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What do You Need to Start Your Own Business?
Perhaps you’re launching a new business and need to get your feet off the ground, or maybe you feel like your current business is stagnating. The road to success is paved with dedication, hard work and trial and error – luckily for you, instead of learning from your own errors, you can learn from the mistakes and successes of pioneers in the business world.
Here are top proven-to-work tips that you can use to give your company the boost it needs.
1.Devise a business plan
The planning phase of launching a business is absolutely crucial, which is why you need to do this properly. Your fundamental business plan should include a description of your businesses, how you are going to market your business, a budget plan and a breakdown of management and responsibilities. Once you have a basic business plan, you can add onto it and change it to suit the direction you want your business to go into.
2.Plan your finances in advance
Did you know that most start-ups barely bring in a profit for the first year to even the first few years of starting up? If you do not plan for this, you may find yourself in a lot of financial trouble.
Research your financial assistance options – getting assistance through friends or family may be a cheaper option.
3.Choose your business name
According to Entrepreneur Magazine, ask the following questions before choosing a business name:
- Who is my ideal customer?
- What problems will I help them solve?
- What words/ phrases will appeal to them?
- What are the 5 top benefits of my business?
- What pictures or metaphors could possibly be relevant to my customers?
- What are my competitors’ businesses’ names?
- What name can I use to differentiate my business from my competitors’?
4.Determine a business structure
The structure you choose will influence your business in terms of long term tax and legal implications. Here is a list of types of business structures in South Africa.
5.Pull all your paperwork together
This is probably the most tedious part of getting your business off the ground. You need to create a checklist, which includes permits, registrations, licences, etc. to get your business up and going.
6.Hire a power team
So, you obviously won’t start off with a lot of employees; just make sure you have a good team to work with. The best way to find such people is through professional circles and networking.
7.Always be professional
Always present yourself in a trustable, professional manner wherever you go and in all areas of your life. Remember, as a business owner, you are always advertising your business wherever you go.
If you’d like to succeed in all areas of your life, try a PS Professional course through Stratsure.
PS Professional course
Monday, May 15, 2017 - 16:45