Is it time for a change in 2018?
Did you head back to work this week? Did that include setting the alarm earlier? How about getting back into a routine of school runs, childcare arrangements and other activities? Is it back to ‘business as usual’, but it’s the ‘usual’ that isn’t quite sitting right with you any more?
Perhaps, somewhere at the back of your mind (or even quite near the front of it), you can hear a little voice telling you to make a change.
However, decisions like this shouldn’t be taken lightly. So we’ve pulled together six things to consider before you make the leap!
1. Will it work?
You might think that you have the most brilliant business idea in the world, but how do you know? It’s not enough to float it by family and friends. Make sure you get out there and do proper market research. Build prototypes. Ask questions. Be challenged. Be prepared to test and refine your idea and allow it the freedom to develop.
2. What resources do you need to get started?
This is vital. Do you just need a decent laptop and some office space in your home? Or does your business idea require larger premises? Can you deliver everything yourself? Or do you need to identify suppliers? How much will your set up costs be, and how will you finance them? It’s vital to think this part through carefully, as any gaps could cause difficulties further down the line.
3. What kind of business structure is the most appropriate?
There are a number of different business structures that are available to you, and it’s important to choose the right one, and understand the differences between. Startups has an excellent summary on the different options available.
4. Do you have the skills you need?
You may be the brainchild behind your business idea, but it may well be unrealistic to expect that you’ll have all of the tools and skills that you’ll need to make it a success. Perhaps you’re a technical whizz, but you may not understand the basics of accounting or sales. Maybe you’re a marketing guru, but do you have the technical knowledge you need to make your product or service saleable?
If the answer to this is ‘no’, then now is the time to consider what your team might look like. Do you need external help, like an accountant? Or are you lucky enough to have friends or family with the skills you need? Do you need a business partner? You might even need to employ people at a very early stage.
5. What’s in a name?
Deciding what your new business will be called is far more than just choosing a name. (Isanda comes from combining our founder’s name with her husband’s and daughter’s, in case you were wondering!). You need to check if the name is already being used – Companies House is the best place for that. Make sure that the domain name and social media handles are available and that nothing untoward comes up when you search for the name on Google or that the words don’t mean something completely different. (Isanda is a type of sea snail, but we figured not many people would know that!)
These five points are by no means an exhaustive checklist, but they are a starting point. So why not make 2018 the year when you take your new business idea to the next level? You never know where the road might take you!