If you are seriously thinking of quitting your job and following the many others who work for themselves, there are indeed many things to consider. You might want to go it alone and be a sole trader, or, like many others, have an integral partnership with another person, and wish to both share the responsibilities (and the spoils). Whatever the field you plan to move into, here are a few things you will need, in order to boost your chances of success.
Sound Legal Advice
This is essential, and if you are based in the north of England, you should seek out experienced business solicitors in Yorkshire, who can help you set up the right type of company. Many people prefer to settle for a limited company, as this minimises their liability, but without consulting a lawyer, you might make a costly mistake. The legal counsel can also help you with leasing commercial property, which is likely to be a requirement, and any contracts with commercial landlords need to be carefully studied before agreeing to any terms.
A Good Business Plan
This is the very foundation of the business concept, and the answer to all questions relating to the business would be contained in this document. The plan would describe the business in great detail and should contain your marketing strategy, along with annual projections for the first 5 years. For many people, writing a business plan can be difficult, but with many online resources to help you, you should be able to put together a business plan that ticks all the boxes, so to speak.
Identify your Market
This should be clearly defined, as should your outlined marketing strategy, and by reading the business plan, an outsider should be able to see how you intend to create a realistic market share. Whatever the business, you need to identify your target group(s) of potential customers and also a way to effectively reach them.
Play Devil’s Advocate
Either you or your partner need to take on this role, which involves trying to find weaknesses in the business plan, and failure to do this might mean that something very important is overlooked. A good business lawyer would be able to give you an honest opinion of the plan, and could also play this role on your behalf.
Of course, you will need to have adequate capital for the venture to get off the ground, and it is worth mentioning that in the first year, many businesses fold due to a lack of funds. Ideally, you need to keep back enough capital to see you through a 6-month period of zero income, and while it is possible to set up an online business on a shoestring budget, you really do need to have adequate money behind the venture.
The key to starting a successful business is planning, and providing the concept is realistic and you have thought things through properly, there is no reason why you cannot launch a successful business that will steadily grow.