Considerations To Make When Starting A Business*

*This is a collaborative post*

If you are starting a business, then we know it can be a scary time. There is so much to consider before you can even make it to printing your business cards.

While some people are often like a bull in a china shop, the best way to tackle starting a business is slow and getting the fundamentals right. Today we are going to be looking at some of the most important things you may need to consider when starting your first business.

Getting The Legalities Together

When starting a business, some legalities and technicalities often go overlooked when it comes to getting things moving.

While these things are not purposely ignored, it is more a lack of urgency and in the long run, being complacent with these things can have serious ramifications a little further down the line.

The first and most important decision you have to make is on the structure of your business. You need to decide whether you are going to be operating as a sole trader, a partnership or a limited company. Setting up a limited company can get rather complicated, so people like the could be just the helping hand you need.

Another important legal consideration you will need to make and make sure you get perfect is your tax and national insurance. It is important to note, your business structure will have its tax and national insurance requirements, so getting professional advice should you not be sure is imperative.

You should also pay attention to health and safety laws; While these laws seem important, if they go ignored, this will eventually spell complete disaster for you and your company.

What Kind Of Business Will You Be?

Another vital thing that needs to be carefully looked at is the kind of business you will be. You will have to weigh up the pros and cons of how you will primarily run your business.

The choice will generally sit between two choices. You will either conduct the majority of your business face to face, or you will go eCommerce completely.

The better and more lucrative option nowadays seems to be to lean towards eCommerce. The trouble with this is that generally, people sway towards eCommerce because they believe it is an easier option, especially when it comes to the product itself - if you're looking to make a business from a digital product, you need to look at distribution platforms such as FastSpring to make your life easier. As you can appreciate, it's not as simple as sending people files via email or Social Media - you need some management involved that can sometimes do the work for you.

Thinking that having an eCommerce business is going to be the easy option is where a lot of companies go wrong. It is important to remember that the entire eCommerce industry is projected to be worth $6.5 trillion by 2022, and that means there is a lot of fish in the ocean to contend with.

The truth is setting up an eCommerce business may prove to be more beneficial than a face to face business, but you will undoubtedly be taking a more significant risk, and your competition will be far greater.

Will Your Business Stand Out?

One thing that business owners forget nowadays is that their customers are people. This may sound like basic information, but the truth is that businesses the world over are removing humanity from their business model.

The best way to tackle this conundrum when starting a business is, to begin with, a business story. Nowadays, the key to success in business is, in fact, storytelling. While it may sound ridiculous, it's the best way to build a relationship with your future customers.

It is important to remember that when creating a story for the brand, it must be a genuine one. Consumers can easily see through a story if it's false, and this will only pay detriment to your brand.

Other ways to get the business to stand out are simple by involving your potential consumers before you start your business.

To involve people, it is essential to get out there and do some much-needed market research. This will be beneficial in a few ways.

First it will allow you to determine your demographic before you open the doors to your business. Having a predetermined demographic will enable you to target your market from day one specifically and can save you a ton of cash.

Finally, this allows you to build a relationship with your customers and take their input. You can use their valuable contribution and make it a part of the product.

Simple techniques like this have shown that customers who feel involved in the business are more likely to use it.

*Post contributed by Sam Jones. *Image Credit - Pexels - CC0 Licence

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