Making the decision to pursue entrepreneurship is one of the most exhilarating things you can experience. However for many people, as soon as they’ve made that decision, a little negative voice starts making it’s way to the surface convincing them that too many things can go wrong, it’s not worth the risk etc…
There’s no denying that setting up a business is full of challenges and presents a lot of risks, but it’s important to keep in mind that there are a lot of pro’s that match the cons and if your passion lies in working for yourself, you shouldn’t be the one that holds you back. You need to keep these benefits firmly in mind and learn to shut down the doubts as they crop up. It’s only then that you’ll be able to make the plunge and give yourself the best chance of turning your venture into a success.
So, you’ve made the decision and this time you’re going to stick with it, what next? Setting up a business requires a lot of research and groundwork. If you get this right then you’re off to an excellent start. However, if you avoid it or half-arse it, then you’re setting yourself up for a quick failure. You need to do a lot of research on your service or product; target markets, competitors, pricing strategies etc. Then, you need to develop your short term and long term goals including business plans, marketing strategies and long term company visions. Then, you can start thinking abut finance…
It can seem like a lot of information but it has the benefit of making sure you know everything there is to know about the sector you’re trying to break into and makes sure you’re establishing with your best foot forward and not continually trying to stay on top of things.
Below is an infographic from Instant Shift which is a mini guide detailing everything you need to be thinking about when it comes to setting up your business. It’s UK focused but the information is valuable for anyone thinking of setting up a business, no matter where they are based.
An Infographic Guide to Starting A Business