You have decided to strike out on your own. But are you completely prepared? We look at things to get your business up and running.
- Ask pertinent questions – Brainstorm on certain questions. These include the type of business you want to run. How many locations you want? How many employees you want? Do you have the skills to run a business or should you hire a manager.
- Educate yourself and your team – You should be able to understand every aspect of your business. Clients and customers will respect and approach you if they know you are well qualified. Investment in educational courses and programs is well worth the money spent. A business leader ought to be well versed with the state-of-the-art technologies and business practices. A good idea is to list down the skills of your employees. Find the skill gaps of your employees and their aptitude. Accordingly you can invest in their training and empower your entire organization.
- Market research – You may know your products and/or services very well. But how well do you know your target market. Who will buy your goods/services and why will they buy? Do a thorough research and analysis of the market.
- Marketing channels – Outline the ways to market your goods. This could include store signs, newspaper ads and television ads. You need to have a website and maybe market on social media platforms.
- Do you have enough finances – Just because you don’t have all the money required at start doesn’t mean you can’t launch your business. You can borrow from friends and/or family. Else you can present your business plan to convince potential investors. Nowadays crowdfunding is leveraged to finance several businesses. Make sure you establish a good credit history which will aid you in future borrowing.
- Location – Decide whether you want to rent or own the premises. Your business needs to near the customers. If you are offering online sales your manufacturing facility can be in a less densely populated area. There should be facilities for your employees nearby.
- Legal issues – Every business needs a name. There is paperwork involved in setting up and running any business. Make sure you hire a good business lawyer and have a valid business license.
- Insurance – You need to insure your business to protect against criminal acts and natural disasters. You need to decide how much insurance is needed and how much you can afford.
- Budget – List down all fixed and variable expenses. Make provision for unexpected expenses. Financial planning can help you get control over your finances.
Once you have completed all the above activities you can move on to the next stage for your business. Nobody succeeds in business overnight. It takes a lot of brainstorming, planning and proper execution to make a business a success. Never forget to thank and reward all the people who were involved in making your business a success. Remember to think long-term and not focus on short term gains.