Planning for a new business

Starting a business takes a lot of patience, determination, and creativity, not to mention the more practical aspects like money and time. It can be a very rewarding venture but comes with its own sets of challenges. You may have decided it’s the right path for you, but it’s important to be as prepared as possible; evaluate all possible pathways and think about the reasons why you’ve decided starting a business is the way forward for you.

Cropped image of a man sitting at a wooden table working on his iPad, representing planning for his future business

Have a clearly defined purpose for your business. Think about why you’ve decided to start your own business and be prepared to defend your reasoning to others. Know your product or service back-to-front and know how it differentiates from others on the market.

Think about the reason why in the simplest terms, so you can tell your friends about why you want to start the business, not just the spiel you would use for investors or employees. Do you want a more flexible lifestyle? Have you always wanted to be your own boss? Is there a gap in the market that your business slots right into?

Once you have a good understanding of your reasons why, you need to evaluate your financial situation. The type and amount of capital you have to get started will determine the business opportunities you have available to you. It may ‘take money to make money,’ but have realistic expectations of what you can do with the amount of money you have to sink into the business.

Personal sacrifices will also need to be made in order to get your business up and running and successful. Your business probably won’t get less time-consuming as it grows, so how much is this venture worth to you? It’s not just about the money you’re sinking into the business, but the time you’ll need to spend working that you’d usually spend with your friends and family, or sleeping, or watching TV. It’s missing family dinners, skipping out of events early because you have to be up for meetings or flights or to get a head start on the work day.

Really think about what you’re willing to miss out on, how it will affect your family, and if starting your own business is really the best thing for you.
Make sure you’ve developed a plan for the future, think about where you want your business to be in a year and in five years. Create goals to get to those places; having this vision will be incredibly important to your employees, who will be looking to you for guidance. Continue to be on the look-out for ways to grow your business – start attending events, look into expanding online if you don’t already have an online presence, look into creating a plan for professional development as your business expands, and create and foster a culture of innovation in your workplace.

If you’ve got the practicals in place, then it’s just about making sure starting a new business is the best way forward for you. Think about your reasons why, evaluate the opportunity, and make sure you’re prepared for the next steps for both yourself and your new business.

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