Starting your own business is exciting and scary at the same time. There are endless things to think about from business plans, loans and office space to staffing, pricing and much more. And whilst many of the things you have to consider will depend entirely on the specifics related to your business, there are some things that most business owners will have to consider at some point.
So with that in mind, let’s take a look at five
things you need to think about as you embark on this new adventure.
When you have a new business idea, it’s easy to
get carried away. Sometimes, even if you’ve written a rough plan and started
putting the wheels in motion, you may have forgotten to think about your
So before going any further, you need to take a
step back and think about exactly what you want to achieve with this venture.
Do you have a profit goal you want to achieve by the end of the first year? Do
you have a certain amount of products you want to sell within the first six
months? Or is it simply to earn enough to get by in life?
Whatever it is you want to achieve, you need to
write it down and then start working back from there. Is your goal realistic?
What steps will you need to take in order to reach those goals? Once you start
thinking about the bigger picture, everything else will start falling into
Before diving in to a new business, take some
time to really evaluate what your strengths are. What are you good at? What do
you find easy? What do you enjoy doing? And once you’ve made a list of your
strengths, you need to look at your weaknesses too. What can you improve? What
do you struggle with? And how will this fit into your business plans?
Once you know what you are good at and what you
need to improve, you can come up with an operational plan. For example, if you
are fantastic at networking and selling but lack the organisational skills to
deliver result, you may need to partner up with someone who can compliment your
attributes. Someone who doesn’t necessarily like selling but is skilled at
coordinating and creating for example.
and risk management
In an increasingly digital society, cyber
security and data protection are absolutely essential. Having the right tools
for IT security
and risk management is therefore a no-brainer.
From IT disaster recovery management to preventing and minimising risks in the
first place, investing in the right software can make or break your business.
Just make sure you invest in something that is scalable and able to grow with
Once all the logistics of your business are in
place, you need to start marketing. Marketing can be as simple or as
complicated as you want it to be. What you do will depend on your budget and
goals but the bare minimum you need to have is a website set up ready and to
Even if you’re starting off small, it’s crucial
to have a clear marketing plan in place. Whether it’s posting on Facebook,
Instagram and Linked-In for free or a multi-faceted approach involving
geo-location targeting, apps, GMB posts, video content and more, you need to
have everything planned out beforehand.
If budget allows, hire a professional marketing
company to help you put together a strategy but if not, simply take the time to
write down what you want to achieve, how you’re going to achieve it and then
make a marketing calendar of what you are going to do and when.
There’s an endless list of things to think
about before you start your own business. The main thing is to stay calm, take
a step back and plan as many things as possible. Whether it’s sorting out
marketing strategies and cyber security frameworks or analysing your strengths
and weakness, just remember to stick with it and keep going. Success awaits,
you just need to be calm, considered, patient and focussed.