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6 Considerations When Starting A Business

6 Considerations When Starting A Business

If you are wanting to start a business then you need to make sure you have everything you need.

Daisy-Mae Schmitt
Finance
Apr 12, 2022

Table of Contents

If you are wanting to start a business then you need to make sure you have everything you need. It is well known that a large percentage of businesses fail to make it to their first birthday, even less make it to their fifth. This is mostly due to people not knowing the market and their idea not going down too well with customers and clients. Don’t fall into the same hole with your business and have everything planned from day one.

Have An Idea

Every great business you see today started with an idea, even the huge supermarkets that surround you. Without an idea, you won’t have a business, so if you have a great idea then put this into action. Your idea might be improving something that already exists, such as a product or service. It can also be a completely brand new idea that will make your customers' lives easier.

Market Research

Once you have an idea of what you want your business to be about it is time to conduct some market research. This will give you a better understanding of how your product or service will be received by the big wide world. Take a look at other companies that offer a similar thing to see how they do. You can contact them yourself or you can take a look online. Each way will get you some of the answers you need. The last thing you want to be doing is spending your hard-earned money on an idea that won’t go very far after production.

Home Or Office

Now you need to decide if you are going to be working from home or an office. If you are going to be working from an office block then you need to find one that is suitable for both you and your employees. Before you commit to buying an office building you will need to carry out structural inspections and check for environmental dangers. Make sure you use a legitimate company with great reviews to do this so you know everything is legal and above board. A company such as Aegis Environmental can do all these checks for you.

If you decide you want to save some of your budget then you can choose to work from home. This will only work if you don’t need tons of storage space for your products. If you do, then it may be worth looking into a cheap space to rent for this purpose only. If you feel like you want to make your business appear bigger and fancier than it currently is then it might help if you had a virtual office.

Working from home has many benefits including being your own boss and setting your own schedule with work hours. As long as you are always on hand to help out your employees and your targets are being met then you can work any hours you desire.

home or office

Budget

Now it is time to work out how much of a budget you will need to start your business venture. This can be tricky as it will be a rough estimate as you wouldn’t necessarily know how much you need until it happens. You will need enough to cover all start-up costs and premises if you decide to get one.

If you need office space then you will need to have a deposit to put down on the area you want. This will need to come from a lump sum or from a business loan you have applied for. In order to qualify for a business loan, you will need to have good credit.

Employees

It is now time to decide how many employees you need to work for you. Remember, your business will only be as strong as the individuals holding it up. Therefore your employees need to be the best of the best. You can source them through specialist websites rather than general recruitment sites. Make sure when you create your job advertisement you list the qualities, skills, and knowledge your workers will need. This will eliminate all the time-wasters so you only get the good ones applying. When it comes to the interview stage of hiring you need to make a list of all relevant questions to ask. Based on the answers you are given and their character you will know whether to employ them. Always make sure you are checking the references you are provided. It has been known for people to get their friends or family members to pose as referees.

A great tip for finding the right people is to use the services of a recruitment agency. They will have the best people on their books just waiting to take a job at your fantastic new business.

Website

Now you have everything you need in place, it is time to create your website. You have to remember that a website could be the first thing people see when they visit your business, especially if it is based online. Therefore your website needs to be up to the right standards so you don’t lose any business.

When it comes to the website you need to make sure that your customers are never more than three clicks away from the page they are looking for. It has been proven that if it takes more than this then customers will take their money elsewhere. It also needs to be easy to use and easy to navigate. A great idea for your website is to include a welcome video explaining who you are and what you do. Customers have the choice to watch this or skip this, either way, it shows you care about the opinion of your users and makes them feel valued.

create your own

We hope this article gives you some useful tips and tricks on how to start up a business. Remember, it can be a struggle getting your business off the ground but once you’ve done it you will feel accomplished and proud. You will soon have the customers coming back and new ones coming in.

Daisy-Mae Schmitt | Daisy-Mae is obsessed with inventing new ways to create awesome content that's absurdly useful and successful, with over ten years of editorial and inbound marketing experience. She also serves as a reporter, strategist, interviewer, mentor, and therapist for in-house contributors and clients.

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