Starting a new business and being your own boss is a great thing. It is exciting as well as challenging. For a successful business you’ll not only have to research and plan the various aspects of your business but also meticulously execute the plan. Here are some essential things to consider that will help you research and plan for your new business.
1. Do you have a Business Plan? It is the most fundamental piece of document that a new business should have. It is not always necessary to have an elaborate and extensive plan; sometimes even short/concise plans are very useful. My point here is that you need to have at-least some kind of a business plan/document. If not anything then sit down for a couple of hours and just make notes around what your business will offer, who are the customers, and how you’re going to make money.
2. Ensure you come-up with an attractive and the right business name. Make sure it is easily readable (pronounceable), not too long and easy to remember. Find a name that can get the right initial buzz for your business. Research suggests that appealing and cool business names can take businesses a long way on the road to success.
3. Plan how much money you would need to invest and the source(s) of those funds. Consider if your business didn’t make money for the first 15 to 18 months, would you have enough capital to keep going? Research suggests that generally (on an average) a new business starts making good money in around 2 years.
4. Ensure that you familiarize yourself with the local (state/country) rules and requirements that are necessary to start a new business. This could mean getting the right approvals, filing the required documentation, registering your business/trademark, buying business insurance, etc.
5. If you’d be employing people, plan a structure of who will work under whose supervision/guidance i. e. basically your organisation structure. Even if you are having just a few employees having a simple structure with well defined responsibilities will greatly help in day-to-day business decision making.
6. Setup a framework on how you’ll make purchases & payments, raise bills to your customers & receiving their payments. Also, it is good to establish proper accounting practices from the beginning itself. If you’re unfamiliar with your regional accounting practices/procedures hire someone who can help you with this.
7. Consider where the business is physically setup i. e. the location. Ask yourself how likely your potential customers are going to find you at that location. Is the surrounding the right marketplace for the kind of business you plan to start? Also consider establishing a web presence, in today’s world a business website is quite essential to attract new customers.
The points mentioned above, are some of the ultra-essentials across every industry. Depending on the type of your business there may be many other things you’ll need to have in mind before starting a new business.