If you’re thinking about starting your own business, then the chances are that there’s lots on your mind.
It can be easy to rush into a decision without thinking about the ins and outs of your idea, like how you’re going to make money and whether you’ll be able to support yourself when you take the plunge from full-time employment to working for yourself, and so below, we’ve put together five things that you must consider before launching your own business.
Promotion and marketing
One of the first things that you should consider when starting your own business is marketing and promotion.
Unless you spread the word about your products and services, nobody is going to know that you exist, so it should be a priority from day one.
Make sure that you design a good-looking website, and consider the social media packages offered here at 99social to give you a helping hand with promotion on Twitter, Facebook, and Instagram!
Managing finances and accounts is another challenge that many small business owners face, and it often makes sense to outsource rather than to learn how to do it in-house.
Find a local accountancy company such as Able Accountants, who will be able to help with your general accounts, finances, taxes and much more.
That way, you’ll have one less thing to worry about and you’ll know that HMRC will be satisfied when it comes to paying your annual tax bill.
Many small businesses start as a one-man band and employ staff as and when they grow, but if you’re planning on launching a bricks and mortar store, then there’s a chance you’ll need someone to help from day one.
While it may be tempting to employ friends or family members, who are likely to work long hours or accept a low salary, doing so can damage your relationship and make it tough to discipline.
Put out a job advert and find an expert who you can trust.
You may think that you’ve got the perfect idea for a new product, but what does your target market really think?
Hold focus groups, send out questionnaires and ask people to test your products to give feedback.
It might be frustrating, and you might learn that you’ve got more to change than you first thought, but it’ll help you create a product that will keep you in business for years to come, so don’t put it off.
The final point to consider is growth.
Are you happy to run a local business that serves a small community, or do you want to take over the world and sell your products in all corners of the globe?
Having a plan in place – your growth strategy, so to speak – can keep you focused and help you get to where you want to be.
Ecommerce businesses, for example, could develop a five-year plan that helps them expand into new territories and grow their business overseas.
Wherever you are on your journey, we’d love to hear from you. Get in touch on @99socialUK.