If you fancy the idea of being your own boss and wish to join the millions of other people around the world who said goodbye to the relative security of employment in search of a more prosperous life, there is much to consider. Launching your own business is not something to be rushed, and you need to adopt the approach of being very critical, looking for reasons why your plan might fail, and with that in mind, here is a checklist to ensure that nothing important is overlooked.
- Business Concept – The very core of your business is the products or services you are offering, and you do need to offer something special, either that or be able to offer a very competitive price when compared to existing companies also in your industry.
- Start-Up Capital – Not something that you are likely to overlook, the amount of money you have must be more than enough to turn your business ideas into reality, and regarding funding, take a conservative approach, as there will always be hidden costs. The main reasons for new businesses going under is lack of money, so you need to be sure you have that covered, plus have an emergency supply stashed in case of a sudden need for cash.
- Digital Marketing Plan – This is not an optional extra, indeed, you will need to enlist the help of a leading company that offers SEO services in Bangkok if you are to create a strong online presence. The sooner you get in touch with such a provider, the better and they will be an invaluable partner on your journey to success, always working to drive traffic to your company website.
- Legalities – Obviously, your business needs to be registered and that is something to discuss with a local accountant. There are many ways to set up a business: sole trader, partnership or even a limited company, and with the right advice, you will start out on the right foot.
- Insurances – It is the responsibility of the business owner to minimise the risks to the organisation, so make sure that you are insured to cover every eventuality, with adequate public liability insurance (PLI), plus some employers’ liability insurance if you plan on hiring people.
- Web Design – Unless you happen to be a web designer, outsource your company website build to a professional, as this will be your online portal to the world. The web designer would take your ideas and turn them into a dynamic website that is a good reflection of your new business and what it is about.
- Business Premises – It might be that you’re planning to manage your business from a home office and if you are going to start an e-commerce business, that is all you would need to get started. Of course, it depends on your needs as to what kind of premises your business will require, but starting small will save you money, and you can always expand at any time in the future, when things are going well.
Ask any successful entrepreneur about launching a business and they will confirm that it takes a lot of planning, research, hard work and an element of good fortune in order to make it in today’s business climate.
