The idea of creating your own business can feel like a dream. Setting your own hours, being your own boss and working in an industry you’re passionate about, what’s not to like?
While the upsides of creating a business are high, so are the downsides. Too many small businesses fail because their creators thought all they needed was an idea. In fact, getting a business up and running takes a lot more than a good idea. Here are a few things to take into account before taking the plunge:
Have a business plan
As the adage goes, if you fail to plan, you plan to fail. A good business plan will help you keep sight of long-term goals when things get hairy. The plan should include your ideal customers and why they should go to your business. What separates you from the competition?
The plan should also contain marketing strategies you intend to use, as well as what your competitors are doing. The plan doesn’t have to be too detailed, but more of a rough sketch of what you plan to do with your business. You’ll have time to fill in details later.
Find an identity
Make sure the name, logo and brand you intend on using aren’t trademarked. Look through the national trademark registry and do a Google search to double-check. A unique name does wonders for your business.
Do not just assume your brand or logo is new. Make sure to research all aspects of your business’s identity, and apply for trademarks as soon as possible to ensure you secure your identity.
Make a budget
In the beginning, money’s going to be tight. Your business will take many expenses before returning a profit. This means you will have to make (and stick to) a budget. Know what you can live without. You may consider working a part-time job while establishing your business.
It’s important to budget for unexpected expenses and be ready for emergencies. A detailed budget can help you avoid surprises and keep things running smoothly.
Daunting but doable
These are just a few of the things you need to consider when creating a business. While it may seem intimidating, it’s better to prepare for extra work and expenses than being taken by surprise.
If you have any questions about finding the best structure for a company or trademark issues, an experienced business attorney can help.