Sunday, 22 July 2018

Information and commentary for the small business banking industry

What’s behind a successful start up

19 Sep

If someone’s got a great idea for a business, that’s awesome. But it takes more than that to take that idea from the “light bulb” moment into a successful launch.

For example, what do they plan to do with their idea? For example, are they thinking of developing that idea into a new business, purchasing an existing business, or becoming a franchisee? Look at the advantages and disadvantages of buying versus starting from scratch. They’ll have a limited budget, so they should seek advice and be sure they know what they’re paying for.

Then there’s the market. Who are they planning to sell to, and is there a demand for their idea? Do they have a competitive advantage? It’s important they find out about their potential customers by conducting some research.

It’s also critical they understand their financial situation. Have they got a clear idea of start-up costs? How much finance and working capital will they need?

And those are just some of the considerations that need to be taken into account when starting a business. People should also assess whether they have the right sort of personality and temperament to cope with the stresses of launching and running their own business.

Read the full article at: readwrite.com

« »