Are you dreaming of starting up your own business? – Don’t let it be a dream, go for it as if you never do, you’ll never know your idea will be successful. Running a business can be stressful, nerve-racking, and scary at times, but on the flip side, it’s exciting, gives you plenty of opportunities and you get the freedom of being your own boss.
When starting up, there are many considerations that you will have to go through before officially launching. You will need to decide on whether you will need employees or not? What will the start-up costs be? What Tech will you require and will you need an IT service provider like CMIT Solutions to support you? And do you need a specific location or will you be online?
Below we look into some of the considerations when starting up your own business.
What will the start-up costs be?
It’s essential that you put a spreadsheet together (Google or Excel will do) of all the costs that will be involved when you start up. You want to consider everything from the technology pieces you will need to buy – laptops, phones, cameras etc. And furniture items such as desks and chairs to insurances and your monthly subscriptions – accounts packages, CRM systems, website hosting, etc. Try to be strict and as realistic as possible as you don’t want to under-calculate and then be stressed that you can’t afford everything.
Do you have any legal requirements?
Are there any legal requirements or licences that you need to obtain in order to run your business? If you sell alcohol you may need an alcohol licence, to serve your delicious cocktails. If you are a transport firm, you will need to insure your vehicles or if your business involves children a DBS check may be required. Remember, any licences that you may require will have a cost attached to them, so make sure you include them within your start-up costs spreadsheet as mentioned above.
Will you be employing people?
Does your business idea require you to employ people or can you start alone? If you need to employ people, this will have a large cost attached and it can take time as you will need to find the people who you want to employ. When you go down the route of employing people, it’s important that you try to employ the correct amount of people, over employing can have a big cost impact and if they are under contract, you can’t get rid of them easily if you don’t need them when going live with your company. Having employees is a simple way to make your business look more professional, which is why some companies like to start with employees.
What type of business are you currently thinking of opening? Which of the above considerations did you find most useful and why? Is there anything that you think we have missed that we should add to the above list? Let us know in the comment box below, we would love to hear from you.