{"id":6739,"date":"2022-05-30T10:54:36","date_gmt":"2022-05-30T10:54:36","guid":{"rendered":"https:\/\/etrendsnews.com\/?p=6739"},"modified":"2022-10-22T07:22:50","modified_gmt":"2022-10-22T07:22:50","slug":"things-to-consider-when-starting-a-new-business","status":"publish","type":"post","link":"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/","title":{"rendered":"Things to Consider When Starting a New Business"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<p>Starting your own business is an exciting time. You\u2019ve got a great idea and can\u2019t wait to share it with the world. But there are seemingly endless things to plan for to get your new venture off the ground without a hitch.&nbsp;<\/p>\n\n\n\n<p>We\u2019ve put together this guide on what you need to prepare before you take the plunge.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662deb8faf674\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662deb8faf674\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#The_Cost_of_Setting_Up\" title=\"The Cost of Setting Up\">The Cost of Setting Up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#Ongoing_Finances\" title=\"Ongoing Finances\">Ongoing Finances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#Understanding_Business\" title=\"Understanding Business\">Understanding Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#Research\" title=\"Research\">Research<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#Target_Audience_and_Marketing\" title=\"Target Audience and Marketing\">Target Audience and Marketing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#Health_and_Safety\" title=\"Health and Safety\">Health and Safety<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/#In_Closing\" title=\"In Closing\">In Closing<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Cost_of_Setting_Up\"><\/span>The Cost of Setting Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Starting a business needs an initial cash injection to get you going. How big this is depends on your business and how many resources you need.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Some business ideas need a lot more money at the start, such as manufacturing companies requiring land, warehouses, machinery, and staff. For others, you can get started with a simple laptop and a decent internet connection. It\u2019s vital to think through the start-up costs and work out your budget.&nbsp;<\/p>\n\n\n\n<p>Now\u2019s a good time to sort out your <a href=\"https:\/\/en.wikipedia.org\/wiki\/Business\" target=\"_blank\" rel=\"noreferrer noopener\">business<\/a> name, too. Make sure nobody else already has it or anything similar, including a domain for your website. There\u2019s no point in spending any money on branding only to find out the name is already in use.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ongoing_Finances\"><\/span>Ongoing Finances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Don\u2019t stop at the start-up costs. Think about the expense of running your business too. Are there ongoing maintenance costs or staff wages you need to cover? Look ahead to work out how much capital your business requires so you can work out a financial plan.&nbsp;<\/p>\n\n\n\n<p>Do you have any funds already saved up to invest in your new business? Make sure you can secure any required investment to keep your business running. This could be through a loan, credit cards, help from family, or a mix of them all.&nbsp;<\/p>\n\n\n\n<p>Of course, you must set up a system to keep track of your finances, monthly budgets and expenses. If any pennies are coming in or out, you need to know where and why.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_Business\"><\/span>Understanding Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Starting a business is hard work. You need a lot of time, grit, and determination to turn your idea into reality. To make it a little easier on yourself, learn the rules of business.&nbsp;<\/p>\n\n\n\n<p>It\u2019s a much simpler task if you\u2019re starting a local business where the rules and regulations stay the same. It gets trickier if you want your business to operate overseas, as you need to understand international rules too.&nbsp;<\/p>\n\n\n\n<p>It\u2019s also time to learn the language of business. Do you know your gross profits from your KPIs? Business talk is full of acronyms, so familiarise yourself with these. It\u2019ll make putting your business plan together far less daunting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Research\"><\/span>Research<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Make yourself an expert on whatever subject your business is based around, whether it\u2019s a master crochet crafter or financial adviser. Research the topic thoroughly and get all the knowledge you need to be confident in that field.&nbsp;<\/p>\n\n\n\n<p>Then turn your attention to undertaking market research. This is crucial to understanding whether there\u2019s a place in the market for your idea. As a starting point, look at the current market size, potential for growth and your target audience.