Once you have left full time education and are looking for a job it can be difficult to know whether to go into an established company, which can be difficult given the current climate and job market, or to take the plunge yourself and set up your own business.
Before you make a full decision there are some questions that you should ask yourself and if the answer to all of these is yes, then you stand a good chance of making it a success.
Have you decided on a business idea?
This is obviously the first step in the process as you have to have an idea to go with. Whether it is just you or a group of you which have come up with the idea, the best place to start once you have decided is to research competitors.
Find out what they are doing which is successful and work out how you could make this work for you. Being aware of who your main competition will be is important as you will have to keep an eye on this throughout business.
Do you have the funding?
If you only have £10 in your bank account and are not currently in work then you may find it extremely difficult to start up your business successfully.
Be sensible when it comes to the amount that you need and take into account all costs such as equipment, advertising, and other staff that you will need etc.
These will cost money and you have to have enough to survive for the next few months or maybe even the next year of your life before you start to make any profit.
Are you comfortable with the team?
Whether you are working on your own or with a partner, you have to have the belief that the team behind the idea have what it takes to make it a success.
A key aspect to take into account is whether you truly know the person you are entering into a partnership with. Many businesses fail due to the pairing not being quite right and if you have different ideas of what you want from the business or where you want it to go it could end in disaster.
Treat it as a relationship as the main thing you need is trust; without solid trust from one another it is highly unlikely that the business will work out as you hoped.
Is there something that makes you a little different?
If you are aiming to start a business within an industry that already has a number of successful companies then make sure there is something about you that is different.
This can be your unique selling point (USP) and something which people will gravitate towards, whether your USP is lower prices or a unique product filling a gap or niche on the market.
Without this you will simply be a fish within a huge school of other fish battling to be noticed.
Have you carried out the relevant research?
You may have carried out competitor research but more should be carried out into the processes that you will use and also how you will start to build up a partner and customer base.
Companies like GCL Direct offer lead generation services which allow for you to receive a comprehensive list of leads that can be used to contact potential investors.
This could be the key to lifting your business off the ground and getting the ball rolling so request a quote to see exactly how it could benefit you in both the short and long run.
Are you passionate about the idea?
This is the single most important question that you have to ask yourself when setting up a business. If you are not passionate about the idea or truly believe that it could be a success then there is no point; without belief you won’t take the risks you need to make it work.
You will no doubt be spending the next year of your life stressing about figures and operations, staying up through the night in a bid to make it work. Without the drive to do this it will ultimately flop and you will have wasted both money and time.
This post was written by Amy Bennett on behalf of GCL Direct who provide lead generation and telemarketing services for a variety of industries throughout the UK.