Some KEY Considerations When Starting a Business
One of the most important considerations when starting a new business or expanding an existing business is conducting appropriate market research to provide some level of confidence that the business is feasible with real prospects of success. ScaleUPCheckUP™ strongly recommend that you do extensive demographics research (eg: freedemographics.com) so as to ensure that there are adequate numbers in terms of your target market and area, or that you hire professions from the ScaleUPCheckUP™ Network to assist.
You need to determine the following:
- Will the business sell a product or service?
- What is your target market ie: who will buy the product / service; will there be repeat customers and if so how often will they likely make purchases/request service – feasibility study/demographics?
- What is your competition in the marketplace?
- If the business involves products, you must decide whether it will be wholesale/retail and/or a hands-on, bricks and mortar, or online business, or a combination of these options.
- What makes your product or service unique? How will you stand out from the crowd?
- If the business involves services, will third parties be involved? Are there any licensing or similar issues that need to be considered?
- What professionals will you need?
- CPA’s? Other financial and/or tax professionals?
- Lawyers?
- Financial Advisors?
- Insurance Professionals?
- Systems Experts?
- Business Plan Designers?
- Strategists?
- Coaches?
To give you the most accurate picture of the range of professionals that you will need, you should consider a ScaleUPCheckUP™ SUCCESS PLAN which can be found at this link!
- What type of corporate entity is appropriate for yourbusiness (you should likely consult an attorney to determine this)? (refer to SEVEN SECRETS OF SCALEUP SUCCESS)
- What laws/regulations will be applicable to yourbusiness?
- Will you need to hire employees to get things off of the ground? How many staff members will be needed and will they be employees or independent contractors? Full-time or part-time?
- Will the business will be local, regional, national, or international?
- What are the profit prospects; how do you go about preparing a budget; do you need to hire an accountant or other financial professionals?
- How long will it likely be before the business begins to turn a profit (part of your financials)?
- What will the initial startup costs be? (again, part of your financials)
- How much overall capital will you need? Where will this capital come from? Funding is so important to new and expanding businesses.
- What are the projected revenues/costs for running the business?
- What is your Exit Strategy?
- What type of website will you need? How sophisticated should it be?
- Should you invest in a feasibility study and/or market study? How would either/both be of benefit to you and your business?
- Who will you work with to develop your Sales and Marketing Plan? For that matter, what are the best sales and marketing strategies for your business?
- How important will social media be and should you consider a separate social media marketing plan?
- What elements should be considered for a Strategic Plan? Why is a Strategic Plan important?
Once you have reasonably determined that the business idea is a sound one, and that you wish to move forward in its development, you will need to tackle many different tasks, hopefully with the assistance of licensed and experienced professionals. One of these tasks is crafting a comprehensive Business Plan. Your Business Plan will be a key element in paving the way to your ultimate success.
ScaleUPCheckUP™ is here and it’s a game-changer – the game is about to change – are you ready?
To find out if YOUR business is READY to ScaleUP, take the ScaleUPCheckUP™ Assessment NOW, or contact us at info@scaleupcheckup.com or 1-866-724-0085 for more information.
While the above is not and should not be considered legal advice, since circumstances vary, ScaleUPCheckUP™ monitors these rapidly developing issues, as enforcement of the law switches into high gear. Instead, the foregoing is intended as an overview and not legal advice, nor does it create an attorney-client relationship. However, contacting an attorney to steer through the maze of bureaucracy when starting a new business or scaling an existing business is strongly recommended.
ScaleupCheckup™’s blog, website, newsletter and other forms of communication contain general information about legal and related matters. The information is not legal advice and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.