Having the idea for a business is one thing but executing it is a different ball game. You will need to carry out research, source finance, get legal advice, and find the perfect team to help you launch. This may sound easy when we write it like this, but the steps are long and tiring, especially when you’re walking the road alone. Throughout this article, we’ll tell you what to put in place before your business can trade.
Extensive Market Research
There’s no point in launching a product when there’s no chance of breaking through the competition. For example, if you’re looking to manufacture and sell footwear, you’ll have competition from big players like Nike and Adidas. Understanding where the gap in the market is, and who your audience is, is essential to have in place before launching.
A Thorough Business Plan
The next step is turning your market research into a thorough business plan, which you will use to convince investors and early help to join your cause. This is your opportunity to write down what your vision and aims are, what your projections are, and where you plan to gain financial backing from. There’s no set format for writing a business plan, but you will find further information here.
A Company Website
Your business will need to be online, which means having a functional website where potential customers can find out everything they need to know about your product. The website should tell customers who you are, and what your product is, and have straightforward “contact us” details. If you’ve got the time, you can create yours on WordPress, but hiring a web designer will be easier and less time-consuming.
Businesses cost money to set up, no matter what industry you’re entering. Therefore, you need to have financial backing or pockets deep enough to front the early days. There are many ways to source funding including traditional investors and crowdfunding.
Your business is your baby, which means you need to protect it. You should take out insurance that will protect your business, your employees, and your guests. There may be times when you have to have proof of insurance because workers’ compensation, disability, and unemployment insurance are all mandatory under federal law; luckily, you can get your certificate of insurance in minutes.
The Legal Part
There are rules and regulations in place that govern all businesses, and it makes sense to follow them all from the start. You will need to have a license to trade, insurance, an Employer Identification Number (EIN), and any trademarks registered. Further, you may need a premise license and pay rates and understand basic accounting principles.
There are many steps involved in setting up a business, and the fun only continues once you’ve launched. You will need to have financial backing, a strong business plan, and documentation to prove that you’re following all regulations. As a bonus, you should seek support from family and friends, who can keep you motivated during the start-up phase.
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