Are you thinking of starting up your own independent business, or kickstarting a side project in 2020? To help get you inspired and give you some ideas on how to get started, here are some of the things that you should consider when running a small business.
A Clear Plan
The chances are that you’ll probably already have an idea of what you want to do with an independent business venture or project that you’re passionate about. However, you should take some time to sit down and forge a proper plan, covering all bases, to help you conclude as to whether it’s just a nice idea or something actually worth doing that you can pull off.
As part of the planning process for your business’, here are some of the different things that you should consider:
- Whether the product and/or service that you’re offering is actually something that’s in demand – No matter how important that you think what you’re working o
n is, or how passionate you are about it, you should probably figure out whether you can make enough business out of it for it to be sustainable, and whether you can make enough money for it to even be worth doing in the first place. This sort of thing, of course, depends on your expected success, and whether it’s something that you’re happy to do for a small amount of profit on the side to your main income source, or whether it’s something that you want to pursue full time. - Look at the sector/industry that you’re in (or want to make your mark on), and analyse some of the major players, and businesses that you’ll be competing with. Figure out what they do well, what they could be doing better, and, most importantly, how you could do things better than what they’re doing.
Solid Finances
Forging your own business, and need a financial kickstart/buffer to help set you on your way? To ensure that they have a rigid and bolstered financial portfolio, whether that be to support their business going forward or just for their own personal financial benefit (helping them to stay financially free), many entrepreneurs and business owners decide to build up their assets by investing.
Property Investment, in particular, is a popular investment strategy for entrepreneurs to go alongside their business ventures. This is due to it being less volatile than other investment methods and also long-standing, making it a secure backbone to any portfolio. With a buy to let property, when tenanted, it can bring in a consistent secondary income stream that you can then inject into your business (or other investments) to build it up further. RWinvest has a range of different guides, videos and podcasts on the property market and how to invest if you’re interested in learning more about this strategy.
Alternatively, if you don’t necessarily have the right amount of capital needed to set up and sustain a business in the long-term, why not consider setting up something online first? In the modern-day, with a few social media profiles and an enticing eCommerce platform set up through a website, pretty much anyone can set up their business at little-to-no cost. This might be a good way to test the waters, and if you start to gain traction, then you can always expand from there.
A Roadmap
A large percentage of businesses fail within the first few years or even months. So an important thing that you should be doing at all times, even just from a personal perspective, is always looking forward to what’s next and thinking of ways you can adapt and expand. If you’re a successful entrepreneur or investor then the chances are that you’re already doing this sort of stuff in your spare time, or you likely wouldn’t be successful in the first place, however, there are many more spinning plates when it comes to doing things on your own. Be willing to learn!