We are considering 10 important items which should be considered before taking the plunge and committing yourself to expense and any possibly liabilities. Reading this may make the transition into business less painful and probably more enjoyable. I always like to think that Fire prevention is far better than Fire fighting. Some of the subjects will have further articles which give a more in depth explanation if you wish to use them.
10 What will you call your Business? Choosing the right name does not sound important, but having an eye catching name could mean more sales for your Company and obviously more income for you. Try to choose one that reflects nicely with the business. It is no good calling yourself The Widget Manufacturing Company if you are selling Soft Drinks.
9 Do you need more Capital in order to make your business successful? If you can not provide the basic necessities for operating your company then it is going to be a hard struggle. There are always some unexpected costs involved and if you do not have the necessary finance, then it may hinder your progress at the very least and halt it at the worst.
8 What tools do you need to operate your Business? Consider things like Computers, Printers, Websites, Adverts etc. Also consider using what you already have, if it is suitable, rather than purchasing things your business can not afford initially.
7 Where will you work from? Is there somewhere you can work without distractions? Most people will choose home but you need a quiet part of your home to be able to conduct some aspects of your business. A study would be ideal but if you have not got one the maybe a spare bedroom.
6 Can you devote enough time? This of course depends on how quickly you want your business to take off, if you are doing it on a part time basis along with a full time job then there may not be the same urgency as there would be if you do it full time and need income quickly.
5 Can you keep to the rules? Whatever it is, Tax, VAT, Health & Safety etc. you must keep to their rules or you could find yourself in trouble and devoting precious time dealing with things which are not making you any profit. Keeping to the rules means you can spend more time on making your business successful.
4 How do you intend to market your products or services? Obviously if it is an online business then your main one will probably be a Website. There needs to be Marketing of your website / business also, just building a website is no good if nobody knows of its existence or where to find it.
3 Employees, do you need them? Initially it is illegally but if your business grows you may have to consider taking on extra staff to do some of the more menial tasks which allows you to devote more time to the essentials.
2 Are the products / services you are promoting what people want? It is no good starting a business based on something you are interested in and finding out that people are not prepared to buy into your ideas.
1 Lastly are you happy with your choice of Business? You need to do something you have some knowledge about or you need to get cracking research before you launch. You do not need to be an expert but having no knowledge could be disastrous.
In Conclusion I would like to say that we have not considered every single thing involved with setting up your Online Business because each business has its own priorities and may rank other things higher or may not include them in the top 10. However it does not give you some important considerations to be considering before you venture further.