Entertainment magazine for the everyday A-List StarCentral

Home of the hottest online trends, the best online deals and the most promising upcoming stars from all over the world!

  • About
  • Contact
  • Login/Register
  • Cart (0)

Main Navigation

  • Celebrity
  • Shopping
  • Industry Tips
  • Trending
  • Movies & TV
  • Magazine
  • Advertise
  • Subscribe

MASSIVE DVD CLEARANCE SALE

Hot prices on selected Blu-rays and DVD's for a limited time only

Special Feature

Alex Lafrentz

No Comments

Here Are 5 Absolutely Essential Things To Consider When Starting A New Business

34

Starting your own business is never easy, it takes time, money, effort and most of all – perseverance! If you are currently considering starting up your own business, here’s the top 5 things you need to look into before taking the big leap.

1. Put together a business plan

The sad fact is that most businesses don’t actually make it past the first year because they have poor cash planning, inadequate market research and most of all, they don’t have a proper business plan. The very first thing you should do before starting a business is create a business plan. That business plan should highlight where you want to be in the next 5-10 years and should also highlight your goals as well as provide details on how you will achieve these goals. Nobody else has to see it; this is your own personal guide on how you will grow your business.

2. Will you be providing a product or service?

Of course, if you’re planning to start a business you should already know if you will be offering a service or selling a product to the consumer. Most budding entrepreneurs start a business based on their knowledge and expertise on a specific industry sector, others start a business based on something they’ve always been passionate about and some start a business because they can see a ‘hole’ in the market which they want to infiltrate. Keep in mind that once you’ve decided on what business you’ll be starting you then have to determine what would make your business different? Will you be offering a cheaper product or a faster service? What would make your product or service better than the competition? What’s unique about your business that others would pay attention?

3. What will be your business structure?

There are actually a number of choices to choose from when it comes to business structure, the most common ones though are sole trader, partnership and limited company. The typical choice by most people is the sole trader business structure because it’s the structure with the least hassle. In saying that though, this business structure can actually affect your personal security. If you’re wondering what the best choice is, well here’s a brief description on the 3 business structures: As a sole trader you carry all the risk – which means that if something goes wrong in your business then you are personally liable for all the costs. If you are thinking of entering a partnership structure with a bunch of friends, keep in mind that things could all change at some point due to the demand in the business and it could possibly ruin your friendship. Now if you are thinking of setting up a limited company, yes you may lessen your individual liability, however, it’s not cheap to maintain a limited company structure because you’d have to pay a yearly government fee – and this will be tough on you especially if you won’t be making any money yet in the next 3 years. If you are seriously thinking of setting up a company for the first time, it’s probably best to obtain professional advice from either a solicitor or accountant so that they can explain the risks and costs involved.

4. What will you name your business?

Finding a name may sound like the easiest part in the process – but think again! Some companies take years before they can come up with a suitable name for their business. Think about it this way, the name of your business will be its brand for life, whatever name you come up with is what you’ll be working with for the duration of the business. Here are some questions you should ask yourself: Does the name suit the product or service you are offering? Is the name original? Can you trademark the name? Is the name available online? It’s always good practice to register the name of your business to the Fair Trading office straight away to make sure that no one else has the exact same business name as what you have.

5. How are you going to market the new business?

Marketing is a crucial part of any business, without proper marketing your business is as good as dead. The big question is: what approach will you take to reach your specific target market? Do you need to look into magazine ads, billboards, social media or maybe direct mail to reach your target market? Your marketing approach will of course depend on what your product or service is, it’s basically trial and error at the start. Just take the plunge and start your marketing efforts and whichever one works for your business is what you should stick on. If you don’t know where to start it may be a good idea to find out what you’re competition is doing, you can always do the same thing but just give it a bit of a twist to make it more favourable for your business.

  • Only $1

    StarCentral Magazine October 2018 Issue Featuring Madison, Jess And Brooke

    Latest Issue Issue October, 2018 featuring: Madison Croft, Jess Turunen and Brooke Murray and so much more inside.
    Grab your copy today!

