Many businesses don’t make it past the 5 year mark. Be clear on why you want to start a business.
If you’re a self motivated, problem solving, people’s person with business savvy and you have the ability to live with uncertainty, you are off to a good start to becoming an entrepreneur.
Who will buy your product or service, and how will it make their life better?
Duplicating an existing service in a saturated market is not ideal.
Know what regulations the government require for new businesses.
Sole Proprietor, Partnership, Close corporation or Private Company? Different business structures bring different benefits and limitations. Choose the most appropriate one for your start-up. Here are a few sites you might find useful:
Starting a business part time is easier than starting out full time. Having a steady income while you find your feet reduces stress and pressure. Make sure that this doesn’t however conflict with your conditions of employment with your employer.
Keep in mind things like stock, rent, marketing, business cards and office supplies. Create a detailed budget and cash flow forecast.
Think about partnering with people who have the right skills, assets and capital to make your business work.
Ask people’s opinion on how you can improve your product or service for a reality check.
Money is a huge influence on your business. Start out small and expand when you make more money. Take out a loan if needed. Refer to “Where to go for money” for more info.
Make a PowerPoint presentation on why your product or service is the best. You can use it to pitch your ideas to venture capitalists or anyone willing to invest in your business.
Thinking through all aspects of your business will help you to avoid a lot of obstacles, and help you understand whether the business is actually viable or not.
Working from home in the beginning is a great money saver. Don’t invite clients to your home though- rather meet them at coffee shops.
Great service and products won’t go far if no-one knows about it. Devise a savvy marketing plan for your business.