Three things to consider when setting up your own business

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Deep down, we all have a dream of going it alone. There’s nothing more satisfying than the thought of telling your bully of a boss that they can stick their job and walking off into the sunset, right? Yet, the less trodden path of entrepreneurship and setting up your own business can be tough territory to navigate if you do not properly plan your future. From funding to suppliers and even attracting new customers, competition is fierce, and stakes are higher. That said, these external factors shouldn’t put you off your dream of starting your own sneaker brand or organic coffee store. In this day and age, nothing is insurmountable; it is just good practice to have a plan B if plan A doesn’t quite work out. Read on to find out which three things you should consider when setting up your own business.

Know your finances

Even if you don’t know your X from your Y in excel, now is the time to get figure savvy and do your homework. First and foremost, you will need a cash injection to turn those dreams into reality. It can be tough getting your head around the paperwork and documentation you need if you are looking to take out a loan for your small business. Not to mention, lengthy bank decisions and the agony of waiting for your loan to be processed can be deadly in the current business market. Do your research. Companies such as Betterfunds can provide you with a decision and once approved, have your money in minutes. Be prepared to shop around and find the best rate and terms for your needs.

Check the market

Perhaps you dream of starting your own diner or burger joint in a popular part of town. Now that’s all well and good providing that you aren’t faced with another six competing restaurants within two blocks of your business. Truly, it pays dividends to check the market. Not just within your area but also at a state and regional level too. Do investigate into what consumers are looking to buy and try and find those key market trends before your competitors do. Just by making a few small changes to your business plan, you will set yourself, and your future business streaks ahead of the competition.

Put in the hours

Building your future isn’t a short-term option; it’s going to take long hours and even weekend work to get your business off the ground and in healthy financial territory. Not to mention that once your doors are open, you aren’t guaranteed a steady stream of clients. Be prepared to use social media and even good old flyering to get yourself noticed. You might feel that you didn’t sign up for this – but patience is key in this game. Putting in the groundwork in the early years will guarantee you long-term success, and even the opportunity to expand if you play your cards right.

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