YOU know starting a business is not
easy due to a lot of factors, and even when you have succeeded in
starting one, it takes proper planning to keep it going until it is
really up and running. So it is better you have a proper plan and
understanding for one before you start.
Are you interested in starting your own business? Below are some steps to take before you launch that your dream business.
1. Get the business idea
You have to have an idea of the kind of
business you want to do. Is it a product you want to be making or a
service you want to render to people that needs it, you need to have an
idea of what you want to do. It’s good to have more than one idea, and
then you can finally narrow it down to one.
2. Set your target
You need to set a target for the
business. Are you in it to achieve financial freedom? Or you want small
business that will sustain you and give you steady income? It is good
you set your target early enough before you start the business.
3. Define your team
You have to decide how you want the
business to be run. Are you going to run the business alone or you will
get someone to assist you, this bring a lot of synergy to the table,
because two heads are better than one, as people bounce ideas off each
other.
4. Determine the legal structure of the business
Decide what type of business you would
like it to be. A sole proprietorship, a partnership, etc. This is
important for tax purposes and for attracting investors.
5. Get a business name and register it
By now you should have name you want to
use for the business, get a lawyer to assist you to register your
business name, before someone else use the name. Your business name
should be unique to you.
6. Finance your business
How are you going to finance the
business? Will you take a loan from the bank co-operative or you will
use your personal savings? And remember to have reserve cash for the
funding of things until the business is really up and running.
7. Consider the competition
Consider the competition around. The
people that are into the same business around, how much are they
selling? What can you do to make your product better than theirs and
with a better price?
8. Create a business plan
For your business to succeed you need
to have a business plan, because it helps you in the running of the
business. And it is what investors, bankers and other interested
parties will use when deciding whether to invest in your business.
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