Family • Wellbeing • Adventure

Tuesday, 26 January 2021

5 Things to Consider When Setting Up a Business

Setting up your own business is an exciting prospect, giving you the chance to enjoy a second income or even become your own boss. There are of course risks and challenges along the way to establishing a thriving business, but with the following advice you will have the knowledge you need to give your business the greatest chance of success.

Know Your Market

Conducting market research is a crucial step before any other business plans start to unfold. The more you know about your target market, the better equipped you’ll be to provide a product or service which meets their needs, thus giving you a greater chance at success. You may be able to find relevant market research online or you could even conduct your own surveys or focus groups to get the information you need.

Make a Business Plan

A well-drawn out business plan gives structure to your business venture and sets out milestones for you to aim towards. As you begin drawing up a business plan you will be able to identify any potential risks and put plans into place to mitigate them. A business plan will also be useful should you need to secure finance to get the ball rolling, as loan providers will be able to determine the potential success of the business.

Start up Costs

You need to work out how much you are willing to invest to set up your business. You may want to start off small and self-fund at the beginning, or you may wish to seek financial aid from outside sources. Whatever you decide, it is important to work out the potential cost of starting up before you dive in, this way you will know whether or not the idea is feasible.

Get on Top of the Admin

With any business large or small, there will always be some sort of admin you will have to consider. You will need to be ready to manage bookkeeping and finance, perhaps needing to set up a business bank account. Whether you will be operating as a sole trader or setting up a limited company you will have to keep on top of your income for tax purposes. You may also have legal, regulatory or insurance obligations depending on the nature of your business.

Promote

Effective marketing is a key element to any business’ success. If you’re starting off small then you may be able to conduct your marketing in-house, using word of mouth and social media as your main marketing tools. You could even consider promotional merchandise to attract new customers and retain existing ones. For those who don't have the time or knowledge to conduct their own marketing, outsourcing to a reputable marketing agency would be an investment.

K Elizabeth xoxox

*Collaborative Post



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