by Nigel Hilton
During the pandemic it has been a time for many people to reflect on their lives and decide the things that they do and don’t value. Work is one of those things, and whether you’ve decided that you want a better work-life balance, or a job loss has made you rethink things, then starting your own business can be a good way to achieve what you are looking to do. Breaking from the routine of a normal 9-5 job and doing something on your own could give you the freedom, both in time and in money, that you are looking for.
If you have never started a business before, then let’s be honest, there are a lot of things to consider. Looking at these things, here are some of the considerations before you get started with your business.
What kind of business will you have?
When you are setting up your business there are a few different considerations to consider, starting with the setup of the business. Will you be choosing to just work as a sole trader, or are you thinking that you would rather set the company up as an LLC (limited liability company). You can get help starting your LLC now, if that is the route that you want to go down, but it is worth looking at the different options for a business setup, to see which is going to suit you best.
How will you fund the business?
For any small business, you need to think about how you will fund it. Are you planning to find the business yourself, or is it something that needs very little investment to start with, and can be started with a website and a laptop? If you have grand ideas or need to manufacture products, then the funding avenue that you go down can influence other aspects of the business, so should definitely be considered. Will you choose a business loan or look for private investors? Look into what will work best for you and what would be viable for someone new to business.
Where will you work from?
If the business plan that you have is small and just involves you, then it will be something that can be easily done from home. But if you will be hiring a team of people, or need to have particular premises like a factory or a warehouse, then you need to think about where you will work from, as well as team members, if there will be some. There will be additional costs to budget for if you will need a particular premises like an office, so needs to be considered fairly early on.
When you are planning out your business, another consideration to have is what is going to be your unique selling point; what makes your business different to others out there? When you can answer that, and know what makes your business unique, it will help make the business competitive and help to give you the platform that you need for business success.