While starting a business is a very exciting journey, it can be really daunting without proper planning and consideration. In this article, I would like to share 7 points of things you should pay attention to before starting a business.
- Market Research
I imagine you already know the kind of business to venture into at this point. Carry out extensive research on the industry of your choice. Thankfully, in this day and age, it’s easy to find most information and data online. Seek to understand the trends, demand and who your competitors are. While at it, understand who is your target audience, their needs and how your business will be of help.
- Unique Value Proposition (UVP)
It’s no secret that hundreds if not thousands of people across the world are into that same business you’re trying to set up. Some have been in that same industry for years and probably very dominant. The question is, why you? Why should someone trust a new business over one that has existed? What is different? You need to respond to this question and make sure you serve it to your customers.
- Business Plan
You need to come up with a solid business plan that addresses your goals, target market, marketing strategies, operational structure and financial projections. Make sure it is as detailed as possible as it will be your guide. It is also very important when you are seeking funding.
- Legal Structure and Compliance
Understand the local business laws, licences required, permits and taxes. It is also important to determine the type of business you want to start; sole proprietorship, Limited company and partnership.
- Financial Planning
Most businesses require money to start. You need to know the initial capital needed for starting your business, if you need to buy stock, furniture or machinery, all that should be planned for before you set up the business. You should also evaluate your funding options; if you seek to start the business with personal savings, loans, investors, or grants. Plan for operational expenses and ensure financial sustainability by using a cash flow forecast.
- Skills and Resources
Evaluate whether your skills and knowledge are adequate to run the business. This will help you determine whether you need to outsource and for what. It will also inform your decision on seeking training, mentorship or additional resources. A solid network of professionals such as lawyers, accountants, business consultants is also important for every business owner.
- Marketing and Branding
You can start the most life changing business, but without proper marketing, your products and services might only remain great on paper. You need to come up with a strategy on how you will build a strong brand identity; having a business logo and establishing your online presence. You need a proper strategy on how you will attract and retain customers.
Please let me know in the comment section what other things you considered before starting your business.
What other factors did you consider before starting your business? Share your thoughts in the comments below!
If you’re exploring topics like these or facing challenges in your business, I’m here to help. As a Business Navigator Coach, I specialize in guiding entrepreneurs to find solutions. Let’s connect and work together to achieve your business goals!
Did this blog help you? If it did, please share it with your business connections.
If you have any questions contact Helene HERE
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In the world of business, effective planning is essential for success. Just like a traveler needs a map to navigate their journey, businesses need various types of plans to guide them through the complexities of the market. This article explores the distinct types of plans – strategic plans, business plans, and action plans – each with its own purpose, content, and timeframe.
Strategic plans are like a blueprint for an organization's long-term direction, encompassing the vision, mission, and goals. On the other hand, business plans focus on specific milestones and detail strategies, target markets, and financial projections. Action plans break down larger goals into actionable steps for day-to-day execution.
Overall, understanding the content and timeframe of each plan is crucial for navigating the ever-changing landscape of business. By embracing effective planning, businesses can confidently chart a course towards success in the competitive business world.
Effective planning is essential for business success, just as a traveler maps out their journey before setting off. This guide explores the different types of plans in business – strategic plans, business plans, and action plans – each with its own unique purpose, content, and timeframe.
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