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.

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