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10 Things To Do Before Starting A Business

I have composed the 10 things to do before you start a business because starting your own business can be tough and sometimes even small difference can determine success or failure especially in times like the present. The great thing about starting a business during a difficult economic climate is that things can only get better. You can learnt an awful lot in the difficult times that will make the easier times a comparative breeze. Here is a selection of things to get right from the start to ensure your future success.

  1. Why Are You Starting A Business – Starting up on your own will requires a lot of commitment, and patience. You will need to be able to master skills like being able to structure your time so that you keep on top of your paperwork. Although the potential rewards can be great, running a traditional business will not suit everyone, so you should be honest with yourself and consider whether or not you have what it takes to go it alone.
  2. Do You Have A Profitable Idea – Many people begin in business selling what they made as a hobby, others decide to be their own boss and run a business doing what they are currently paid a wage for. Whatever you decide to sell make sure that there is a sufficiently large market that you can tap into to generate the income that you want to make from your business. If you make £xx on each item then can you sell enough of them to give you your desired income.
  3. Decide on The Structure Of Your Company – Choosing the right structure for your business is one of the most important decisions that you will make. The main advantages of being a sole trader are the low start-up costs and reduced regulations, however, as the business grows so do the risks, responsibilities and complications. A limited company is a separate legal entity from you, it will have its own assets (property, etc) and liabilities. When you start a company you effectively become an employee, director or shareholder of that company.
  4. Get The Money Lined Up – Before you start-up in business, you should already know where to source your start up money. Do you have a good relationship with your local bank manager, is your credit rating is in good shape, can you borrow from friends / family, can you get a grant, can your idea make a good return for a potential investor. Your business plan will define how much / little you need to create and sustain your business before it makes a profit.
  5. Prepare A Business Plan – A good small business plan defines exactly what you want to achieve and how you plan to achieve it. Your business plan should clearly state what your business will do, what products or services it will provide, how your customers will access your products or services (for example, in a shop, online or by phone), your approach to pricing, your target market, marketing strategies, start-up costs along with your projected sales.
  6. Research Your Marketplace – When thinking about setting up your business, researching your potential market is an essential, although time consuming process. Market Research allows you to acquire, a thorough knowledge of your market and will be invaluable to the future of your business. Resist the temptation to rush ahead, thorough market research can be the difference between success or failure.
  7. Research Your Competition – Spend time researching how your competitors operate, identify what they do well and copy it, identify any weaknesses they have and do these better. Remember that they already have customers so why should they jump ship and buy from you who is someone with no track record and someone they don’t know.
  8. Perfect Your Pricing – The price you charge for your product or service is one of the most important business decisions you make. Setting a price too high or too low will at best limit your business growth and at worst could cause serious problems in your sales and cash flow. The two crucial points to consider when setting your prices are the price and sales levels you need to set to make your business profitable and where your product or service stands compared with your competition.
  9. Get Clients or Customers First – Don’t wait until you’ve started your business to line these up, your business can’t survive without them. Network, make contacts, sell or even give away your products or services, remember you can’t start marketing too soon. How long can you live without money, probably not long? It may be some time before your new business makes any profits, if you stay employed while you’re starting a business and marketing your product/service you will have money in your pocket and any cash flow issues will be greatly reduced
  10. Be Professional From The Start – Everything about you and the way you do business needs to show people that you are a professional running a serious business. That means getting all the things such as professional business cards, letterheads, business phone, website and a business email address, as well as treating people in a professional and courteous manner. Every business has a brand, whether they know it or not, ensure that yours is consistent and will create the right professional impression for your potential customers.
  1. Excellent blog! Do you have any tips for aspiring writers? I’m planning to start my own blog soon but I’m a little lost on everything. Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m totally confused .. Any suggestions? Thank you!

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