Before you Dive head first into the process of setting up your own business, read through some suggestions for some vital steps to consider:
Is it right for you?
It takes more than just a good idea to start a business. Commitment and dedication are also important because getting your idea off the ground can often involve long hours and many sacrifices – well worth it if you are passionate about your business. Doomed to fail if you can’t spend the time/effort on the business.
You need to have good business management skills to keep the business running – especially since, according to Statistics, many new enterprises fail within their first five years of operation!
Research your market
Make sure you have a solid concept for the business, not just a vague idea. Think about whether your business will be feasible. Is there a real need for your product or service? Who are your customers? Who are your competitors? Also searching to see if there is a flood in the market of your business in your general area (if not going global).
Initial market research to answer these questions will help you work out if your plan will succeed. Ongoing market research will ensure you keep in touch with the latest trends, industry changes and the economic condition – all factors that will impact the success of your business.
Think about Finances
Take the time to count the cost. Financial planning and budgeting are essential for any business. Budgets are effectively your business plans expressed in financial terms, and if you need to consider financing from a bank/lender, they will want to see your budget plans. Remember, in the early months of operation, you will need sufficient cash to carry you through until your business begins to generate a profit.
Seek reliable advice
Advice from your accountant, financial planner and solicitor will prove highly valuable at the outset. Although the cost of good advice may be a concern, think of it this way: what would be the cost if your business were to fail because you didn’t seek expert advice early on. Don’t let your Uncle Larry give you the only advice you listen to.
“Setting up your own business is an exciting prospect and getting it right from the beginning is vital for success"
YOUR ACTION PLAN FOR SUCCESS
- Make appointments to get expert advice from your accountant, solicitor and financial planner, and talk to other business owners about their secrets to success!
- Make a list of all the questions you need to ask, aim to take away as much information as possible before you embark on your business.
- Do your research on the validity of your business. Make sure there will be a need.
Contact A&Co. today for assistance with this Action Plan!
A “Strategy Spark” from A&Co. Ltd. This document is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of a client’s specific circumstances.