What are the main considerations when going it alone and starting a business?
For many people, owning and running their own company is a long-term goal. There are many reasons why people decide to go out on their own, such as available financial resource, a desire for independence or, quite simply, entrepreneurial ambition. Whatever your personal reason, always bear in mind that there are a great number of risks and dangers attached, and many factors need to be taken into consideration before trading begins.
What should be taken in to consideration before starting a business?
You are starting your own business with one main goal, to make it a success and claim the financial and personal reward that inevitably follows. Three things I always look for in an individual are commitment, determination and enthusiasm; starting a business is demanding, if you don’t possess these characteristics, your job just got that bit harder.
Ensure you also have the skills needed to meet the demands of running your own businesses. Leadership, technical and marketing skills are essential. If you aren’t an all-rounder, surround yourself with the right individuals to ensure the transition and start-up period is as smooth and painless as possible.
How should I structure and present a business plan?
Once you’re at this stage, your product or service should have a proven tested market, whilst also not conflicting with any relevant existing businesses. A sound business plan is key to getting it off the ground, as without one, no investor is going to provide the finance that you need.
Whether you are planning your structure your business as a partnership or as a company, you need to provide thorough examination of how the business will start, and insight on how it will grow and develop from that point on. Always include within a business plan the product or service you are providing to the customer, and what market you are specifically aiming for, as well as projected financial results.
What else needs to be considered?
A whole raft of elements will still need to be finalised and implemented before you are ready to go. All businesses need to keep records, whether by hand or digitally.
If you are considering purchasing software to maintain records, you should consider seeking professional advice. Operating your accounting affairs in-house can be a costly and time consuming process, and as a start-up, you may want to invest most of your time to the success of the business.
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