just about anyone can start up a new business. It does not matter your educational qualification, your business experience, age, and definitely does not require you to have a huge amount of money to start up a business from scratch.
The following are a few points for you to put into consideration when starting up a new business:
YOUR BUSINESS IDEA: You are here so I believe you probably already have a business idea. First of all, you have to know the place of your business idea in the business market. There are different classes of business. Check to know which of the classes your intended business belongs to.
RESEARCH: You need to make research on similar businesses, not just online but also individually especially from other entrepreneurs. Ask questions from other business owners, discover how they thrive in the business world and think of better ways of improving such businesses while starting up yours. As an upcoming entrepreneur, you should be able to bring something unique to the table. You should make effort towards offering better products or services compared to the existing ones.
SETTING UP A PLAN: As an intending entrepreneur, you need to have a plan. Business plan gives you direction. It is a skeletal representation of your business ideas and goals. Draw out a simple plan that would incorporate all aspects of your business and try to follow them as you go. In your plan, make sure you specify if you are going to have a team and decide on the number of people you want on your team for a start but if you do not want to start with any team at the beginning, it is fine. You can start small with just you running all the business errands and as the business grows, you may now consider bringing in new people or employees for the smooth running of the business. Your business plan does not necessarily have to be perfect in the beginning, you keep making adjustments as you go, knowing what works for you and what does not.
LOCATION: Choosing a suitable location for your business depend on a number of factors. People who start very small businesses, choose locations close to where they reside. But if it is not a very small business, then you have to consider several factors before choosing a suitable location for your business. Some of the factors to consider when choosing your business location include; closeness to raw materials for your product, market availability, tax rate in such area, transportation and distribution networks amongst other factors.
AWARENESS: Creating awareness for your business is another factor to consider when starting a new business. Your business remains stagnant if you do not let people know about its existence, uniqueness and offers. There are different ways to create awareness for your business. Whichever method you choose will depend on the size of your business, the type (either electronic or not) and how much you are willing to spend on advertisement. Advertisement plays vital role in the growth and expansion of a business.
LEGAL BACKING: This is another important factor to consider if you intend to join the business world. This simply means registering your business in accordance with the business laws in your area. Learn about various intellectual property rights and protection. Registering your business gives you protection as the legal owner of the business. It also prevents others from imitating your brand.
INSURANCE: Insurance helps you to be better able to handle crises and get back on your feet after an incident. Although you might not be able to afford an insurance at the very beginning of your business, especially for small scale business. However, it is important that you add it to your business plan. Insurance make you more prepared for uncertainties.
The points above are the basic things you have to put into consideration at the very beginning of your business start-up.
If you have any questions or comments, feel free to contact me. I would love to hear from you!
P.S: BIZMANIN offers a step by step, one-on-one guide to help you in starting up your dream business for a very small token! Feel free to contact me, let’s get you started!