Setting up a company is one of the most exciting and also one of the most overwhelming things that we can do.
Anyone that has set up a company, from scratch, will know that there is a huge amount to be learned and a lot of potential pitfalls that can create problems along the way. So with that in mind, today we are sharing what anyone, contemplating creating a new business, should know before getting started.
Getting Finance is Not Easy
If you are going to be looking into getting financial help then you may need to be prepared for a bit of a challenge depending on the type of business you plan to set up. Some types of business are considered to be higher risks than others so it is always recommendable to do your homework before committing yourself to one, very rigid business idea.
Financial institutions can be reluctant to loan money to startups and there are not a lot of business grants out there so you must be looking into all the different options available to you before jumping in headfirst. Thinking outside the box and researching other ways to go about it is always a good idea before starting out.
There are also some fantastic business accelerator startup programs and government funding programs that may help you on the road to gaining the level of financial support you are looking for.
There is No Ignoring Digital
The fact that the world has gone digital needs to be at the forefront of any business owner’s mind. There is no point in creating a business plan that does not include a digital focus and strategy. If you have no idea about creating websites and how to go about planning and integrating digital marketing strategies then you will want to look into hiring an SEO agency or a digital marketing agency to get you on your way.
Hiring specialists and experts, in these areas, will ensure that not only are you hitting the ground running in the first few months of your business, but that you are also learning the tricks of the trade so that you can build up your own knowledge of this area that you will be able to put to good use later on down the line.
Keep The Day Job
If you still have a day job, then we recommend keeping it. At least for the time being. Setting up a company takes a lot of time and as it can be a long process you will need some sort of additional income for the initial first few months.
As you will likely not be making any money, for anything up to as long as the first year, you are going to need some sort of income to support you whilst you wait for the business to take off. It takes a lot of time and patience to start to reap the reward of all your hard work so we definitely advise keeping the day job for the time being.