What to Consider When Starting a Business

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So you’ve decided to take the plunge. Maybe you have a product to offer that you haven’t seen on the market yet. Or maybe you have a product or idea that’s already out there, but you believe you can do it better. Whatever your reasons are for starting your own business it can be a daunting task. You’ve got to ensure that you have your business plan checklist ready at hand to mark off when you’ve completed your goals. Do you need a venue? Are you starting out of your home? Do you have the right accounts? The list goes on and on. We’ll take a look at some of the important factors to consider.

Your Checklist: Don’t Forget

  • Location: where will you be making/selling your product? Do you need a special spot in your home? Or do you need a stand-alone location?
  • Business Accounts: You need to keep your business money separate from your personal money as much as possible.
  • Target Audience: Who are you selling to? Regardless of what you are selling you should identify your audience.
  • Permits: Do you need a special permit to make/sell your item where you live?
  • Forecast: Have you checked that the market isn’t already saturated with what you want to offer?

These can all be daunting aspects to consider when you’re starting your own business. It doesn’t matter if it’s your first or third business these things need to be reviewed. It’s helpful to check your forecast and your numbers with a reputable source: “One of LaunchScore’s goals to become part of every small business entrepreneur’s business plan checklist. Check your numbers against ours. If they are in the same ballpark, then we agree, if we are high and you are low, then we are more optimistic than you are. If our valuations are lower than yours, then we are more pessimistic than you are. While we don’t think that you should use us as your sole source for estimating the profitability of your venture, we would like to be included in your decision,” says LaunchScore’s Andre Laplume. This is similar to Zillow, which estimates the price of houses that are not on the market.

6Having that extra set of eyes and rational voice to guide you can be extremely helpful. You don’t have to go it alone and it’s important to seek out all the advice you can. While some firms may charge a small fee there is a wealth of information on the internet. Your business is an extension of you and you should treat it with care.

Once you’ve decided to take the plunge you’ll also need emotional support from your friends and family. They have to be just as invested in this as you are in order to support you adequately. If they’re against it at all when you’re having a slump or a bad day they could possibly make it worse. Most people have that support from their close friends and family before they set on this course. Just make sure that you talk to the people this may impact before you go ahead with your dream.

No one wants to have a business where there are angry people. Especially if you are working out of your house for a time you want to have the consent and support of those who also live there. Your family and friends may be your first customers and your best cheerleaders. And you always want to keep the customer happy.

Come check us out and learn more at LaunchScore.com!

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