You decided you want to take the plunge. It’s now or never. You want to start your own business. This decision will change your life both professionally and personally and will likely involve a significant financial commitment.
The success of your business depends on many things, including your abilities, initiative and capacity to work, as well as the economic and business environment.
A great way to learn if your business idea is going to work is by performing market research. This could involve researching information on your chosen industry, undertaking competitor analysis and surveying potential customers.
Try to remain fairly objective throughout this research and analyse the results with an open and unbiased mind.
Once your market research is complete and you have decided to go ahead, consider writing a thorough business plan. Initially it may seem like a lot of work, but a well prepared business plan can save time and money in the long run and help you secure funding and major contracts.
Next, you will need to decide on the structure that best suits your business and its particular circumstances. Will you run it full-time, or will you delegate, will you seek staff personally or hire an agency? There are legal obligations associated with starting a business including licences, registrations, taxation and insurance that need to be addressed, and before your start trading make sure that you understand your legal obligations in order to avoid any fines or penalties.
Surround yourself with trusted and reliable advisers who can help you with start-up issues and then assist you as your business develops. Your support team may include an accountant, lawyer or industry association. They will help you set up and manage your finances correctly. You will need to work out whether you can actually afford to start the business and how much money you will need.
Don’t forget, it’s not just about your start-up costs, you need to assess how you will access the money to fund your future plans.
If you are considering starting your own business, call us today. Propel Business Group has extensive experience in advising on establishing a business and we would love to help you.
Call us today.