THEY SAY EVERY PERSON IS BORN WITH AT LEAST ONE GREAT IDEA INSIDE THEM – SOME LUCKY PEOPLE ARE EVEN BORN WITH MORE THAN ONE – SO WHY NOT CONSIDER STARTING YOUR OWN BUSINESS IF YOU’VE GOT AN IDEA THAT YOU SIMPLY CAN’T STOP THINKING ABOUT?
Obviously, you can’t just hurry into these things and a lot of forward planning needs to go ahead when you decided to take this next step in your life. Every business venture is a risk, but a calculated risk can really pay off in the long run!
Here are some of our tips for what to consider before starting your own business – remember, only fools rush in!
Research everything possible
Once you identify the industry you’re going to sit in, learn about everything possible related to that industry, and possibly even similar industries. This will give you a good handle on where you need to start and how to judge yourself based on your competitors. Identify your competitor’s weaknesses and what you can offer that they can’t – also consider your own potential weaknesses and see where you can plug these holes.
Laws concerning your industry are also an important factor to consider, familiarise yourself with health and safety training, relevant legislation and restrictions. You don’t want to get caught out on the wrong side of the law.
Timing is key
Choosing the key moment to launch your company is pivotal to your success. If you identify a gap in the market it is important to act fast before anybody else acts upon that idea before you do, but again, don’t rush a poorly thought out idea – drafting a well-thought-out business plan is a good indicator that you’ve given proper care and consideration to your potential business.
Personal circumstances also come into play here, if you’re already stretched for time, for example due to recently having a child, then now isn’t the time to be jumping into a time-swallowing venture such as this.
It’s important to be flexible
You can plan all you like, sooner or later life is going to throw you a curveball and you’re going to have to uproot the rigorous schedule you planned yourself – no matter how many extraneous variables you try to factor in! This also applies to details in your business plan, no matter how much time you may have spent on certain details sometimes you must accept that it’ll have to be thrown away and started again.
They say that “90% of writing is rewriting”, well this is true of all walks of life. Just because you may think you have a bulletproof idea from its inception, it’s crucial to move with the tides and be flexible with your business where possible.
Factor everything into your budget
Playing fast and loose with your money is a great way to ensure you lose it all a few months down the line. Most new businesses suffer because they do not properly budget and are crippled by costs they didn’t even consider. When constructing a budget, make sure they every penny goes accounted for as it will all add up – if numbers aren’t your strength, make sure that you employ someone who is savvy with them.
Sticking to your budget is vital to your survival, you can think of yourself as a ‘big-picture’ kind of business owner, but if you don’t pay attention to the small stuff then it could be your undoing.
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