whole new universe of planning, spreadsheets, marketing, scouting for suppliers… It’s overwhelming!
When you’re in the thick of it, you can easily lose your way and neglect things that need more attention and get hung up on things that don’t. You can also forget to stop and ask yourself fundamental questions about your plans and your direction.
Here are the seven questions you need to ask yourself at least once before you sign up for those offices to rent in Twickenham .
Is my idea viable in the real world? You should have this one straightened out already, but there’s nothing wrong with revisiting it a few times down the line.
If you’ve been working on your business plan for a couple of years, then the real world may have changed. Your would-be customers may have moved, folded, changed direction and your competitors may be much stronger than they were.
You should also do a SWOT analysis on your big idea, too.
Identifying your USP To gain a foothold in a sector you need to differentiate yourself from your competitors. What is it that you offer or do that sets you apart from the rest? Are you the first in a particular niche? Are your delivery times more flexible?
Who is in your support network? Regardless of the nature of your start-up, you can’t do it alone. You need friends, family, lawyers, advisors, mentors, your bank, your accountant… How many people are in your corner and how reliable are they? Is there anyone you can’t rely on?
How much money do you need and how much do you have? Every start-up needs more money than you imagine – it’s just the way it is! There’s always something unexpected that crops up, so list all your expected expenses and then factor in some extra funds for contingencies.
Look at:
your equipment costs;
your insurance and licensing costs;
all your utility costs;
your office space, shop, storage and warehousing costs;
your wages expenses, and
your marketing expenses.
Who’s going to fund me? Unless you have loads of money already behind you, then you’ll have to get some funding. This could come from an investor, your bank, through crowdfunding or a combination. Talk to a business advisor to work out what – and who – is best for your enterprise.
Can I give up my day job? In addition to the time you’ll be putting into your idea, you’ll also have to keep putting money into it. If you have a regular job, then this can keep the pot boiling at home and keep the lights on at your office. It’s also something to back to if your enterprise doesn’t work out. Once all of your time is taken up with your new business, it should be earning you enough to finally cut the cord.
What will your business structure be like? You need to define your business structure early on because it has tax implications. For example, are you a sole trader or a limited company?
For more information on this, talk to your business advisor or visit the government’s own website to get a better idea.
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