Having your very own business is no small undertaking. You need to put in work before you can start operating. If you’re an aspiring entrepreneur, here are some key factors to consider when planning to put up a business.
Before you make money from your business, you will need to raise some capital to start. Do your research to get an idea how much capital you’ll need for your venture. In some cases, you can use your own money, but if you don’t have any to spare, you may want to consider borrowing from a bank or lender specialising in SME finance. Just make sure you’ll have the means to pay off your loans even if your business fails.
Aside from capital, you’ll also need time for your business. From coming up with your products or services to identifying the day-to-day operations, your start-up will likely consume a good chunk of your time, especially if you intend to run it on your own. Things can get even more difficult if you have to split your time between your start-up and a regular job.
Don’t be discouraged, though. Many people have been faced with the same challenges and been successful. You just need to manage your time wisely and work doubly hard to make things work.
Place (and Space!)
Of course, you must have a place where you can operate your start-up. Whether it’s an online shop run from your home or a brick-and-mortar store, your selected business will need a headquarters somewhere. For an online shop, you must at least have a computer, printer, and a fast, reliable internet connection. Alternatively, a physical store—preferably located where there’s heavy foot traffic—should probably have more space, for essential components like display shelves and adequate warehousing in the back.
You’ll have your work cut out for you when planning your own business, but considering key factors like money, time and place is a good way to start.