Starting a business requires extensive time, effort and dedication. GS Verde Group offers expert advice to those looking to startup a new business.
This article will highlight the seven legal and practical considerations that should be at the forefront of an entrepreneur’s mind.
Firstly, entrepreneurs must know their product or their service; they will need to ensure that they have a strong product that will guarantee business. To ensure the business is in the best position to create products or advise their clients, entrepreneurs should consider attending any relevant training or courses.
Secondly, the initial path of a business can be difficult. The business idea will need to be original and potentially unique, to ensure that demand from the market is continuous. Thorough research into the market should be carried out with a particular focus on demand.
- Type of business
Thirdly, it is important for an entrepreneur to seek the professional advice of accountants and lawyers to ensure that the best structure for the business is chosen. The different options should be tailored to the business idea and dependent on a number of factors.
- Legal restrictions and formalities
Fourthly, it is important to ensure that the proposed business structure fits with the legal regime whether it be a sole trader, partnership or limited company.
- Financing the business
Fifthly, when starting a business, a financial plan should be in place and a decision on how the company will be funded should be made. The ideal scenario would involve the entrepreneurs being able to introduce capital into the business, but if this is not a viable option, there are various others, for example, the introduction of a partner, crowd funding and investors.
- Targeting the audience
Sixthly, target your audience, conduct research and use questionnaires to ensure the business is targeting the right age, location, profession or gender of the group interested.
Finally, it is fundamental for a new business to be known by the potential clients and customers, and that the entrepreneurs have the opportunity to show their services and products to the wide general public. This can be done with the creation of a website, the use of social media pages, videos and blogs.
Understanding the targeted audience will ensure that the right advertising medium or social platform is used.