Before you start your business you better make sure you are ready to start and have a realistic order book

I have helped many entrepreneurs start a business over many years, and see a great many start before they are mentally or financially ready.
So what should you do? Think for a moment; you have an idea which you wish to turn into a business? Have you researched fully, and I do mean fully.
Does your product or service exist elsewhere, and if so do you know everything about the competitor or the products velocity?
Competitor knowledge is vital as they currently have the space you wish to occupy. How can you learn about those competitors? Do they have a website? Visit the site and look at the layout. Is it visually appealing and would you visit it again if you were a potential customer? Was it easy to find? Which key words did you type in your search engine to locate the site? What page was it on Google? How many pages did the site have? Did the site utilise pictures and videos? Was it linked to suppliers? Did it link to Social Media? How popular was their Social Media? How many followers, and how genuine were the numbers of followers? Was the site up to date or simply created as a signpost?
Once you have exhausted everything you can learn from the website, locate the business if local to you, and pay a call physically, see for your self what they look like so to speak. How friendly were they? What was their style? Can you see what they are doing well in business?
IF you pay attention to people trading in your chosen field, you will be able to look at your proposition objectively.
Do you need premises?
I will repeat that question, but change the emphasis to Do you NEED premises? Often you can start on line or from home. Overheads kill new businesses. Better to start small and test the market, before you leave your paid employment. You can register for self employment and be employed!
Stake money is seldom free and whilst there are usually grants and cheap business loans out their, being debt free during trial phase is preferable. Most finance providers now insist on test trading information. All expect comprehensive research.
Have you researched your product’s place in the market? Average price? Pack sizes? Pack visibility? Delivery costs? Availability if you are a secondary supplier? Just in time ethos? What margin do you expect?
Never start in business under financed. Better to wait and get it right and be financially in a position to live whilst within initial trading quarter.
Now this list is NOT exhaustive, but designed to make you think.
As always,
Geoff Reeves
Get Started, Blackpool


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