10 Things You Need To Do Before Starting A New Business

Starting a new business is always an exciting prospect! You now have total control over your destiny. Plus, you can offer something innovative to the market that no-one else has done before.

You will no doubt have all kinds of plans for your new business. But, it’s important that you carry out some important steps before you launch.

Here are ten such things you should do before you start:

1. Do plenty of market research

Before you spend money making or buying products, you need to do some market research. In fact, it’s crucial you do a lot of it! Why? Because if people aren’t interested in what you’re selling, you won’t make much of a profit.
RELATED:

• The Basics of Conducting Market Research
• Why Are Consumer Desires Essential to Marketing Research?

2. Register a company name

Do you want your customers, wholesalers and distributors to take you seriously? If so, you need to get incorporated. I recommend registering a company and trading as a “dormant” entity. That way, you can become active when you’re ready to launch. Plenty of guides online show you how to make a company dormant.

3. Hire a decent accountant

Let’s face it: accounts will not be one of your strong points. It makes sense to get a decent accountant on board. Sure, they’ll take care of your company’s tax and financial affairs. But, they’ll also help your business save money too.

RELATED:

• 5 Tips to Manage Your Business’s Money Better
• How to Start Your Business Finances off on the Right Foot
• 5 Easiest Ways to Bankrupt Your Small Business Overnight
• Record Keeping Skills For Small Business

4. Make sure everything you do is legal and above board

When you launch your new brand, you don’t want to get into any legal hot water. I recommend getting some professional legal advice before you start. Doing so will mean you have the necessary licences and permits to sell your wares.

5. Talk to other business owners

If you’re new to the business world, it’s worth making friends with other entrepreneurs. You will gain valuable insight into what running a business is like. Plus, you’ll learn how to avoid any potential pitfalls.

6. Get insurance

What would you do if someone sued your business? If you’ve got no insurance, you could end up going bust! Insurance is there to protect you if anyone files a legal claim against your company.

RELATED:

• Protect Your Internet Business With A Cyber Liability Insurance
• Affordable Health Insurance Options for Small Business Owners
• Mitigating Risks: Errors and Omissions Insurance Tips for Your Small Business
• Fire Insurance Claims: What To Do If Your Business Premises Goes Up In A Fire Incident

7. Save up a year’s worth of expenses

When you start a business, you still need to pay your personal bills each month. Many entrepreneurs run a company alongside a full-time job. But, if that’s not possible, work and save a year’s worth of expenses before making it on your own.

8. Create a website

The Internet is home to around a billion active websites these days. Most of us go online at least once a day to research something. If you want your customers to find you, it’s important you’ve got an online home too. Contact iSUD Crafts for a customer centric website

9. Promote your brand on social media

It doesn’t matter whether you sell to consumers or other businesses. Everyone, even those in business, use social media each day. It’s a brilliant platform for marketing your brand online. Plus, it’s a good way to direct people to your website!

10. Plan for the future

Starting a company is one thing. But, knowing what to do in the future is another. Part of your business plan should involve a strategy for new products or services.

RELATED:

• How to Successfully Expand Your Business
• The Process of Growth, Diversification and Expansion
• Processes for Management Succession Planning
• Components of A Good Business Succession Plan

Good luck!