There is a lot to be aware of when setting up a business. You find that you can never know everything and learning on the job is part of the package. A degree in business will be useful but not compulsory. In many cases, experience and keenness to learn can make up for this. There are some important areas you will need to consider if you do decide to break free from working for others and open up your own business.
Basics For Setting up a Business
Location, Location, Location
Honestly, I can’t stress this enough! Location is key to any viable business. When looking at commercial properties you need to make sure that you consider:
Footfall: number of people that pass by.
Accessibility: how accessible is it. Main road locations and those located in or near shopping areas and close to public transport are highly desirable.
Competition: Check the number of competing businesses in the area you are keen to open. Some areas can be oversaturated with certain types of businesses meaning it is much harder to create a successful business.
Funding
We don’t all have the funds to open up a business so may need to find investors/partners to help get it off the ground. An option to consider is taking your business idea to a trade show. You can make great contacts and gain important market knowledge that could help your new business. There you can also get valuable advice and may also find someone willing to invest in your new business. Make sure you are fully prepared. Prepare answers to possible questions an investor may ask and make sure you have fully researched the area you plan to open fr spending habits, competition and that you can offer a superior or more appealing product.
An Awesome Team
With any good business comes the support and hardwork of an awesome team of staff. Be warned though a good team can take a little time to build and you might find you will need to increase your budget to secure the right people. Start with a small but good team at first and your numbers will grow along with the business. Head-hunting potential candidates can be a way of selecting people you feel are perfect for your business. Be thorough with your interviews and don’t settle for just anyone if your first attempt to find the right staff comes up short. Persistence pays and costs you less time and money in the long run.
As you have seen, there are numerous things to consider. The areas covered will help get you started on the right footing.
Good luck!
Did you have any other useful suggestions for people considering opening up their own business?
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Written by Melanie Edjourian.
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There must be so much to consider when deciding to open a brick and mortar business. You make some good points, particularly the importance of accessibility.
Thanks Valerie. I’m glad you found the post interesting.
I think having some funds behind you to cover at least a few months is so important as you don’t want to have to rely on work just to pay staff and other things you need x
That is very true. It can make a big difference to have some money in the bank especially for unexpected occurrences.
Totally agree with these, the most important being having an awesome team for sure xx
A great team can really boost a business.
Some great tips here! Location and accessibility are so important, you want to make sure people can actually get to you.
That’s very true. Location is a biggie!!!
Great tips here. I would love my own business one day
I hope you get to 🙂
These are such valuable tips for anyone who’s looking for advice on this.
Thanks for your comment Eva. I hope you found it interesting.
Fantastic tips! A good team is so important
It really is and I’m talking from experience.
Some really great tips here. One I never thought of was taking a business to a trade show
Thanks Natasha. It’s important to cover every option. With shows, you never know who you might meet or get contact details for that can help you.
This post is very useful, it’s so important to look at every aspect and have it covered.
It really is. So many don’t prepare properly and find it goes wrong. It’s important to do your research first.
Great article and advice although I would probably never have time
My partner has always been self-employed since leaving the RAF, but I’m just not brave enough…
I think it scares people as they don’t know what to do. Good research should help get you through though x
Some really great tips here, I would love to have my own business one day