10 Things To Consider Before Starting Your Business
People often rush the idea of owning a business or just like the idea of being their own boss. Too much excitement isn’t always good, that’s when all the small yet very vital mistakes are made. These are the top 10 points to take in consideration before starting a business……
1. Be clear about your “why?”
Think about the responsibility that comes with being an owner clearly. Remember that being an owner is not for everyone, you may have the right attitude and enthusiasm but not the necessary time or attention to detail that is needed to see the business to success. You control your own destiny and where the business is headed. Know why you want to start your own business and why you think your business will be beneficial to you.
2. Know who your customers are
It’s important to know who your customers are and if they’ll buy what you’ll be selling.
Keep in mind your brand becomes clearer when you are clear about your customers.
Make sure that you’re selling your product in the right location; your customer contributes to the right location. Have a great marketing strategy when you start out try your best to introduce something that will attract new customers and keep them loyal. Keep your pricing specific to your customer.
3. Know your competition well
Always take the time to visit your competitors to see what they are doing and how you will do it differently or better. Not checking up on your competitors is complete madness.
4. Research rules and regulations that may affect your business
Take into consideration that even though the business is yours it’s a part of a bigger network and you need to follow the rules and regulations set aside for your industry. Rules and regulations vary dramatically from industry to industry. “We didn’t know” is not a very valid excuse. Know your industry. Research things like workplace safety, taxation; important things that contribute to running your business the correct way.
5. Have a realistic set up of your budget
With a new business comes so much excitement, avoid overestimating your income and forgetting about the costs the business will face through the coarse of the month etc.
It’s important to hire someone that understands budgets , most likely a reputable and affordable accountant that will be able to determine your budget for at least the next 6 months or year.
6. Make sure you are charging enough
One of the biggest mistakes that new businesses make is not charging correctly. Looking at being the cheapest in the industry and using that as a marketing strategy to attract new customers always backfires. When the time comes to raise your prices it becomes a difficult task, when you have the “cheapest” reputation it’s hard to lose it. Set the right prices for your products so you make a good profit.
7. Work out how you will get customers
Avoid investing a fortune of money into unnecessary things and marketing strategies then expecting floods of people to walk through your doors when you finally open up for business. Have a very good plan to drawn in your customers, a great plan is a plan that’s been worked on and prepared well ahead of time to avoid failure of launch. Invest in an excellent marketing strategy above everything else.
8. Have your advisors in place
Get your business advisors in place early, make the form part of your business so they are aware of the foundation of the business and the current standing of the business. A great accountant.A great lawyer-especially if you plan on leasing the property that you’ll be running your business from. A great marketing adviser to help develop your marketing plan well ahead of time. A great graphic designer, a great website developer, a great IT specialist etc., basically have a great team to form part of the success that will be your business. The right advice from the right people dramatically increases the chances of success.
9. Have the right insurance in place
Before opening your doors to customers make sure you have the right insurance in place or you stand a great chance of being sued. Minimum required insurance is normally ‘Public Liability’ insurance- protects you from people being injured on your premises.
Find an insurance broker, talk to other business owners on what is needed and what isn’t.
10. Find a mentor
Find someone who you can talk to and get advice from, someone who has the time spare. It helps you to avoid making all the common mistakes. Normally a mentor is someone older “Been there, done that!” Someone that can give their time freely and has been successful. Having a mentor in the early stages is very wise.Good luck with all your future successes.
