THINGS YOU NEED TO KNOW BEFORE STARTING A NEW BUSINESS

Starting a new business is always an exciting prospect. You now have total control over your destiny. Plus, you can offer something innovative to the market that no one has done before.

You will no doubt have all kinds of plans for your new business. But, it’s important that you carry out some important steps before you launch.

Market research

Before you spend money making or buying products, you need to do some market research. Because if people are not interested in what you are selling, you won’t make much of a profit.

Company name

If you want your customers, wholesalers and distributors to take you seriously, you need to get incorporated. Registering a company and trading as a “dormant” entity is recommended. That way, you can become active when you are ready to launch. Plenty of guides online also show you how to make a company dormant.

Financial advice

Let’s face it: accounts will not be one of your strong points. It makes senses to get a decent accountant on board. Sure, they’ll take care of your company’s tax and financial affairs. But, they’ll also help your business save money too.

Legal advice

When you launch your new brand, you don’t want to get into any legal hot water. I recommend getting some professional legal advice before you start. Doing so will mean you have the necessary licenses and permits to sell your wares.

Talk to others

If you are new to the business world, it is worth making friends with other entrepreneurs. You will gain valuable insight into what running a business is like. And you will learn how to avoid any potential pitfalls.

Get insurance

What would you do if someone sued your business? You you’ve got no insurance, you could end up being bust. Insurance is there to protect you if anyone files a legal claim against your company.

Save

When you start a business, you still need to pay your personal bills each month. Many entrepreneurs run a company alongside a full-time job. But, that is not possible, work and save a year’s worth of expenses before making it on your own.

Create a website

The internet is home to a billion active websites these days/ most of us go online at least once a day to research something. If you want your customers to find you, it’s important you have an online home too.

Promote on social media

It doesn’t matter whether you sell to consumers or other businesses. everyone, even those in business use social media almost every day. It is brilliant platform for marketing your brand online. Plus, it’s a good way to direct people to your website.

Plan ahead

Starting a company is one thing. But, knowing what to do in the future is another. Part of your business plan should involve a strategy for new products or services.