Putting a business together is a difficult project, and if you get it wrong you could find that you’re building on sand. Laying important foundations after you’ve started building is much harder than simply getting it right in the first place so today we’re looking at the things you need to get right when you’re launching your own business.
Your Business Type
There are many different types and structures of business and the one you choose can have big implications for how your business operates, how much money you make, your tax obligations and how much direct control you have.
Even if you’re working alone, there are different benefits and drawbacks to registering yourself as a sole trader to be weighed against creating a private company that then ‘employs’ you.
This is a deep subject, so it’s worth getting some well founded advice from a business lawyer or mentor before you commit.
Setting a Strategy
Few people go into business without thinking about what they want to achieve – their goals for growth, for revenue, for how they’ll work on their business and the culture they’ll create – but it’s more common to underestimate the thought you need to give to how you’ll actually achieve those aims.
Setting a high level business strategy is essentially an investment in good decision-making on your best day, when you have time to consider your values, the long term future of your business, the culture you want to create for workers and the experience your customers have so you don’t have to do that mental heavy lifting on a day when you need a quick answer, have a squeezed budget to work with and the clock is ticking.
Again it’s worth getting professional help to lay these vital foundations. If you’re looking for help with strategy or growth advisory consultants London has agencies and sole workers to fit most business’ needs and specialities and it could be an extremely worthwhile investment as you’re starting out.
Knowing Your Customer
Before you can effectively sell a service or a product you need to know who you’re selling to. The very least bit of insight you need is where the people who are in need of your business are and how you can reach them and, for that matter, if they’re out there at all.
It’s especially important if you intend to seek funding – however good your concept is, you’ll struggle to make investors part with their cash if you can’t demonstrate you know you’ve got customers out there waiting to part with theirs. Market research can help you by reinforcing your own work with hard data.