7 Things To Do Before Starting Your Business

By T.Phillips

So you have a fantastic idea for your new business and want to get the wheels rolling on your plans. but, it feels like you don’t know where to start? There are many steps involved in starting a business, not to mention the many decisions you will have to make too. It can even be overwhelming trying to stay on top of everything that needs to be done. Here I’ve created a list of steps you should do before you launch your next business.

1 – Write A Business Plan.

It is no secret that writing a business plan is the first important step for any aspiring entrepreneur.  A business plan will help you assess your situation and the challenges you may face, plus allow you to decide if going the entrepreneurial route is something you want to do. If you are going to need investment to aid your startup or to expand once you are trading a business plan is the first thing your potential investor would want to see. This will give the investor a clear picture of the business venture being proposed.

It is best if you have a clear idea about the type of business you want to develop. Where are you going, what are your goals, what process do you plan to take to get you there. our business plan will make you answer important questions and look over the smaller details.

Breakeven Analysis

You should want to know from the beginning if your business will make money or not. Your breakeven analysis can help you to figure out if you will turn over a profit and predict how long it will take before you do. Be realistic when doing your breakeven analysis, ask yourself can you wait 3-5 years before turning over a decent profit.

Marketing Plan

Who are your customers, where will you find them, how will you convey your message, what are their pain points, what are their triggers, what prompts them to act? How will you make them aware of your business and services and what exactly are you offering? Your marketing plan will help you define your customer profile as well as develop your content and strategies which will turn them into loyal customers.

2 – Own Your Business Name.

Not owning the trademark of your business name and logo can put your new business at risk. There is nothing worse than finding the perfect name for your business, creating a logo, securing all the social media pages only to have to do a total rebrand. Why? because you did not research to see if the name was available to be trademarked and have an internet domain. the last thing you want to do is start a business with a name that somebody else already owns. Just because you cannot see a business with the name you have chosen it does not mean the name has not been trademarked. To see if your trademark is available or for more information visit :

3 – Know The Costs

No matter how glamorous running a business sounds you have to be realistic and pay close attention to the costs. Running a business can be very expensive so you will have to seriously plan how you will use your capital and stick to your budgets. You should leave room to be flexible or you may find yourself using your personal money to keep your business running. Running your business may also put a strain on your life too. It’s no secret that a lot of new business owners can easily work up to 60 hours per week for the first few years. If you have big life events planned such as holidays, weddings, or a baby on the way you may want to think about if it is the right time to start your business.

4 – Funding Your Business

starting a new business means that you will need to cover the start-up costs. How you plan to do this? For most people finding the capital to get up and running is something they cannot cover alone. Where will you get the funds from? will it be a bank, an investor, crowdfunding, or a small family loan? Be clear on how much capital you will need and where you will be able to source the funds.

5. Play By The Rules

There are rules, regulations, and processes to adhere to when starting your business so I would suggest getting the legal bits out of the way as early as possible. The business world can be very “dog eat dog” and I am sure you’ve heard stories about business owners getting stepped on by the wheeler-dealer types in the business. the last thing you want is to be sued or tied up into dodgy contracts because you didn’t legally protect yourself and your business. Below is a checklist of things to consider:

Business structure (corporation or a partnership, or LLC etc.)

Business name

Register your business

Tax ID

Bank account

Trademarks, copyrights or patents

Permits

Licenses

Although you can do some of the above on your own, don’t be afraid to seek professional advice too.

6 – Your Competition & Marketplace.

Who doesn’t love a little bit of competition, after all being competitive can make you more determined to provide the best products and services for your customers?

Researching your competition can minimize potential failures as well as reveal new opportunities. Ask yourself – is anyone doing what I plan to do? More than likely you will find you have lots of competition so you will need to define exactly how your company is different and better than the alternatives. Your market research will be in your business plan and should contain your detailed strategic plans of securing new customers, brand awareness and more.

Your research can include focus groups, online customer surveys, questionnaires, and general feedback.

7 –  Get Ready To Launch

Now that you have taken all of the steps above its time to put all your hard work and preparation to the test. How will customers find your business, will you have a shop or trade only online? will you attend mini markets and local community fetes? If you plan on opening a shop what is the like, does it have a steady flow of the customers you want in that area? Are the monthly overheads manageable? Will you have a launch event or an online campaign to spread the word?

It’s now time to show your business to the world…We are waiting!