&nbsp;<\/p>\n\n\n\n<p>Fortunately, social media has made market research a much easier task than it used to be. With a few clicks, you can reach people just about anywhere in the world and engage with them.&nbsp;<\/p>\n\n\n\n<p>Look at what your competitors are doing, too. If you\u2019re going into direct competition with someone else, is there enough of a demand for what you\u2019re trying to supply? Or what are they doing that you could do better?&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Target_Audience_and_Marketing\"><\/span>Target Audience and Marketing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After you\u2019ve finished your research, you should know more about exactly who you\u2019re trying to sell to.&nbsp;<\/p>\n\n\n\n<p>Ask yourself, who are your customers? What are their buying habits and trends? When you know this, you\u2019ll be able to direct your marketing to them in a more effective way.&nbsp;<\/p>\n\n\n\n<p>Having a good website is a staple in modern business. It\u2019s the first place many potential customers will find you, so you want your site to appeal to them. Think about factors like the age range, work and education levels, typical incomes and what their interests are. By doing this, you can tailor your marketing in a more specific way.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Health_and_Safety\"><\/span>Health and Safety<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Health and safety isn&#8217;t a glamorous subject, but it\u2019s a necessary one. Even the best business can crumble if they don\u2019t follow the rules. The requirements will differ based on your business setup, but there are a few things to look into.&nbsp;<\/p>\n\n\n\n<p>Do you need any permits? Are there certain laws and regulations you need to follow? If you\u2019re working out of a public office space, you\u2019ll definitely need to follow certain rules.\u00a0 Additionally, it is important to consider not only the safety, but the health of your employees. Dust and fumes in the workplace are two of the most dangerous but hidden workplace ailments, so you should consider installing a <a href=\"https:\/\/www.extractly.co.uk\/pages\/dust-extraction\">dust extraction system<\/a> to keep your employees safe.<\/p>\n\n\n\n<p>These include:<\/p>\n\n\n\n<ul><li>Health and Safety at Work Act&nbsp;<\/li><li>Management of Health and Safety at Work Regulations 1999<\/li><\/ul>\n\n\n\n<p>In short, you have a duty of care to protect employees and anyone affected by your business, so anyone coming onto your business premises. This includes carrying out risk assessments to identify potential hazards and how you can fix them.<\/p>\n\n\n\n<p>Fire regulations are a big deal in every workplace. There are more specialised regulations in place since the Regulatory Reform (Fire Safety) Order 2005, meaning you need to carry out extra fire risk assessments to keep people safe.&nbsp;<\/p>\n\n\n\n<p>It\u2019s vital to ensure your office space complies with all fire safety rules and laws. And we mean everything, from carrying out suitable risk assessments to installing appropriate fire-prevention devices, such as fire-resistant doors and smoke alarms.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re at all unsure, the safest choice is to seek advice from a company offering <a href=\"https:\/\/adaston.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">fire protection services<\/a>. You don\u2019t want to risk anyone\u2019s safety or any financial loss from not being properly kitted out in the first place.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_Closing\"><\/span>In Closing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Starting a business is an exciting yet intense time. There are lots of different things to consider and it might feel like you\u2019re faced with a new task no matter which way you turn.&nbsp;<\/p>\n\n\n\n<p>But don\u2019t let it put you off! Follow a few methodical steps and you\u2019ll have a business ready to go before you know it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting your own business is an exciting time. You\u2019ve got a great idea and can\u2019t wait to share it with the world. But there are seemingly endless things to plan for to get your new venture off the ground without a hitch.&nbsp; We\u2019ve put together this guide on what you need to prepare before you [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Things to Consider When Starting a New Business - eTrends News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/etrendsnews.com\/2022\/05\/30\/things-to-consider-when-starting-a-new-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Things to Consider When Starting a New Business - eTrends News\" \/>\n<meta property=\"og:description\" content=\"Starting your own business is an exciting time. 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