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What should I do first?  

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admin
Member Admin
Joined:11 months  ago
Posts: 10
26/06/2017 6:33 pm  

There are so many things to consider in starting a business, where should I start?


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admin
Member Admin
Joined:11 months  ago
Posts: 10
27/06/2017 7:05 am  

The first thing you should do is: Think! And take your business seriously.  You need to set aside time to really think about your business properly.  Many people start their business as a hobby or something on the side but only start taking it seriously later-on when they find that people actually want to pay them for their products or services.  By this time they may have already progressed quite far without actually giving the business much thought.  In many cases, developing a lot of bad habits which may have to be fixed or eradicated further down the line.  This can be very costly because you are in effect doing things back-to-front!

If you take your business seriously from the very start, you will sit and think, ponder and contemplate on many things and should ask yourself many questions (and write them down) such as:

  • "Why am I in business?"
  • "Is it to make money or help the community or both?"
  • "Is it the flexibility of working for myself?"
  • "Do I want to be my own boss?"
  • "Do I have the experience, skills and credentials needed?"
  • "Can I, or how will I finance the business?"
  • "Will I need an office or premises?"
  • "How will I handle manufacturing if applicable?"
  • "Do I need an accountant, a solicitor or other professionals?"
  • "How do I price my products?"
  • "Do I need a website?"
  • "Do I need social media and how do I use it?"
  • "What about branding and how will I market my business?"
  • etc. etc. etc.

The list can be endless, seem daunting or overwhelming but once you have exhausted the list of questions for your particular business or situation, you can begin the journey of obtaining the answers.  Some answers you will already have or may come easily whilst others may be challenging and take a lot of time to find, but it can also be exciting and fun so try to enjoy the journey along the way but:

  • be patient
  • draw on your passion and perseverance
  • attend free networking events
  • do some research online
  • go to the library
  • speak to family and friends (especially those who have already walked the road you are embarking on).  

This process will help you really think and decide whether:

  • you want to be a profit only business, (Private, Public, Limited etc.)
  • a charity (Registered with the Charity Commission etc.)
  • a community interest company/organisation.  (The Third Sector etc.)
  • etc. etc. etc.

In summary and concluding, although intentionally brief the first thing you should do in starting a business is to think and take your business seriously in order to avoid making mistakes which can be costly later on to fix.  

We are here to help you so become a member of BIG today and get all the support you need to take your business to the next level.

Edited: 2 months  ago

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