Everybody knows that setting up a business is tough before they begin. Very few realise just how tough it’s going to be. With this in mind you need to think very carefully before taking your first steps. Here’s some tips on getting your business off the ground.
First, let’s begin by clarifying why you want to get into business. This is important because if you get the initial reasoning flawed, then the business is built on shaky grounds and could come crashing down any day.
So, what are your reasons for venturing out on your own?
If its financial independence, then that’s a very good reason as holding a job in this financial climate could be considered more risky! But there is hard work involved before you get to keep that bundle. If the reason is freedom, then that is another popular reason for turning to entrepreneurship. But having your own business requires more dedication and hours spent in office than a regular job. After all, it’s your neck on the line. And, instead of having freedom from one boss, you’re going to have to deal with multiple bosses in the form of customers. Even though in the later stages of business you might be able to choose customers, it’ll not be viable in the initial run.
Ideas are Bulletproof
As a giant oak sprouts from a tiny acorn, all large business empires were born from simple ideas; ideas that solve problems and make people’s life easier and more fulfilling.
You might think that your idea is unique and bound to succeed. But it would be wise to discuss the idea with professional business owners to determine its viability, with your friends and family for their opinions and suggestions, and with your target customers. If it’s positive and people you come across have indeed opened their arms and wallets, then congratulations, you have a winner.
Do the required market research and figure out details of how the product is to be positioned and marketed. The specifics include location and date of the launch, price of the product, target market segment, after-sales services, packaging, etc. If the market research is done right, you can save a lot on financial costs incurred in future.
Plan and prepare a prototype of your product for a test launch to get the customers’ feedback. A prototype could also be used for pitching to potential investors. This will ensure fewer errors are made during final launch. From the reviews, optimize and perfect your product. Cut costs where possible and deliver a much leaner product in the market.
Business plans details every facet of your business model and its impact on the market. The key components of an effective business plan are executive summary, company overview, company structure, product offering, marketing plan and analysis, strategy, management and financial projections.
Business Setup and Registration
Of course a necessary step is actually getting registered as a business. There are a number of company registration services available in Ireland to assist you with this process.
When calculating costs, consider everything from sustaining yourself from the business launch to at least six months ahead, till when the venture start making enough revenue. In the initial stages, you might generally have to re-invest all income back into the company to ensure that the wheels are turning and so, take these factors into consideration when calculating the funds required. Find out how much you can afford from your own pocket, from friends and family, and how much you will need to borrow from external parties.