If you’re contemplating starting a new business in this current environment, you need to ensure you’ve done your homework first.
- Research the business and the market you’re trying to serve.
- Have a closer look at the competitors to the type of business that you will be operating.
- Have you thought about all of the aspects of commencing a business?
- Does it suit your lifestyle? Does it suit your family’s lifestyle?
- Have a meeting with your accountant and commercial solicitor to ensure the business entity has been set up appropriately.
- If you’re buying a business, you will need expert professional advice to ensure you’re acquiring everything you’re paying for, especially intellectual property and trademarks.
- Prepare a business plan and a budget and cashflow forecast. Discuss these forecasts with your accountant to ensure that everything has been thought of, especially:
– deposits you may have to pay on rented premises;
– bonds that have to be placed with various organisations; and
– upfront cash payments you might be forced to pay for the first few months of trading.
- It’s also important to think through how you’re going to differentiate your business from other businesses operating in the marketplace. This can include the development of a unique website and embarking on a regular social media campaign to promote your business.
- Try to become an ‘expert’ by offering free advice via blog articles.
- Talk to your commercial solicitor about the various laws which will apply to the type of business you’re going to buy or commence. Ignorance of the law is no excuse, so you will need to make sure that you are aware of the laws which will apply to your business operation.
- Before you buy the business, have a good look around as to what’s happening in the business community. You can achieve this by going to Chamber of Commerce meetings and other industry/business meetings to ascertain the general feel for what is happening.