FOUR THINGS YOU NEED TO DO BEFORE YOU START A BUSINESS

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You’ve got the business idea of the century. You’ve thought of the product, the name, and even the logo, and you’re ready to unleash it on the world. You’re full of enthusiasm and ready to get going – but hold on a minute. There are some important things to do before you even think about getting started.

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1. Market researchResearching the market is a vital first step for any business. You want to make sure that your idea is viable, and that it’s something people will want or need. Ask yourself if there is a market for your business idea, and whether it’s big enough to make your venture a success. By asking some tough questions at the start, you’ll save yourself from any avoidable drawbacks later on.

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2. Create a business planFail to prepare, prepare to fail. Any major endeavour needs meticulous planning if you want it to succeed, and perhaps none more so than a business. Once you’ve researched the market and found out whether or not your idea is sustainable, the next step is to draw up a detailed business plan that will give you a clear sense of direction and alternative routes in case anything unexpected steers you off course.

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3. Think carefully about brandingYou might already have some initial ideas for your company name and logo, but these require more than just a passing thought. Branding can make or break a business – especially a start-up that’s looking to make an impression on the market. The type of name you choose needs to tie in with your product, service and brand, and it needs to be memorable so that customers and potential customers know where to go when they’re after your product (whatever that may be).

Your company logo is also important to the success of your business, and since it’s the first thing that prospective customers see then it has to have the right impact. If your budget allows for it, hire a professional designer to create something really slick. But if you’re on a shoestring, there’s no reason why you can’t design a logo yourself – just remember less is often more, and there’s rarely ever a place that Comic Sans should be used outside of primary school.

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In this day and age, a company that doesn’t have a website just doesn’t exist. Whatever your business does, a website is the easiest and quickest way to get the word out – and spread it. Your website should, at the very least, be a way for people to find out more about what you do, and from there you can build on the functionality.

4. Build a website