If you are in the midst of starting a small business, you will spend the vast majority of your time making decisions. For the most part, this process is highly enjoyable: you are detailing the roadmap for the future of your company, and there is a definite joy to be found in making decisions that will contribute towards your future success.
Some of the decisions you will make as part of this process are easy; decisions you can make instinctively, based on your intuition and your experience. However, there are four decisions that are far more challenging than you may expect, so make sure you make time in your schedule when deciding the following new business elements…
#1 - Your business name
Deciding on a business name is rarely simple. You have to find the exact right fit for your company; something that explains what the business does or… actually… does it need to explain what the business does? Maybe it would be better to go for something catchy and unique, something slightly opaque that makes people want to know more? Or… no, perhaps you should just name the business after yourself, for clarity… or is that a step too far?
The above thought process - and the many, many more that are similar to it - can make the task of naming your new project incredibly difficult. You will likely spend hours agonizing over finding the perfect name and, even when the decision is made, may change your mind. While this can be irritating, it is completely natural, so try to go with the flow until you finally alight on a name you are completely content with.
#2 - Your payment processor
The vast majority of businesses will need to establish a method for accepting payments, but with so many options available, deciding which is right for you can literally take weeks.
In this case, there is some good news: there’s so such thing as too much information. All of the time you spend reading guides to working with payment processors like BlueSnap and similar services will undoubtedly be beneficial, as this decision will impact a variety of areas of your business. So while it may take longer to choose a payment gateway than you expect, at least you can be sure the effort will be beneficial to your business as a whole.
#3 - Your products or services
In many ways, it seems like this decision should be the easiest of them all: you’ve already had the business idea, so surely you have a firm plan for what you are actually going to sell?
However, deciding on your introductory range of products or services can actually be incredibly confusing - especially if there are numerous options available. You will need to trim your many ideas into a small, easily managed range for the initial business opening, which means spending a large amount of time deciding what you want to offer right now and which you want to introduce later on. This is an important decision, and one that shouldn’t be rushed, so take the time you need to ensure you are happy with the choice you make.
While taking time to consider your options regarding the three decisions above may seem like an unnecessary delay, these are important factors that demand careful thought. It may take you longer to make these decisions than you expect but, ultimately, the time you take considering them will ultimately be time well spent.