Starting your own business is a life changing decision that doesn’t happen overnight. This process will take time, money, dedication, commitment and a strong will to succeed. There are many things to consider and many more steps to take once you have a good foothold. Lets take a look at a few things you should think about before starting a business.
- Choosing the right profession
- Education and Training
- Where will your office be?
- Create a business plan
- Get a lawyer’s advice
Choose a profession that suits you
Make sure the business you’re getting into is something you love. If you’re an expert in a subject you’re not passionate about, how long will it be before you burn out? Knowledge won’t drive you when the nights get long and the road gets rough. And it will get rough. You won’t have an answer for every problem and there will be stumbling blocks and growing pains. However, the passion and love you have for your choice of profession will cushion your fall and help you back up. Your passion and need to fulfill a service will be what drives you forward.
Education and on the job training
If you concentrate in an area you are most passionate about the training and education part will come naturally.
Do your research. Make sure you have a clear understanding about the industry. If there are other businesses that have a similar model to your idea, look at what they’ve done. Taking a few business classes wouldn’t hurt and you’ll be thankful when it comes to handling finances.
Contractor businesses like electricians, plumbing and HVAC require special licenses and training so you will need to make sure your approved to work before opening your own business. Often the best way to learn the trade is to do apprenticeships or work under a company until you get a good grip on the day to day run of things.
Where will your office or warehouse be?
Will this be a business you can run from your home? Does your community allow a home business? Local zoning laws may restrict you from running an in-home business especially if you have employees working with you. If you do not own your own home, make sure your landlord doesn’t have any restrictions against home businesses.
Will your business require you to need a warehouse for products? Or will you need a storefront?
If you’re a contractor, where will you keep tools, equipment and company vehicles?
What is your business plan?
A good business plan outlines the company’s goals and how those goals will be achieved. If you want someone to invest in your idea, your business plan needs to be thorough. Businesses will incur losses. How will you deal with those? Include both profit and loss margins as well as an analysis of cash flow.
Your business plan should also include brand identity, marketing and sales pitches. You need to know your target audience and how you plan to reach them. Most importantly, you will need a brand identity.If you’re wondering if “Do I need a logo?” consider this: a logo is a symbol that represents what your business is about and what you do. Your logo or your brand is how your clients will identify with your company.
Make sure you have money budgeted toward marketing materials. Your logo should be on all of your printed material to further build that relationship between your brand image, your business and your clientele. Printit4less.com provides printing services for invoices, business cards, uniforms and other marketing materials that you will need to manage your business and spread the word about who you are and what you do. You will also need a website and social media accounts.
Get a lawyer
Unless you have a law degree, get a lawyer. You will need the legal advice when it comes to insurance and liability. Also, you will need some sound advice about what legal verbiage to include on your business invoices. While printit4less.com does provide some templates with legal information ready to go, it is always recommended that clients consult their legal team before going to print. This is to ensure that what is on the form best fits your business. A lawyer will help you understand the legalities of your profession and help you construct a business model that is compliant with the law.