Are you thinking about starting a new business? Whether you are thinking about freelancing online, opening a restaurant, starting a dog walking business, or something else, there are many common tasks in the beginning that should be thought about.
How will you find customers or clients?
If you are starting a new business, then I hope you have done research about your potential customer or client base. You should think about how you will find new customers and clients as well. Will you have to do advertising? Ask for testimonials or reviews?
Do you plan on offering a cheap product? Or do you plan on competing with your competition by offering higher quality products or services at a higher price?
If you price your product or service at a higher rate than your competition, then clients and customers will want a reason for it. Also, if you price your product or service too low, you actually may face the problem of scaring potential customers away because they may wonder why your pricing is too low.
How will you accept payments?
If you are starting a new business, then something as simple as taking payments may not have crossed your mind right away. However, I have seen many businesses forget about this step and it ends up costing them in the end.
You may need to look into accepting cash, checks, credit cards, PayPal transactions, using a restaurant merchant processor, and so on.
What are your future plans for your business?
I know that you may just be in the beginning stages of your business, but have you thought about the future of your business as well?
For example, if you are starting your business alone, do you ever plan on adding employees? How will that work? Will you need to get a physical building/office eventually one day? Or do you always plan on working out of your home?
Also, what will you do in regards to retiring? Are you building a business that you plan on handing down to someone, selling, or will your business just disappear when you are done? Will your business allow you to save money for retirement, or will you find yourself cash-strapped every month?
What else am I forgetting?
Picture via Flickr by John Benson
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