PLANNING IS THE KEY TO SUCCESS
STARTING your own business can be an exciting and challenging time. Here are fives steps that will help you get started.
1) RESEARCH
This doesn’t have to involve substantial costs, you can find out key information by taking the time and undertaking it yourself. This will allow you to establish your unique selling point, assess your competitors strengths, weaknesses, opportunities and threats within the marketplace. It will also give a clear picture without any further investment at this time as to the viability of your proposition.
2) BUSINESS PLAN
It is vital when you are starting a new business that you take the time to put together a detailed business plan based on your research and setting realistic budgets, forecasts and timelines. Being realistic is crucial and critical to your long term success.
3) SUPPORT
Surrounding yourself with a good support system is invaluable whether it’s a friend, colleague or expert with business experience that you can brainstorm with, who will listen unbiased to your ideas and give you objective feedback.
4) NETWORKING
The moment your business strategy has evolved, start attending networking events. Many events are free to attend and don’t involve sign up fees. Another option is to join your local Chamber of Commerce.
5) KNOW THE LAW
It is vital from the outset that you have an understanding of the legislation and laws involved in your chosen industry, health & safety, HR, accounting procedures and payroll obligations. Not following the proper procedure can incur costly fines.