Blog

Factors to Consider Before Starting a Business

Factors to Consider Before Starting a Business

Are you fed up with the 9-5 desk job? Maybe it’s time to start your own business. However, do you have the skills, experience and educational knowledge to start and succeed? Starting a business can be hard work, and where do you even begin? First, take a step back and ask yourself: What important factors should I consider before I start my new venture?

There are many aspects that contribute to the success or failure of a company. The most common factor that crosses your mind is money. But, there are other considerations as well. When starting a small business we want to help you eliminate the risks and obstacles you might have along the way. Whether you are starting a new business online or purchasing a commercial property for the business you have in mind, we recommend finding an independent property valuer to conduct a business valuation.

What is a business valuation?

A valuation is required to determine the fair market value of the owner’s interest in a business. This covers all specialized business industries. There are various techniques an independent valuer uses to determine the price and all other factors to best benefit your financial situation.

There are many factors to take into consideration when starting a business. This can often be overwhelming when you don’t know where to start. Take note of the following to help prepare you for success.

The Idea

Having a great idea is the start of a business. Thinking practically will depend on the development of your business. As many of us are starting our own business ventures, keep in mind there are a lot of companies in the market. So, you just need to have a unique way and idea that stands out from the rest. That alone can lead to the start of a successful company.

Costs 

How are you funding your business? This is a fundamental part of your business plan.  Whether you have savings or considering a loan from a bank you need to identify the source of your funding. This will help you to create a detailed plan for the budget and all costs involved to get you started.

Research

Even if you have a unique idea; you will still have competitors within that market. Do your research to know the strategies and who your competitors are. This will give you a better understanding of how you can implement your own strategic plan to best suit your business structure. Additionally, this will help you stand out from the rest. With this knowledge, you are able to make appropriate decisions for the success of your company.

Business Plan

Writing a business plan can help you determine if your idea is feasible. This will help your strategic plan as well as provide direction on how you want your business to run. A business plan also lays out what the next steps are to take.

Documentation

Depending on the product or service you are planning on selling, you may be required to complete certain legal documents, doing your research, and having a business valuer give you advice on what is required for the type of business you would like to start gaining the advice and resources from the valuer will help reduce any delays when it comes to the business start-up.

Positive Attitude

When starting a new business there are going to be challenges and difficulties along the way, staying positive and keeping your vision of success in mind. Hard work and dedication pays off, success doesn’t happen overnight.

Asking for help 

As you grow your business, you will face many obstacles. This can sometimes get overwhelming and that is ok, you are only human! Not knowing where to start or what needs to complete first or how is why you require expert advice.

Have an advisor or valuer to get you on the right track, so you don’t end up throwing money and ideas into an endless hole. This also helps set yourself up for long-term success and add value to your business. When it comes time to make a decision that will affect your business, it's highly recommended to seek out a professional. They can conduct a business valuation and a quality comprehensive report. Thereby. ensuring a detailed and accurate picture of your financial potential to steer you in the right direction.

Author - Gerard Wilsher

Gerard Wilsher is an Associate Member of the Australian Property Institute and a Certified Practicing Valuer specializing across all property including residential, commercial, and industrial sites. Gerard is an expert in Sydney’s property market and his professional career in property valuation has led to a number of lecturing opportunities for educational conferences around Australia. With over 25 years experience, Gerard enjoys sharing his knowledge and expertise with his clients and the public.

Blog Categories

Recent Posts

nordvpn

Subscribe to my Blog
on Business Trends...




Enter Search Above

© 2021 Mike Gingerich    Contact   -   Privacy

magnifier linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram