Escape The Rat Race And Start Your Own Company

If you feel you aren’t getting anywhere in your usual nine to five job then there are things you can do. You can either apply for other jobs with other companies or you could be bold and start your own. Starting your own business and coming up with an idea can seem like a pretty daunting prospect. Try not to get overwhelmed and take it one step at a time. You may be worried about becoming another statistic in the failed business world. It is thought that up to 90% of new businesses don’t make it to their first year. Take a look below to find out how you can start your own business from scratch and build it from the ground up. 

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What You Want To Do

Every great and not so great business you see around you today started with a unique idea or a built-on idea. No business would come to fruition if it wasn’t for plans put in place. Having a plan means you know exactly what you want and how to go about it. In the early stages it is recommended you write everything down. You could be having a shower and an idea comes to you, write it down. No matter how small or irrelevant you think your idea may be, write everything down. Nothing can be as bad as the pet rock idea that took off. Quite literally a pet rock, a rock in a box that you care for. 

In order to have a successful business it also helps to know yourself. Knowing how you will handle being a business owner and knowing your strengths and weaknesses. If you have any flaws or weaknesses that will affect your business then make sure these are the first positions filled when you find employees. You could also go into business with someone else, a joint venture. This is great if you both have different strengths and weaknesses as you will balance each other out. 

Market Research

When it comes to finding out if your business will last the long haul it is worth carrying out some market research both on customers and your competition. A great company will always know their competition and how much they are selling. It helps to know these things as you don’t want to start a business if the idea has already been tried, tested, and failed. It’s also a good idea to write everything down regarding your competition, this includes how much they sell similar products and services for. This way you won’t charge too much or too little, you don’t want to be too expensive as you won’t get any customers. Customers always shop around before settling on a business. So start low and build up your client base then consider putting your prices up. 

Never be afraid to take an existing idea and make it your own. You can’t get into any legal trouble if you don’t sell an exact replica of another business’s product. If you feel there is something missing from the market or you have heard others complaining about it. Make their dreams come true and provide what your public is asking. This is why market research on the general public is a great idea. You can do polls on social media or grab people in the street and ask for their thoughts. This may not work out as a lot of the general public are busy and don’t like being spoken to in the street, they always assume they are being co-erced into signing up for stuff. 

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Business Plan

A key point to consider when setting up your new company is your business plan or business structure. This will help provide you with legal coverage in terms of losses as well as other issues that you might run into when you are running your company. For instance, you could choose a limited liability partnership structure. This is ideal for any type of professions that would normally operate as a traditional partnership, but whose members require limited liability.

Manpower

Now you have sorted out your ideas and know what you are doing with your business it is time to hire the right team. The right employees will have your business at the heart of every decision and sale they make. You will only ever be as strong as the team holding you up. You can of course, start and run a business with just yourself but this can be a lot harder and take up a lot more of your time. When it comes to having employees, you should consider only hiring the ones you actually need full-time. Other areas such as accounting and content writing can be outsourced to save your budget. 

If you want to hire people that are great at what they do then think about how your advertisement looks and comes across. You will get every tom, dick, and harry applying if you fail to specify your wants and needs in an employee. It is a good idea to have a personal specification when you are doing your job description for the ad. You can include what skills, qualifications, and attributes you would like them to possess. It may benefit you to use the services of a recruitment agency. This saves you a job of trawling through applications that are not suitable for your company and you will end up with the best of the bunch. 

Location

Finally, think about where your business will be based. It has become quite common to work from home these days. If you and your business are able to do that then it will be friendlier on your pocket and your outgoings. However, if you need storage space or your home is too small to work from then find a suitable office space to occupy. If you are dealing with the general public you need to be somewhere they can find you easily. If you are set back from the main hustle and bustle ensure you spend a bit of your budget on top quality signage. 

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