    Download Issue Now

Related Posts

  • 2 Vital Things To Consider When Starting A New Online Business2 Vital Things To Consider When Starting A New Online Business
  • 5 Essential Social Media Platforms Every Aspiring Entrepreneur Needs To Tap Right NOW5 Essential Social Media Platforms Every Aspiring Entrepreneur Needs To Tap Right NOW
  • 6 Powerful Daily Habits Of Highly Successful People6 Powerful Daily Habits Of Highly Successful People
  • Here’s How To Sustain Hope And Stay Persistent in Pursuing Your Dreams Even When Times Are RoughHere’s How To Sustain Hope And Stay Persistent in Pursuing Your Dreams Even When Times Are Rough
  • Here Are The Top 10 Rules For Success According To Billionaire Entrepreneur Warren BuffettHere Are The Top 10 Rules For Success According To Billionaire Entrepreneur Warren Buffett

Entrepreneurkey of successnew businesssecret of success in lifestarting a businessstarting a new businesssuccess secretsthe key to successthe secret success storiesthe secret to successthe secrets of success

Post a Comment

Click here to cancel reply.

Please note that your email is never published nor shared. Please also note that abusive or spammy comments will not be condoned and the opinions expressed in the comments above do not reflect the views of StarCentral Magazine. Required fields are marked with an *.

*
*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

 
Rising Entrepreneur Spotlight: Find Out More About Noel And Waseem Ballou

Entrepreneurship

Rising Entrepreneur Spotlight: Find Out More About Noel And Waseem Ballou

The Trailer For Free Guy Has Just Dropped And It Stars Ryan Reynolds Stuck In A Video Game

Rave Reviews

The Trailer For Free Guy Has Just Dropped And It Stars Ryan Reynolds Stuck In A Video Game

  • Aussie Elite
  • Western Union
  • Miss Earth Australia
  • GKMBJ
  • Mona Lisa
  • Beautopia
  • Archie K Photography
  • Laxales
  • Enquire with us to advertise your business here!
  • Hit Music Producers Inc
  • DJ Savvy
  • Royal Aquamarine
  • Fin Photography

Footer Navigation

01Popular

  • Top 10 internet scandals that has rocked the Philippines
  • Top 12 sexiest and most Seductive male scents that will drive women wild!
  • Miss Multiverse Australia Just Gave Gabrielle Keaton A Blast Of A Farewell Party
  • Introducing Cause Film Festival: An Annual Short Film Festival That Provides A Platform For Film Makers
  • 3 Powerful Visualization Techniques To Turn Your Dreams Into Reality

02Latest

  • Watch Katy Perry Warm Up With Santa in Her ‘Cozy Little Christmas’ Music Video
  • The Trailer For Free Guy Has Just Dropped And It Stars Ryan Reynolds Stuck In A Video Game
  • Rising Entrepreneur Spotlight: Find Out More About Noel And Waseem Ballou
  • Watch Jimmy Kimmel Hilariously Prank His Staff with His Wax Figure
  • The Trailer For Wonder Woman 1984 Has Just Dropped And It’s Totally Badass

03Comments

  • sajolalexander9736@gmail.com: Nice
  • elisabeth brigitte: Kyle antony
  • Günther: Kyle Antony
  • günther: Kyle Anthony
  • elisabeth brigitte: Kyle anthony

04Latest Issue

  • StarCentral Magazine October 2018 Issue Featuring Madison, Jess And Brooke

    StarCentral Magazine October 2018 Issue Featuring Madison, Jess And Brooke

    Download Now

05Sponsors

  • Royal Aquamarine
  • Hit Music Producers Inc
  • Archie K Photography
  • Fin Photography
  • Enquire with us to advertise your business here!
  • Mona Lisa

06Get Social

  • StarCentral Magazine on Facebook
  • StarCentral Magazine on Twitter
  • Subscribe to StarCentral Magazine

07Affiliates

  • Seriously Sexy Ads

© 2006-2019 StarCentral Magazine · All rights reserved · Terms & Conditions · Privacy Statement · In collaboration with Mojo New Media Solutions