Essential Things You Need to Consider Before Starting a Business

Opening a startup business? Make sure all your bases are covered before even launching.

There are literally hundreds of business ideas you could start with, thanks to good old-fashioned ingenuity and some new technology. However, before even starting anything, make sure you’ve covered these first few essential steps before venturing into a startup.

Do your market research

Just because you created it or sell it doesn’t necessarily mean anyone will buy it. The first essential step is to research your potential market. Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is it a niche? Can you define your ideal customers? These are all questions that need to be answered before you even consider starting a business. Make sure there are enough people on this market and that it’s not too limited, or else don’t even think about it.

It’s all about the money, it’s all about the…

Capital. And you can’t move without it. Determine what you have, what you will need, and how you will go about getting it. If you plan to seek investor funding or financing, start writing a business plan and practice your pitch. Research the costs associated with your business. Know how much money you really need.

Decide on a business name

It may seem obvious and simple, but the name is how your business will be known and how that name will stick in the minds of people. The right name says a lot about your company. Make a list of potential names and narrow the list down to the one that best describes your company in a few words, while being catchy, easy to remember, easy to pronounce, and easy to spell. Coupled with this, you might want to start searching for a good business lawyer, a good accountant, and deciding what business structure you want such as sole proprietorship, partnership, corporation, or limited liability corporation.

Get all necessary licenses and permits

A business permit and business license is definite must in any city. Depending on the type of business and local laws, you may need to get additional licenses, if necessary. Specialty licenses are needed to manufacture and/or sell specific products like liquor, firearms, or even lottery tickets. Research all licenses applicable to your business. It’s also extremely important to know the zoning laws before you open a business. Your business lawyer and accountant will come in handy at this stage.

Set up a dedicated tech support team or outsource to one

Regardless of the nature of your business, technology will always play a part in it, and this means, computers, Internet, and its related gadgets. Since you need to purchase, set up all this, and consider other things like knowledgebase, maintenance, etc., it would be a good investment to set up a dedicated tech support team to handle all the technology side. For businesses with minimal technology needs, outsourcing to a professional technical support team can save a lot of overhead.