Derek Elliott – Things to Consider before Starting your own Business
Whenever you have trouble in answering them, make sure to get them resolved before continuing
, since they have a huge impact on any business plan.The type of business:
What type of business you are going to start? whether you are going to start from scratch or is it a franchise? Or will you be taking over and already established business? The type of business you will be starting will lead to a lot of the other things that you need to consider.
Are you qualified to run this type of business?
Is it a type of business that requires you to have training and experiences first like a plumber or a hairdresser? Or if it's a franchise will you need to do any further training through the franchise provider? What other training could you do that would help you run your business successfully? Have you managed a small business before? Or have you got a certificate in small business? Is there any other training that will be beneficial to your business, or business in general?
Business Plan!
Do you have a business plan? This is an invaluable resource to any business. It gives you an outline for your business, as well as giving your business direction. It also helps to focus you business so that you don't try to do too much at one time.
The form that your business will take!
Will your business be a sole trader, limited or public company, partnership, not for profit or something else? Getting advice from your accountant and lawyer is very important for this decision, after all they are trained and have experience and they should be able to tell you which is the most appropriate for your business.
Do you have the finances or can you get the finance that is required to start your business?
It is very important that before you start your business, you should have enough money to run your business for the first three months as well as to cover the start up costs and any other costs that a related to this stage of your business, it is also a good idea to give your self an extra ten percent of what you think you may need to cover the unexpected. It is incredible at the number of businesses that start up without the amount of cashflow that is actually required. The amount of cash flow may varry from person to person and business to business.
Do you have the needed support from your family and friends?
Running a business is really a tough task, but the journey to success can be made easier with the support of loved ones, friends and family, even if it is just to give you encouragement when times are tough. It would be very helpful that if your friends who are already in business could offer you some advice and guidance in the some ways as a mentor. Or even just there to bounce ideas off.
I hope these things may given you food for your thoughts, and you will take them into consideration when you are starting up a new business, franchise or taking over and existing business.
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Derek Elliott Things to Consider before Starting your own Business
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