Ditching your day job and starting your own business can be exhilarating, but it can also be a lot of work. A successful business has a lot of moving parts, and it’s important to make sure everything is in place before you launch. Here are the top 5 things to consider before you dive in:
- Your Business Plan – First things first you’ll need to decide what kind of business you want to start. Once that’s done you’ll need to create a business plan showing how you plan to start, and then run, your business. A business plan is crucial for your own personal success, but also vital if you want to encourage people to invest, or if you want to secure financing through a bank or building society.
- Organising Financing – Obtaining finance for a new venture can be a hard slog, especially if you don’t have investors or a healthy savings account to leverage. Financing is often one of the most difficult aspects of starting a new business and is often a cause of stress for new business owners. Consider removing the financing hurdle by partnering up with an existing brand and leveraging their relationship with the bank to help you get funding.
- Building a Network of Support – A professional support network is the most underrated and overlooked aspect of a new business. In order to find success, you’re going to need a support group. Having supportive friends and family is great, but they are no replacement for other business owners.
- Branding & Protocols – New business owners often make the mistake of thinking that their branding and business practices will ‘fall into place’ as the business grows. The truth is that the more solid your business foundation, the better your chances for success, and that solid foundation includes having some very clear policies and procedures in place well before you launch.
- Protecting Yourself – Do you have the proper protection in place for your intellectual property? What is the legal structure of your business? Do you know the legal requirements for your industry sector? What are your obligations as an employer or service provider? Part of being prepared as a business owner is understanding the legal ramifications of your actions or inactions (as well as those of the people around you).
Feeling overwhelmed yet? It’s a lot to take on, but the good news is that the hard work is worth it. Starting your own business is one of the most rewarding things you can do.
Interested in becoming a Franchisee? With a franchise you’ll have access to built in support networks and legal safety nets, and all the branding and business practices will be sorted out before you even walk through the door. Contact us today to find out how.
