Updated: Nov 10
1.Write a business plan
This is essential as it's your roadmap which evolves from time to time.However,this should be long term objectives,estimates and forecast which helps to access funding and investment if there be.
2.Make sure it's right for you
you just got to be very honest to yourself.Are you the right person to start a business? Are you willing to take all the pressure and criticism, work long hours with all the finanacial insecurities in the world today.If your business struggled first,will continue working or quit.Write down all the reasons why you are starting a business and decide if its best for you.
3.Make sure your services or products is a must have
Your products, services or ideas doesnt have to be new but however needs to differntiate you from your competitors.People should need to product enough to want to make a purchase.
Are you looking to form a Limited company, a limited liability partnership,a traditional parnership or a sole trader.Each option here has its pros & cons so you will need to determin what works for you.
This is ususally more than just company name.It is your brand identity distilled intofinest form.This brings your vision & valuesof life and connects you to your customers.
6.Know your market better
Do your physibility study about the market, the demands and competitors.Talk to potentials customers, suppliers, competitors, distributors and ex employees of competitors.Its very vital to test your idea and market befor you write your business plan.
The location of your business always play a role on how well you operate in the sense that your back bedroom might be fine at first but will it always fit the bills?should you buy or lease ? what about insurance and business rate?Think about what works for now and what premises you may acquire as you grow.
Money is there about the most important issue in business as you would widely require it to be able to fund such business plans.Sometimes you may have to borrow or secure it from a variety of sources since you will be needing it to spend it & you will need to earn it.when it comes to funding,you will need to keep an handle on your finances.
Even long existing companies still need help to bounce around new ideas & growth plans so new businesses should never try to journey alone.Hence, mentoring & support can help with business planning, legal issues ,funding and investment, prototyping and product development,premisess, research design,HR marketing and sales & employment issues.
Hardware, software, cyber security now more than ever needs to be done rightly, investment in the right gear will also help in the long term.