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Starting your own business is something many of us dream of. Sadly, many people fail to realise that starting your own business requires more than an eye-catching logo design and a catchy brand name.
Here we’ll explore some of the things to consider before starting your own business. Read on to find out more.
Your funding/capital
Your business wheel won’t start turning until you have the right funding or capital in place to get things moving. Some entrepreneurs may reach out to family and friends for financial help, or they may take a different approach, such as speaking with their bank.
Others may turn to their savings or put investments in place to utilize later, such as a stocks & shares ISA. An investment ISA is the best way to invest a maximum of £20,000 each year, in a tax-efficient way.
Helpfully, your money isn’t locked away – you can access it at any time, making it the perfect solution for entrepreneurs who are waiting for the right time to start their business. The best way to know how much capital or funding you might need is to take note of all your potential expenses in these early stages.
Your target customer
You should already understand the nature of your business, such as the service industry, merchandising, and retail or manufacturing, whatever your industry it’s important to understand and recognize your target market and what your customers want. Research at this stage is essential and identifying suitable gaps in the market should be a top priority.
What company assets do you require?
This will depend entirely on the type of business you’re forming. However, some of the most common company assets include items such as computers and technology, software, vehicles, machinery, furniture, etc. Understand what you need as soon as possible – remember, you don’t have to buy everything new!
Your suppliers and supply chain
Whether you’re selling ice creams from a kiosk at the beach or manufacturing electronic products from your factory, every business no matter how small has a supply chain and will require several suppliers to get things moving. When looking at suppliers you should consider their reliability, their costs, and how well they can meet your requirements.
Hiring vs Outsourcing
In the early stages of your business, you may not need to hire staff, but as your business grows, the employment of staff is inevitable. Hiring staff and providing salaries, benefits and even health care can be costly, which is why outsourcing some of your practices could be a viable option. Weigh up the pros and cons of each approach and decide which one is best for your business.
And finally, your marketing approach
You might have the makings of a successful company, but if no one knows about your products and services, how are you going to sell to them?
Planning your marketing strategy in advance, conducting research, and understanding your target market is essential. If you’re planning on handling your marketing by yourself, then understanding SEO basics can help you build on your following and convert clicks into sales.
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