Starting a Business - Top 5 Things to Consider

    Tracey Clayton

    Starting a new business takes solid capital, bravery, brains, and endless hours of hard work in hope that things will pay off in the long run. Don’t be surprised if you find yourself working about 60 hours a week minimum until you get your first solid ROI covered. Still, since you are really set on doing this, do know that those first few years will fly by and you’ll enjoy the fruits of your hard work for an endless number of years to come – that is, if you are clever enough to keep things on float.

    If you’ve been going back and forth with your idea, doubtful whether you’ve got everything covered, here’s the list of things you’ll want to take into consideration before taking a huge leap (of faith) and becoming an independent business owner.

    Research the idea

    Although we all like to think that our ideas are better, i.e. incomparable to anyone else’s the (sad) truth is that most of our ideas are EXACTLY THE SAME as someone else’s! On that note, before starting to calculate your budget, looking for investors and making a business plan, do your research: search the internet from top to bottom to see if someone’s already launched “your” service/product. In case there is one already, don’t give up on yours. Simply find a different angle to yours and brainstorm a way to launch it.

    Investigate the economics of the idea

    Sometimes, even the best of products or services aren’t the best way to earn money. On one hand, they may be super interesting and fun to the consumers but, on the other, their usability is slim – meaning, no money. That’s why you need to investigate whether your idea holds water at all and if your intended business model is profitable at all. Additionally, see if the idea you want to launch is already legally protected. Consult with experts in the field for help.

    Create a business plan

    Creating a business plan is essential to every business development; it’s not just the makeup of business, it’s the base of the business you plan to lead. If you have a clear vision on what you want to achieve, and when and you’ve got a plan to guide you through your entrepreneurial journey, you’ll be safer and always know what to do even when things go astray. Don’t get overwhelmed, though: make a plan that doesn’t span over 5 years – a lot can change in that time.

    Think about money the right way

    Starting a business can be an extremely overwhelming burden for your everyday dynamics, especially if you’ve got a (big) family. Investing in a business will mean having to learn to rearrange things, adjust to a different lifestyle, build new life standards and learn how to spend wisely, i.e. be able to split one amount of money two ways. If you don’t have enough base money to start on, there are a few reasonable options to consider:

    1) Ask a family member/friend for a loan, interest-free; oblige to return the money in so and so time. Although mixing family/friends with money can be a bit tacky sometimes, if there’s enough trust and love – you shouldn’t have a problem

    2) Opt for a fast business loan that allows you to get enough startup funds to start your business and not end up in dept. Small businesses seem to love it because you get fast approval along with a number of other benefits like an affordable repayment plan.

    Own your name

    Once you’ve taken care of everything else, make sure you trademark your brand name and your internet domain name. After all, the last thing you want to happen is invest all this time and money into building up your business only to realize the name’s owned by someone else. Consult with an expert on this one: just because you couldn’t find your preferred brand name on the net, it doesn’t mean it’s not out there.

        Good luck building your business, we hope things will work out!