June 2013 | Servcorp
It's likely that many people reading this will have already experienced a degree of success in the world of business, but it's important never to forget the basics. Even if it';s been a long time since you first set up a new business, remembering how to do some of the more practical elements of it is a necessity.
First and foremost, you need to be certain that your business idea is a good one. If you've managed to achieve funding then chances are you've already been through this with someone, but if you're investing using your own money it is worth taking a step back and asking yourself once more. You might be grateful you did in time!
Done that? Good. Now think about the number of employees you're going to need, and where they'll need to be based.
The advent of the internet and cloud computing has allowed many small businesses to carry out all of their operations without an actual office – could you fall into this category?
If not, you'll need to think about setting up your premises. Aside from practical considerations like buying in desks, computers and the like, you'll need to think about setting everything up from an IT standpoint. That includes internet connections, as well as any video conferencing equipment.
Alternatively you could consider a serviced office – these eliminate the need for you to set up any equipment yourself, and are already prepared for you to move into. There is a higher monthly fee attached, but many businesses find that they're a lot more cost and hassle efficient.
Once the practical elements are out the way, you need to start considering business. Where are your initial customers or clients going to come from?
The early stages of a business are the most difficult, and if you don't have a clear idea where your potential income is going to come from things can be even harder. That's why you need to identify who your customers are, and ideally have a few on board before you even start properly trading.
A little income at first can go a long way to stabilising your business as it finds its feet.
Whether you're a seasoned business expert looking to set up a new business in a new era, or an ambitious new starter, you need to know how to set up from scratch. Get off to the right start, and who knows where things could lead for you.