Setting up your own business is a great idea. If you have found a gap in the market which you think you can fill, then why not give it a go! With unemployment being so high these days why not put your income in your own hands and be your own boss (and possibly someone else’s too.) There is a lot to consider when setting up your own business, once you have got your business model in place you then need to decide on various factors before your business is up and running.

Time

An obvious point is time. But not just how much time you are going to be able to put into your new business, the time in which it will run is essential to your success.

You need to do a lot of market research to understand the time of day in which similar companies to yours run. If your business will include customers of some sort (which almost every business will) you need to set in place solid opening hours at which customers can contact you. It’s no good saying you are open nine to five, Monday to Friday, and then you decide to take a Tuesday off because you can, it’s your business after all. Customers will become very frustrated if they cannot reach you during the hours you say they can.

Work Out Your Weaknesses

Upon setting up your new business, I’m sure a lot of us intend to do everything ourselves until we can afford to expand and take on hired help. Work out any weaknesses you may have that could affect your business. Ensuring everything is run properly is essential. If you can’t afford to take on another person to cover any weak areas you may have to ask family or friends to check things over for you in case you have made any mistakes.

We can’t all be good at everything, and chances are there will be an area or two with in your business that you need a little extra help with.

Social Media

Take as much advantage out of social media platforms as possible! After all, it is free advertising! A lot of us don’t realize the power behind social media now. The most important platforms in terms of business are twitter and facebook. Before your business is up and running make sure you have a business facebook and twitter set up with lots of followers/friends. You can then announce on these platforms the opening of your business with a possible discount to followers to bring in your first customers. Facebook and twitter not only allows you to advertise but also enables possible customers to ask questions about the business. It makes it personal; you can build relationships and encourage loyalty.

Eilidh MacRae is writing on behalf of New Business and would reccomend them for Business Advice for new businesses.