Things to consider when starting your own business

Have you reached that point in your life where you think I’m not where I was expecting to be? I feel stuck at the cross roads of life having spent so long ‘doing the right thing’ for everyone else but now it’s my time. I hear this a lot with my clients. For some this means they want to pivot in their career and do something new and for some it means they want to pursue that long held dream of launching and having their own successful business.

Having run my own business for over 10 years and now back at it I wanted to share some of the things you may want to consider when setting out on the more entrepreneurial journey. Hopefully this will help some of you be prepared for the path you may choose.

These factors could help you to mitigate the risks and obstacles you’ll face on the journey, when starting your small business and help prepare you for success!

1. A great idea

No business can exist in the absence of a great idea. A great and a practical idea that people will want to buy, is the only thing on which the development of your business will depend. Although there maybe others with similar ideas – you need make it seem a unique idea that stands out form the crowd. do some informal research too to make sure people ‘get it’ – social media makes this so much more doable.

2. Finance and budget

Next you need to think about funding of your business. You need to properly identify the sources through which you will be able to get the funding for your business. It a good idea to have a plan so that the budget of a company can be properly maintained. Also think how you will survive financially whilst you are building it up. Do you launch as a side hustle then go full in?

3. Check out your competitors

You need to know what your competitors are doing and what are their strategies? With this knowledge, you will be able to take appropriate decisions about your company. It will also help you in developing a much more effective strategy for your business, and standing out to make yourself that bit better.

4. An effective business plan

A business plan helps you set goals and then navigate your way to them. Writing a business plan can help you evaluate if your idea is feasible and provide direction. With a business plan, you will be able to know every next step that should be taken, and it will help keep you laser focused.

5. Legal stuff

The next factor that needs to be considered how do you keep yourself legal. For the sale of some specific products and services, there are some requirements for the preparation of legal documents. Make sure you have already done all the legal documentations for your business. you will also need T&Cs and insurances in some instance to trade.

6. Positive attitude

One of the most important things for your success is making sure you have the right mindset, to help you in navigate all the challenges and difficulties. There will be a lot of risks and hurdles you will face in this process and your positive attitude will be critical in helping you deal with these. You will have to work hard to develop a company of your own, but the rewards can totally outweigh this.

7. Ask for help

Growing a successful and sustainable business will involve a lot of time and lots of hard work. As you progress, you will sometimes need the help of some experts. Network, support others and make sure you already have specialists who can provide you with the best advice in your hour of need.

I developed my FREE 5 day challenge to help entrepreneurs thinking of setting their own business kick start their journey.

https://primepersona.co.uk/product/start-and-grow-your-own-business-the-5-day-challenge/

For March you can sign up here: https://primepersona.co.uk/march-2020-free-5-day-challenge/

If you are ready to kick off your business, but need a bit of support and guidance along the way, I have developed a 12 week proven plan to support you on your journey, my Start and Grow Your own Business. More information can be found : https://primepersona.co.uk/product/start-and-grow-your-own-business/

Good luck!