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June 6th, 2019 Comments

How to start a business

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People often ask me to get a list of measures they can use to start their own small business. From company type to business model to location, there are several factors!

 

There are things which every business needs to do to get off the ground. Therefore, don't forget to be elastic. Each business is unique and you may need to refine this list as you proceed.

 

  Begin by taking stock of yourself and your situation:

Why do you want to start a small business? Is it money, flexibility and freedom, to address a problem, or some other motive?

What are your abilities?

What industries do you really know about?

Do you wish to provide a service or a product?

What would you love to perform?

Can it be a full-time or a part-time venture?

Your answers to these types of questions will help you narrow your attention.

 

This step isn't supposed to dissuade you in starting your own business. Rather, it's here to get you thinking and thinking. To be able to start a successful organization, fire alone is not enough.

 

You need to plan, set goals, and above all, know yourself. What are your strengths? What are your flaws? How will these affect daily operations?

 

As you begin, your business will likely control your life so make sure that what you are doing is challenging and stimulating, but not entirely outside your expertise. You are going to be inside for the long-haul. Use what you learn from the SWOT analysis to think through what you want your life to be like, not merely what you need from your organization.

Some good questions to ask yourself include:

What would you do if money wasn't a problem?

Is cash really important? Or instead, is making lots of it really significant? When it is, you are likely going to be cutting a number of choices.

What actually matters to you?

One important question to consider is the security of your business just as it is important to consider the security of your own apartment

Have you got the help of your family, especially your immediate family? They might have to make sacrifices in the start, so it's important to have them .

Who do you admire in business? There's even someone in the industry you'd like to go into. Why do you respect them? What are their likable traits?

Answering these questions (and many more) about yourself and your abilities is not necessarily going to ensure you're successful, but it will get you thinking about your targets and about what motivates and inspires you. Use this time to make sure that you are fitting the company you want to begin to your own ambitions.

Evaluate your idea When you choose a business that fits your targets and lifestyle. Who will purchase your product or service? Who will your competitors be? At this stage, you also need to work out how much money you will want to get started.

 

Your "personal evaluation" was as much a reality check as a prompt for you thinking. The identical thing applies in regards to researching your organization and the industry you want to go into.

 

There are a range of ways you can do this, such as performing overall Google searches, talking to people working in your target industry, reading novels by people from your business, researching key folks, reading relevant news sites and industry magazines and carrying a course or 2 (if this is possible).

 

If you do not have enough time to execute the research or would like another opinion, you will find people you can go to for help, like your regional SBDC and government departments.

If you prefer, you can take matters a step further and think about the customer needs not being fulfilled by businesses in the industry. This is an excellent time to take a look at potential competitors. And remember, the existence of opponents is a great sign! It usually means that the market for your service or product currently exists, so you are aware that you have potential customers that are willing to spend money on service or your product.

 

While you've got the time, learn as much as possible about your opponents, about exactly what they supply to their customers, how they attract attention, and whether their clients are happy. Your job will be made that much simpler when you do set up shop, if you can figure out what's lost before you get started.  


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