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Smart Things to Think About When Launching a Business

– Contributed content –

6 December 2017. Did you know that over 75% of startup businesses fail within the first 3 years? One-third of all of those fail within the first 6 months as well. If you want to make sure that you survive this crucial period then you need to make smart decisions very early on, while also ensuring that you are understanding of the various research you need to do.

Limited company or sole trader?

The option that you choose here will ultimately determine the tax that you pay and if something happens, it will also determine how much legal and financial responsibility you have. When you are a sole trader, you can take all of the tax profits that you make but if you experience a bad situation with your business then you are responsible for all of this.

The competition

There is a high chance that your competition was in your position once. For this reason, it is a good idea for you to find out how they did it, what mistakes they made along the way and even what their customers like about them. This is also a good way to find out if you are even ready to start a business.  You don’t want to try and repeat their success, but you do want to learn the various steps they took in order to ensure their own success. If there is one big player who is continually dominating the market then find out what they don’t do well, or what is bad about them. Find out who they don’t cater for, or if there is a gap in the market that they aren’t targeting. Then, try and fill this space.

Business meeting

(rawpixel/Pexels.com)

Your target audience

If you try and appeal to everyone then you won’t actually end up appealing to anyone. You need to focus on your target audience and you also need to heavily monitor your marketing efforts as well. Ensure that you send out questionnaires and that you are also active on social media. The only way for you to make a huge amount of sales with a product is to make sure that people actually want it, so try and involve your customers in your product development as you test and try out various models or style options. The same concept applies if you want to offer a service. Ultimately, it is a good idea for you to make your customers feel as though they are a part of your voice and the movement and progress you are trying to make.

Paying yourself

How will you take your wage home? You may have the best intentions when it comes to putting your profits back into your business but you do have to pay for your accommodation. Cut right back on any type of luxury products and live within your means. Your bank would rather see you doing this than you going back in 6 months to tell them that you have run out of money.

Calculator, pen, chart

(Pexels.com)

Business name

Your business name is quite possibly one of the most important decisions that you are going to make. Rebrands are expensive to say the least, and you will also have to set up a website domain that links to your business name as well. You need to communicate what your brand stands for, whether it is a geographical location or even the morals behind your business.

Staffing requirements

Think about it. Are you going to need staff from day 1? Or day 50? You need to have a plan when it comes to your staff and if you do have a lot then it helps to have a free employee scheduling software because this will help you to plan out the number of staff that you need and even the rota that you are going to have them on. Don’t just jump into this blind and know exactly what each person is going to do before you hire them. Ultimately, you need to ask yourself, what do they bring to your business? What can they offer you? Could you do that job without them? This will help you to make the best decision regarding your own hiring situation and it is a really good way for you to keep everything organized.

Find an accountant

An accountant is someone who does more than just count your money. They are a valuable and very trusted source of business advice. They usually have a ton of experience and they can also steer you away from making bad financial decisions. All you have to do is find a local accountant who has experience in your chosen business sector. Find someone who sees you as a success, not someone who sees you as a start-up.

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