"Within one month our revenues had jumped over 50%."

What Should I Consider When Starting a Business?

What to Consider When Starting a Business - Open Neon Sign

Stop and think first

Many actually dream of becoming their own boss one day. Being able to pick and choose how much to pay oneself whilst contemplating how many days holiday to take each year, dream over. As we know starting a business can be one of the most difficult things to do in life but can lead to some of the greatest sense of achievements ever to experience. But what really needs to be considered in order to make your Richard Branson dream come true?

Forget the MACRO environment…for now

With economic austerity playing such major part of the day to day lives of people across the world, many are off puted about starting a business. Wrong attitude. If anything this is the perfect time to start a business. With governments globally looking to invest in small businesses, now is the time to consider the options. 2012 saw vast options for entrepreneurs and small businesses to tap into government funding to help realise their true potential. Tax breaks and low interest loans made available through venture capitalists saw those looking to go alone in the marketplace increase four fold. Yes it will be challenging, so be ready for a fight.

Focus on You

What is your current role? Could you do better away from your existing employer? Complete a self SWOT (strengths, weaknesses, opportunities and threats) analysis and identify what you have to offer. This analysis can be very revealing and has in the past lead many to not consider a business start up. By being truthful during this analysis you are ensuring that you are setting yourself up for the best possible start. Also consider what you already posses that will help drive your business forward. Do you have your own computer with broadband connection? If Yes, great start. Many businesses nowadays do not need a luxurious office (to begin with) and can run successfully from their living room.

Who is King?

To start your own successful business cash is needed, simple as. Depending on what business you are looking to set up will also determine how much cash is needed. As discussed previously investment in the form of cash is there through venture capitalists and/or grant schemes, many entrepreneurs though don’t like the idea of being out of pocket from the get go. Cash though is vital, seek out all options. Speak to friends, family and other potential investors to get cash from the outset. The option to possibly give a up a stake in your business may also be an option, this may hit your ego at first but comes part and parcel of becoming that successful entrepreneur you have been dreaming about.

Just Do It

Setting up your own business needs the ‘can do’ attitude so just get on with it. At times it may feel like you are banging your head against a brick wall but this feeling will soon surpass with the achievements that are on the horizon.

About the Author

This article was written by Ashley Hunt representing Caremark, a UK based home care franchise.

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Author:Ashley Hunt

The Globial International Business Team researches, analyzes, and reports on all things related to global trade and business.

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