26 Apr 4 things you should consider before starting your business
Whether you have a great business idea or dream of becoming your own boss, starting a business is an exciting time.
Running your own business will take time, hard work and energy, but there are great rewards available in terms of your own freedom, flexibility, and potential income.
If you are in the process of setting up your business, we are here to help, and these are the top 4 things that you should consider before starting your business.
1) How viable is your business?
Not every new business needs a ground-breaking idea, however, it does need to be viable. Perhaps you are thinking of starting a business that can compete on quality, price, availability, or service? The most important thing is that your business has a unique selling point that will be in demand.
2) Do you have the financial support required?
Starting a business will require you to have finances in place, whether through your own savings, a gift from friends or family, an overdraft, or a loan. It is important that you make a note of the potential costs associated with starting your business so that you know exactly how much you need to raise.
3) Are you suited to running a business?
Running a business takes dedication, passion, and resilience, which are qualities that not every individual possesses. Think about the various scenarios you may be faced with and whether you would feel comfortable, such as attending networking meetings with strangers, dismissing an employee, and having to pitch your business idea to potential investors. If you would feel comfortable and confident in these situations, you are likely to have the skills and personality required to be your own boss.
4) Do you have the skills and experience required?
Aside from the skills and experience which is required to run the day-to-day operations of the business, you will also need to consider areas such as business formation, accountancy, marketing, sales, and human resources. It can help to identify the areas in which you may need help with early on so that you can put your skills to use in the best areas.
Although the SQK team are accountants first and foremost, we are also here to provide the small business start-up support you need to get your idea off the ground. From registering your business with HMRC through to managing your payroll, if you choose to set up a limited company, we can assist with every aspect of your business formation.
To find out more about our small business start-up support services, please contact the team today.