If you have always wanted to start your own business but never felt brave enough then now is the time. Time to bite the bullet and get that fantastic business idea down on paper and into reality. You may have been worried about the high percentage of businesses that fail to make it to the first year. If you do everything right from the start then the chances of you failing are minimal.
By Team Savant
Image: Marissa Grootes
Have An Idea
Every business starts with an idea. The big stores and supermarkets that you see when you are out started with a simple idea. That’s all you need and you may already have one, or several. The hardest part about starting a business is not knowing which idea to use to make your dreams come true. Here’s what you can do, get all your ideas down on paper and brainstorm the pros and cons of each idea. You could also conduct some market research to see how other businesses with your idea have done, and if they were successful or not.
Work Out Your Budget
When it comes to opening up your business, you may have heard that you can start a business with nothing but this simply isn’t true. If you are starting from scratch or taking over an existing business you will still need some cash. You will need to work out how much of a budget you will need to get up and running. This should include rent, stock, marketing, and storage if needed. If you don’t have the money to hand then you will need to apply for a business loan. To be successful with your application, you will need to make sure you have a high credit score.
Equipment Needed
Something that a lot of people often miss when calculating their budget is the equipment they need. This means that all the money has gone and they have to use their own cash to buy the equipment. This is why businesses quite often fail as they don’t have everything they need.
If you need an office with storage then make sure you are shopping around for the best location and price. You don’t want to be situated away from the main hustle and bustle especially if you are relying on foot traffic to bring in your profits.
If you and your employees will need cars then you should look into contract hire. This gives you more freedom with the cars and covers you for any maintenance that they require over the time of your contract.
Employees
Finally, you need to find the right team for your business. You might of course decide to run your business alone. This option will save you money but it will also mean you are doing everything on your own. If you wish to hire employees then the trick here is finding ones who will have your business's best interests at heart. Without this, you might find that you end up with a high employee churn rate and this could bring your business crashing to the ground.