5 Things That Entrepreneurs Should Be Thinking About
With more and more people now taking advantage of working for themselves or setting up a business from scratch it can be a tough market for anyone trying to join the crowd. Whether you are going it alone or are building a team there is still similar things that you should be considering. Have a look below at 4 of the things you should be thinking about as an entrepreneur.
Set Up Costs
It’s all very well having an idea or a brilliant product and service to provide but let’s face it, it’s going to cost something to get started. Even if it’s just your time, that’s still got value. So when thinking about what you want to achieve have a plan in place for how much you expect it to cost you to get started and then maybe even have a plan in place for how much you will need to cover say the first 12 months of your venture.
It may be worth considering if a dedicated business account would be the way forward as you are able to keep track of your business funds coming in and going out. There are dedicated programmes that you use to track your invoices where you can even connect your bank account to help make things easier.
You could have the ultimate product but if your marketing isn’t up to scratch no one will ever know about it. This is definitely something that should be at the top of your list when you’re starting out or even if you’re are 10 years in. Looking at things such as advertising, using social media, getting subscribers.
You may choose to go along with this but there are also plenty of services that can help you so it may be worth having a look at a review or two to gather an idea of what tools may be useful to you. If you don’t look at marketing for your business then you are more than likely not going to succeed or struggle on by not making much of an impact.
By this we mean that you should be considering any legal requirements that come with having your own business be that self-employed or one where you employ other people, it’s essential that you look in things such as paying your taxes, paying employee pensions, writing contracts and following any employer laws and regulations.
Another thing to consider is the requirements behind anything you may include in advertising and on any websites or social media. Such as copyright disclaimers or affiliate links been shown clearly. It’s definitely a good idea to look into and do some research on what is going to affect your business directly so you can make sure nothing comes back to haunt you. It may be a good idea to look at speaking with someone who works professionally with the law as they will be the best people to advise you correctly.
It’s more than advisable that when you are starting out and even years down the line to be mindful and have knowledge about the industry that you are entering. Try reaching out to clients and potential contacts within the same industry to start to build up a good base of people to turn to if you need to.
You don’t need to be in this alone so building up a team or even just a contact list of people you can ask for advice is definitely worthwhile. Getting yourself on something such as Linkedin could be useful as you able to make connections with people and they can also make connections with you.
It’s also a wise decision to do some research into potential competitors and how they are performing in the industry sector. Been wise to both of these aspects of the business market you are entering will be sure to give you a good footing in the business world.
Your Set Up
There are a few things you should think with regards to your setup such as what business type you are going to be. Often this can be dictated by your profits from a previous year and how your business is laid out. It’s definitely something you should be researching as you need to consider what to register your company as.
Another thing to consider is where you’re going to be based, are you going to be working purely from home or do you require the use of a premises?
Is there anything else that you should be considered for a business? Please share in the comments section below.
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