Have you been thinking of setting up your own business for a while now? You are not alone many entrepreneurs sit on their ideas for months or even years before taking any action. Some people can’t find the time to start a business as they may work 40 hours a week and have a family to support and are scared to take the plunge. While others need more guidance to put their business ideas into motion.
When you are ready, this list will guide you through the planning stage-
1 Create a business plan
A business plan will help you define what your business is. The best way to make your business a reality is it put pen to paper or, in this day and age, finger to laptop and outline the structure of your business, make goal settings then plan to reach those goals. It is then important to decided how you will attract customers.
2 Know your market
You will have already done your research for the product or service you plan to offer and know there is a demand for what you are going to offer. Scope out your competition and determine what makes your business stand out from the crowd. Look at viable prices. Will people pay the prices you want?
3 Estimate start-up funds
Every new business venture requires initial funds and you will want some solid estimates before going forward. It can be tricky to gauge what start up fees you will need. Once you have figured out how much you will need, you will need to decide where that money is going to come from. Do you want a bank loan? Do you have enough money to support the business yourself? Will you find investors or ask family and friends to pitch in. You will need to figure out which options will suit you and your business. If you need any advice on this, please contact one of our team and we will be happy to help assist you.
4 Mentally preparing yourself
It won’t be easy starting your own business, you will put in some long nights and think on a regularly basis have I done the right thing. Persistence is key and it will pay off. Every entrepreneur faces rejections or unforeseen problems, so be ready to tackle issues head on and don’t become despondent.
Once you have completed everything on this to do list, evaluate your findings speak to one of our team on (01509) 816150 or through our website and decide if you are ready to turn your dream into a reality.