10 Things To Do Before You Start Your Business

By Julia McDaid
Posted Friday, December 17, 2004

If you are thinking of starting a new business, or if you are just about to take the plunge, you will know that there is a lot that you have to do. But where do you start? It is a good idea to get some of the groundwork done before you start, possibly this will often mean things that you hadn’t thought about, things that most people do as a reaction to circumstances rather than as a planned activity. However, in practice you will almost certainly find that it is easier to set things up right at the beginning, so that systems grow with the business, rather than find yourself “firefighting” later on.

Here are a few things to think about and do, before you dive straight into running your new business. Get the foundations right and you will be well on the way to a successful businessr.

This is by no means an exhaustive list, but should be enough to start you off.

1.Think about your goals. What are you setting out to achieve? Write them down.

2.Why are you setting up in business? What do you ultimately want from your business? Write down your exit strategy.

3.Find a good accountant, someone who is proactive and forward thinking. (See “10 Things To Ask Your Accountant”)

4.Find a mentor. Either your accountant or other business advisor, someone in the same field who has done it already or perhaps someone from the local enterprise agency.

5.Research your market. Make sure there is demand, but also check pricing and packaging options.

6.Write your Business Plan.

7.Decide where you are going to work.

8.Make sure you know how you are going to finance your new business. Have you plans to survive the first 3-6 months whatever happens?

9.Open a bank account. Keep all your business transactions separate from your personal ones.

10. Read The E-Myth Revisited By Michael E Gerber. It has to be THE book for new business owners.

As I said, this is not a comprehensive list, there are probably hundreds of other things that people might add. But this should give you a good base to start from.

Julia McDaid
(www.startupright.co.uk)

About the Author
Julia McDaid is a business coach and author, specialising in helping business start ups. The first 10 readers to contact her on coach@startupright.co.uk will receive a free Kickstart coaching session and the first Module of her eprogramme Start Up 101. For more information see www.startupright.co.uk