So, you think of how to start your business. I am sure you understand, that you are not alone here. Thousands of potential enterpreneurs open their companies every day. Some of them profit, other ones fail. The more you know about what you are going to do for business – the more your chances are to make this business profitable, and your enterprise will be your source of income and satisfaction.
No one tells you these 10 things when you start your business! Certainly, you can guess some of them, but are you sure you need them? Here they are: 10 things to pay attention to if you wanna do something really useful and profitable, and if you wanna do everything that depends on you right.
Does your client need the services or products you are going to sell him actually? You should be a real expert of the field you plan to work at! Analize the economical situation of your country: would your business suffer if there were any problems with economics? If you want your business be both profitable and satisfying, it’s very important to follow the principle “Love what you do, and do what you love most”.
If you understand all marketing conceptions, it wil lbe much easier for you to offer products or services that your client actually needs. Moreover, you will be able to rival with your competitors. Just think of your potential client: who is he? Determine your advantages of competitors in order to decide how to make your business really profitable.
Every day you’ll have many tasks and problems to solve. Will you be able to do that alone? Maybe you need employers to help you with that.
Depending on what kind of business you will do, you will have to decide whether you need an office or not. Maybe you’ll be able to do all your job with no offices at all? Or maybe you will have to rent some warehouses for your products… Think of every detail, even if you consider it being a small one: transport, your employers (how much space will they need for a comfortable work?) and so ones.
Your legal difficulties
You should perfectly know all laws your business will depend on. Think of all licences, patents or copyrights. It’s better to learn all these legal moments in advance, otherwise, your business has all chances to fail even with no start.
You should decide whether you need an insurance. If you are going to keep different equipment, dangerous stuff or inventory, then it would be quite wise to think of insurance of course.
Your business organization
Will it be a sole proprietorship, joint stock company or a business partnership? Your decision will determine the costs associated with starting a business, as well as taxation and your responsibility for the actions and possible debts.
Here you need to calculate the cost of the furniture purchase or office equipment. Or maybe you’ll need the services of professionals such as a lawyer or an accountant.
Your finance analysis
It should address such questions as: how much you have to spend on employee salaries, bills, and rent; how many goods to sell, or how many hours of service to ensure before you start to make a profit from your enterprise. Maybe you will need a partner to reduce costs?
Your friends and family can help you much here, since your business will become a part of their lives too. You can ask for their support, as it’s not easy to start your own business, you know. Discuss all questions and objections with your relatives to avoid problems later.