Insider Tips – 5 Important Considerations When Starting Your Own Business
by Arina Smith Starting a Business 02 November 2018
You’re finally branching out of your employee lifestyle and into a new one as a first-time business owner! It is an exciting transitional period, and you’re feeling the rush of adrenaline in finally getting to be your own boss and calling all the shots. Unfortunately, there’s just one significant issue with it all: You have no idea what you’re doing.
There’s no substitute for experience in the business world. However, when you’re flying blind with your first foray into the entrepreneurial life, it’s crucial to make the right choices early to set yourself up for success. Here are five essential steps to take when starting a new venture:
1. Don’t Skip Branding:
Your brand is more than just a logo; it’s a way of communicating what your business stands for to your current and prospective customers. If you don’t know the first thing about branding, don’t be afraid to enlist the help of a professional brand design agency. They will help you identify your target audience and develop the appropriate company image that represents your core values and resonates with them. Your brand will inform the visual look and contextual tone of all your marketing assets, from your website to printed materials and business collateral.
2. Develop Your Product or Service:
The obvious points can often be the most overlooked. Some people go into business with just an idea or a prototype of their product or service that has barely been tested. Do not allow the hype of owning your own burgeoning business overshadow the crucial need to develop your product or service to meet the needs of your target audience. Market research, testing and sampling are vital in the early stages of business. So, make sure that when you launch, you have a tested, working-order product or service ready for the marketplace!
3. Know Your Competitors:
It is crucial to be aware of who your rivals are and how much competition you’ll face in your chosen market. In researching your competitors, get to know what has worked for them, and more importantly what they can improve on and any issues they had in the past. This process is a considerable time and money-saver as it will help you learn and grow from their mistakes, without having to replicate them as you develop your own business.
4. Legal Requirements:
Do you know what legal and regulatory boxes you need to tick to get your operation off the ground? What licensing will you require, if any? What are the contract standards for employees in your field – will you even need employees? What do you know about Occupational Health and Safety Standards? Will you need to copyright or patent your product?
It is better to know the answers to all the relevant legal and regulatory questions because of your research, not because you’re in a dilemma that’s about to get worse because you haven’t covered yourself from the start.
5. Prepare Your Finances:
Financial management can make or break your business. That’s why it is critical to prepare yourself early when it comes to all things finance. This includes budgets, funding, investors, paying your staff, managing your cash flow and understanding which taxes you will need to register. If you’re uncertain on a few things, it may be a good idea to consult with a financial planner or small business accountant.
Starting a business from scratch can be nerve-wracking, but there is a wealth of information and help available to get adequately prepared. Follow these suggestions to set yourself on the right track, and the rest will be on your terms!