The following is a contributed post.
There are many things to think about when starting your own business. I know this, well kind of… I have been in the process of starting a new business for the past couple of months, and we are still in the very beginning planning stages.
Will you hire anyone?
Do you plan on starting your business all by yourself or do you plan on hiring workers in the very beginning? With some businesses, hiring help is a must, especially if you don't have all necessary skills in order to successfully launch your business. A mistake that many new business owners make is not hiring any help. I know of a couple of business owners (well former business owners) who never hired help. They didn't hire help for their business in the beginning, the middle or the end. The end almost always was directly related to never hiring any help.
One of these business owners actually had a physical retail store. He went to work every single day and did EVERYTHING. He rung people out at the cashier, handled all of the accounting, handled all of the inventory and so on. Now, why didn't he hire any help? He didn't hire any help because he thought he could successful do it all, and also because he didn't trust anyone. He lost a lot of money and was only in business for a couple of months. He also probably had over $50,000 in inventory that was all wasted.
Where will the funds for the business come from?
What type of business are you starting? Not all businesses have high startup costs, but some do. If you have to carry a lot of inventory then you most likely will need to have business funds for it. Will you save up all of the needed business funds before you officially start your business? Maybe you will fundraise on a website such as Kickstarter. Or you might need a business loan in order to jump start your business. There is nothing wrong with any of the choices! Just make sure that you see true value in whatever you do decide to do with your business startup and seek business debt solutions when needed.
How will you market yourself?
With a new business, marketing will most likely be very important. I can't think of too many businesses where marketing is not a factor at all. You have to find customers somehow! Will you interact on social media a lot? Will you need a social media expert?
There are many forms of marketing and advertising. You can create a Facebook page, post pictures such as for a clothing store on Instagram, interact with customers on Twitter, have television or radio commercials, hand out flyers, and so on. The possibilities for advertisements are endless!
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