Starting your own Business
Starting up a small business is a dream that many people would love to pursue. The idea of turning your interest or hobby into a full-time job is an even more appealing prospect for many people. Of course, starting a business from scratch is not as simple as just quitting your day job to follow your dreams. Setting up a business requires lots of thought and careful planning if it is to be successful.
Here are some useful tips to get you started on your journey to becoming a business owner:
Research is vitally important in the planning stage when setting up a new business, and the results of the research can be used to inform a number of your critical decisions.
Researching your competitors will enable you to see what competition you’re up against and also to examine how your competitors do business and who their primary customers are. Looking at your competitors will provide insight into the ways which you can set your business apart from theirs and identify your unique selling proposition (USP).
As well as researching potential competitors, it is also crucial to research potential customers too. For example, if you were planning to set up a business selling coffee beans, you would need to research other wholesale coffee suppliers and to identify potential customers for your coffee beans, and the costs of distributing your product further afield.
Taking the time to carry out appropriate research should help with making important decisions about your business and how you want it to run much easier.
It may be tempting to take an all or nothing approach when starting your business, especially if you are not enjoying your day job. However, dramatically quitting your day job may not be the best idea. A far safer option is to start up your business in your spare time and build it up slowly. This way you will still have the security that an employed job brings. Over time, as your business grows you may need to start cutting down your hours at your day job to build up your business further. It is important to clarify with your boss at the time if they are happy to facilitate this.
Be sure that you don’t over-commit yourself in the beginning when setting up your company. The purchase of expensive equipment or rent charges on large premises may be difficult to cover at first. Simply buy or rent the equipment and space that you need, and you can always go bigger and better when you get more of a feel for the business.
Setting goals and deciding how you will measure them is a handy tool for monitoring your progress.
Set realistic goals, identify how they will be measured and re-evaluate them regularly to ensure that your business continues to thrive.
Regularly evaluating your goals will motivate you to ensure that you take action to achieve them, and to keep you on course to achieve your dream.