If you think you have a great business idea and are in the process of working out what is required to turn your dream into reality, this article was written with you in mind. Ask any seasoned business guru and they will happily confirm that your business plan should be your primary guide and should be the result of extensive research to show that the business is feasible.
Here is our ultimate business start-up checklist to ensure that nothing is overlooked.
- Business Concept – Every business should have a concept; it might be to provide the best service, or to be unbeatable with price – something that sets you apart from your competition.
- Funding – It probably won’t surprise you to learn than 75% of the business that fold in the first year, do so because of lack of funds. Crunch the numbers and work out all your start-up costs, which gives you a starting point, then you should make sure you have enough money to survive the first 6 months without making a single sale! If you fall short, take out a short-term business start-up loan that you can repay over a couple of years.
- Business Registration – You will need the services of a law firm like CK Lawyers, business lawyers with extensive company formation experience; there are many types of business that you can register and with expert advice, you will make the right choices. Making a mistake with this would be a costly error, so you are advised to talk to a local business lawyer about setting up the business.
- Marketing – No business plan would be complete without a comprehensive digital marketing plan, something a local SEO agency can handle. Simply put, without professional help, your business will be an ‘also ran’, and the sooner you forge an alliance with an SEO agency, the better.
- Risk Assessment – As the business owner, it is your job to minimise the risks to the business; take out some public liability insurance and cover for all company assets, including vehicles, equipment and stock. Once your business plan is complete, we advise you to hand it to a business lawyer and ask them for a professional opinion.
- Outsourcing – There will probably be essential services that you will need to outsource and this is usually the most cost-effective option. The Internet can help you source 3rd party providers, plus you can easily compare services and rates with Google’s search engine.
Some would say that the present time of far from ideal for starting a business, others would remind you that fortune favours the brave and if you have done your research and have a good plan, there’s every chance that you will enjoy sustainable growth.