Most of us likely have, at some point during our lives, considered quitting our jobs, going it alone, and starting up a company of our own. Indeed, history is littered with ambitious entrepreneurs who decided a better life existed than with the security (and some might argue confines) of working for an established employer – one need only look at Jeff Bezos, who quit a hugely lucrative Wall Street job, believing instead that Amazon could be his destiny.
However, before jacking it all in and quitting the familiar safety of assured work, there are a few things you should bear in mind to help maximize your chances of success. Below are just a few important considerations you should think about when looking to start a Small to Medium-sized Enterprise (SME).
Concentrate on an area where you have a passion
Countless studies prove people work harder and are more likely to succeed if they work in a sector where they already have a passion, interest, knowledge or skill. Each profession has its own idiosyncrasies and regulations that you should already be familiar with. So, for example, while it might seem the easiest thing in the world to start a pub/restaurant, unless you’ve got experience in running a bar, working with the public and understand the rules and regulations involved, you should steer well clear.
Try to find a niche business – or at least ab area that’s as niche as possible
In today’s uber-connected digital age, it’s fairly unlikely you’ll be able to strike upon a truly original idea that hasn’t (to at least some degree) been done before. However, by trying to make your business as niche and different as possible, you’ll be much more likely to be able to attract customers and build a market.
Write a comprehensive business plan
All-too-often, over-exuberant entrepreneurs launch headlong into a business idea without properly planning and considering the ins and outs of how that firm is going to operate. Writing a business plan will allow you to compile all those jumbled ideas in your head into one cohesive document that will cover everything from how you intend to source suppliers through to client marketing and final delivery. Perhaps unwittingly, writing a business plan will also allow you to do one of the best and most fundamental business studies – namely, a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) that can help focus your mind on potential pitfalls as well as market openings.
Invest in appropriate insurance
There is a huge range of different business insurance packages available these days, and the type of cover required can vary massively from firm to firm. Before opening your doors and beginning selling, you should approach an insurance expert like KBD Insurance for advice on which type of cover is right for your particular business.
Remember that Rome wasn’t built in a day – and, even in its heyday, the city still went through multiple incarnations. Unfortunately, nothing is guaranteed in life, and you should always remain adaptable, flexible and responsive to change. No matter how well you plan your fledgling firm, it’s highly likely you’ll have to shift the goalposts multiple times as you grow.