5 Main Points to Consider before you Start a Business

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If you are ready to quit your job and begin your own business, hold fire. Not everyone is prepared for starting their own business, as there are so many factors that go into running a business that people do not take into account from the start. 

I am going to be discussing the five most essential points to consider for starting a business and give them a 1-10 rating on their importance from the start. 

Company Brand

A lot of people say that “you shouldn’t spend too much time thinking of a company name and colours and logos etc.”. I tell them… you couldn’t be more wrong. A company’s branding is so vital to getting themselves recognised at a mass scale quickly. A boring name with dull colours and a poor-looking logo does make a failing business, that would probably not even get started in the first place.

Evaluate different names, whether it is relevant to the product or service you offer, a good play on words or related to your name or family names, colours that fit the product and service; research colour psychology because it genuinely works. A good logo makes you stand out in a busy crowd, picture the Nike swoosh, the Mcdonalds yellow M and the font of the Coca Cola writing.

Importance Rating = 9.5/10.

Customers 

Ok, so you have your product or service ready to offer to the world, what now? You can’t just set up a website and promote your business without doing research into your market and understanding the customer base you need to be aiming at. 

Before spending anything on marketing; whether that be social media, online adverts or more, find out who will be buying from you and how your product is the solution to their problem. For example, a new business selling golf equipment will more than likely focus their attention on older males.

Importance Rating = 10/10.

Company Structure

It’s always the most difficult to start a business on your own, as you have no outside input on your ideas and you don’t have multiple brains making improvements and spotting any minor and major issues that could be resolved, things that could be missed if you go solo.

Will you be a limited company, a sole trader or a business partnership? This will alter the paperwork you file and the taxes that you pay. It will also determine your profit and loss and much more, so be sure you know where you sit before launching.

Importance Rating = 9/10.

Where you Work

Does everything need to be done in an office? Not anymore. People are working from home, working remotely; it is becoming almost as popular as working in an office. Do you live with your family and children? Find a quiet space where you know you won’t be bothered for most of the day and you can focus on the business. 

If you have a business partner, it would be worth renting a virtual office for use once a week, or however often you feel necessary to meet up. It’s always good to catch up in person because you can speak face to face and put ideas forward, fix any conflict and solve issues together.

Importance Rating 8.5/10.

Passion

You can’t just start your own business for financial gain. That is one of the benefits that comes with so much hard work, long days and nights and a lot of stress. You need to have a passion for the product or service you are offering; else you will find yourself giving up or only giving half effort shortly after the launch. 

I have a passion for helping people and helping businesses; that’s why I became a turnaround expert. Helping people who need business advice and companies that have cash flow or debt issues is what I strive to do every day, spotting problems and implementing solutions the business management may have missed.

Importance Rating 10/10.

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