What to consider when starting a business

Have you been dreaming or turning your hobby into a full-blown business venture? Maybe you’ve been steadily working your way through the ranks in your chosen career and you feel ready to set up on your own?
Whatever the reason for you deciding to launch your own business, here are some tips to help you get set up.

Are you sure?
First up, you need to make sure you’re ready to make the move. This is because taking the leap from being employed or tinkering around on your hobby to running your own startup is huge.
If you’re set on lunching our own business, there are some key points to consider.

Look at the market
What is your business idea? How saturated is the market you’ll be operating in? For instance, if you’re selling a product, is the demand there? What’s your competition like?

If you’re selling a service, like proofreading or your coding skills, what will your client base look like? Do you have leads to start with or customers who are already bought-in?
It’s important you determine these things before you quit the day job as you’ll need to be financially secure before you jump into being a business owner.

Come up with a plan
As well as looking at your client base and market, you’ll need to work out your business plan. Here are the key questions to cover:

Where will you be in five years’ time?
How much do you need to make to turn a profit?
Do you have a space where you can work from?
What budget do you have in place for tools or equipment, and will you hire additional staff in the coming years?
Are you hoping to set up a family business? If so, you’ll need to think about speaking to a probate lawyer to get advice about what’s needed to pass your business down.
How will you market your business? Set up Facebook and Instagram accounts and consider investing in print materials, such as signage for your company van or leaflets.

Know your sector
You’ll also need to keep up with the industry you’re operating in. Sign up for any trade publications and check out related news topics online. This will help you know why things might not be moving the way you might expect it to. For instance, if you’re setting up as a mechanic, you’ll follow car industry news. Set up alerts so you don’t miss anything.

Also, be aware of the power of a good review – and look out for any bad ones. Reviews are crucial, especially when you’re just starting out and building your reputation.

Finally, know your customer base. Know what they want by interacting with them on social media and getting a feel for what the latest trends are. This can go a long way towards building your brand.