5 things you should think about when setting up a new company

New entrepreneurs start up for a variety of different reasons. Maybe they are tired of working 9-5 every day, and maybe they are tired of working for someone else? Maybe they just want a bit more flexibility and independence in their life…

Starting up a new business can be super overwhelming. To start with you can be motivated by your innovative new idea which is going to change the world- then you face the admin. Sometimes, setting up a new company is not as simple as it looks.

So, if you are thinking about setting up a new business, and looking at the list of things ‘to do’ that’s as long as your left arm, take comfort that you are not alone! Here, we have collated 5 things which are essential for you to think about when setting up a new company.

1. Check out the existing market

What exactly is it that your business is going to do? What product is it going to sell? What service is it going to provide? Once you have this skeleton business model, it can be crucial to check out the other businesses that are already in the market.

By doing this, you can see what is missing from the existing market. This can allow you to come up with a unique selling point, or USP, for your business. This feature is what will set you apart from the crowd, and what you should push when you eventually come to advertise your company.

2. What is your target customer?

You can’t sell a service or a product if you don’t have potential customers who will pay for it. Study your chosen industry to make sure that there is a consumer base which would be interested in what you have to sell.

3. Face failure head on

The truth of the matter is that some businesses are a success and some fail. The Telegraph once reported that 60% of all start-ups in the UK fail in the first 3 years. You have to be willing to face failure head on and be able to pick yourself back up and get back on the horse.

4. Who are you going to hire?

The business plan might be all well and good, but who is going to run the show? You can go one of two ways: you can hire people yourself or you can outsource.

5. Network security

When setting up a new business, make sure that you ensure your network is secure. Look into solutions such as Wandera, a leading endpoint protection for all platforms, whether the devices are managed or BYOD. They allow secure remote and onsite access through a cloud-hosted zero-trust network access portal.

This can also help to show that you are adhering to Government data laws. You have to make sure that you are giving at least reasonable thought to keeping your consumers’ data safe. Not only that, but you can ensure that safety of your employees’ data, company data, sensitive documents and finances. Better safe than sorry!

Claire James
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