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Four things to consider before launching a business

Money - By Rachel Murugi | August 9th 2020 at 08:37:45 GMT +0300
A lot of work goes into setting up a successful business (Photo: Shutterstock)

Launching a business is no easy task. Counting the sleepless nights where you entertain different ideas, write down possible plans of execution, getting the resources and finally doing it practically, it isn't for the faint-hearted. Whereas many think that starting your own business is the end of all your worries and finally getting away from your boss, you'll need to consider a number of things before making regretful moves. Here are some of the things to highly consider as you speak to chase being your own boss.

Do proper research

Starting a business without the knowledge of how to run it, or what is expected of you can lead to a disaster. You'll have to identify your target market for your products, where to source your primary goods cheaply and how you'll ensure you make profits. Launching a business without identifying what special thing you bring to the market can be devastating. You have to be offering a solution to a problem, tap into filling a gap or offer cheaper alternatives in comparison to your competitors. All these requires a high level of research, including identifying the best place to set up your business which will determine the success or failure of your business.

Map out your finances

When launching a business, the money resource has to be well evaluated. You'll need to identify where you'll source it from, how you'll use it and how it shall be multiplied into profits. Sources of capital could be through your savings, bank loans, angel investors or donations. With reference to your business plan, allocate every duty with its expected financial implication. Doing this on paper first helps you to make projections of how you expect your business to perform and when your return on investment shall come.

Before you start a business you need to do thorough research (Photo: Shutterstock)

Understand the legal aspect/demands

Before launching a business, getting to know the nitty gritties of the legal framework is very important. You may require certain business permits that are special to your specific business. The law may also demand a certain range of tax fees accorded to your business in comparison to other ordinary businesses. Certain permits for your rented space, safety precautions, noise allowance among others are all legalities that you'll have to consider before you launch your business.

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Know the business risks

Indeed, no business is without its risks. Even with the positive projections on paper, there are some uncontrollable factors that can often change the tide for any business. It could be government policy, inflation, high custom tax costs, environmental factors among others. Aim to get into a business with the full understanding of the risks involved in the business. If it involves high risk, you'll require to be considerate in hiring tighter security. If it involves perishability of items, you require to figure out a better storage method. Knowing the risks around your business will help you to know whether you need liability insurance or not.

Before launching your business, you'll realize that it involves much more than a general overview of what you may know. Get to know your best time to start the business especially when there is no inflation in the market. Identifying the people to employ and selecting properly will also propel your business. Overall, have as much information as possible before launching your business so as to lower your chances of failure.

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