You have had a great idea for a new business. You believe that you have the skills required to make it a success and you know that you have the drive and determination to see it through, so what else should you be thinking about? Today we want to share with you 5 areas to consider when starting up your small business.
What about your existing lifestyle?
We have started here as you need to think realistically about how running a new business will alter your existing lifestyle.
Take the time to think about your current commitments and how you would juggle them if you worked for yourself. This might include childcare, relationships, being a carer, volunteering, clubs, activities and hobbies, and of course your current job.
Try to imagine how you would spend your working days if you run your own business and work out how everything else in your life will work around that along with any changes that you might need to make.
Where will you work?
On a practical level, where will you work from?
Many businesses start from home to keep costs down and to allow you to be flexible, so this might be an option for you. If so, what space can you make available to you in your home?
However, working from home is not always an option, so if you are working outside of the home, where will your premises be? If you are mobile, what will you use to get around and what area will you cover?
What costs will your business incur?
Every business incurs costs, so you need to be thorough in thinking about all of the costs that yours will incur and how you will fund them.
It can be anything from web hosting, insurance, stationery supplies and phone bills to buying stock, hiring a team, utilising aand renting premises.
Make a list of everything that you can foresee you will need, both in startup costs and then in ongoing monthly fees. You can use these costings when you formulate your business plan.
Where will your customers come from?
You need to think about where your customers will come from. Will they be online customers, and if so, how will you reach them? Will they be people that you will meet face to face, and if so, what areas are they likely to live and shop in?
You need to consider how you will put your business on the map and get the word out about it. You are going to need to utilise social media, develop your SEO and build a solid reputation with your first customers in order to do this, so how will you go about doing that?
What is different about your business?
Every business needs a USP, so what is yours? What is different about your business and how will that help you to compete within your industry?
You might plan to set yourself apart through your pricing structure, through offering exemplary and reliable service, through unique product offerings or perhaps by doing something that nobody else is doing in your field.
Do not underestimate the value of ‘you’ in this area. You can often be your greatest asset and your most useful USP as you breathe life and enthusiasm into your business.