You may be thinking about starting your own business. If you are the following points are things you really should consider before going ahead with your master plan:
1. investigate yourself: Not everyone has the capability and motivation to start their own business. Do a little self-research and think about whether or not you think you have what it takes to be an entrepreneur.
2. Ideas: You can’t just start a business because you feel like it, or at least it will be tough to do so. You need to think of an idea of a product or service where there is a niche in the market.
3. Test phase: Don’t just assume your product will be a hit, check it on family, friends and the public before going to release your product or service.
4. A plan: Don’t make the mistake of rushing into the business world. It will be difficult enough as it is, without a conscience and well thought out short and long-term plan of activities you are going to have a lot of difficulties.
5. Assess the market: Even if you think you are the first person to explore a certain market and release a product into it, do your research on the market. See if there is already someone offering the same service or product or something similar. If so think about how you can beat them, what you can provide to make yourself more attractive to customers.
6. Cost evaluation: Make sure you estimate well the cost of setting up and running your business. Don’t be too optimistic or pessimistic, the most realistic you can be, the better.
7. Budget: You need to establish a budget once you determine how much you think the business is going to cost to set up and run.
8. Investors: Investors are critical, and you need to find the right ones. You need capital, but you also need it at the right price, don’t sell off your business to easily and find an investor who shares a passion for your idea.
9. Take advice: Listen to your investors, whether you like it or not their outside insight into your business can be vital and very helpful.
10. Backup: You are going to need support whether you like it or not. So explain to family and friends what you are doing and see if they would be willing to help some way and tell that it will be a financially challenging time.
11. Legality: Work out whether you are going to be a sole trader, a PLC or a franchise. You cannot go into business without working this out and sorting the legal side of your business.
12. Naming: For many people this can be a real problem, naming your business is a skill, and you should get help from as many people as possible. You want something that stands out, that is memorable and is easy to say…oh and original. Not easy.
13. Register your business name: Make sure no one else can take your name that you spent so much time thinking of. Has it trademarked?
14. Benefit from free resources: Many free resources can advise your business. An example is SBA.gov.
15. Tax obligations: You need to familiarise yourself with these and make sure you are not breaking the law. You don’t want to work very hard setting up an illegal business that could be taken away from you
