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Thinking of starting up a business now and you are confused on the kind of business you want to venture into? When considering going into a business now, you ought to have a successful small business idea that you have passion for, and to be able to design a career that has a flexibility to grow with you, working towards financial independence and investing in yourself.
This post is for anyone that is looking to start a business now whether as a side business or full time business and become a boss.
There are some vital steps to take before starting up a business now and here they are:
Do You Want To Start A Business Now?
STEP 1: Conduct a Market Research
The first step towards starting a business now is to first conduct a market research on the kind of business you are considering venturing into. You must get to know a lot about the business, the rudiments of the business, the risk, the hazards, what problem is the business going to solve, who are going to be the beneficiaries of the business.
All these and many more are the things you should find out before starting up any business. Also you must know the number and level of competitors you will face in the business in other for you to prepare beforehand.
STEP 2: Choose a Business Name and Draw up a Business Plan
After you are done with your research and now know your market very well, the next thing for you to do is choose a business name and draw up a business plan for your business. Make sure you choose a reputable name and should not be an existing company’s name. the company name plays a very vital role in your business so, make sure you take your time when deciding on your business name.
A business plan is the light that will guide your business from the scratch phase through establishment and business growth, and it’s compulsory for all new businesses for beginners.
Your business plan need to cover your goal for the business, how you will finance the business, your target customers, and your expected income. All these are what your business plan must entails. A business plan helps you overcome challenges and what you need to survive the business.
STEP 3: Seek for Fund
To start a business now, it requires fund and if you don’t have the needed capital, the only choice for you is to go and borrow from your bank. But it is more advisable to wait till you have your money to start up if you are going into full time business if you know you can’t handle being in debt.
STEP 4: Get Your Location Right
Location is a very important factor when it comes to starting a business now. Choose a suitable location when planning for a business. Location should be one of your top priorities. You can choose to operate from home if you can handle it or share a private office space, or rent an office space.
Have it at the back of your mind that whatever location you should use for your business now must be accessible to clients and customers.
STEP 5: Marketing Your Business
Indulge in intense marketing of your business. Once your business has kicked off, you will need to start creating awareness to the general public about your business. You can start via social media, on air publicity, writing of selling preposition, printing of fliers etc.
Make people get to know about your products and services, that way your market will sell faster.
STEP 6: Create a Good Organizational Structure
Another vital thing you need to know if you choose to start a business now that will grow to become an empire where you will be having large number of employees is building a good organizational structure.
Develop a system in your business. Take your time to outline the position you fill, and the job responsibilities that are part of each positions. If you are a sole proprietor hitting the small business way alone, you may not need employees or contractors, but you will still need your own support team.
If you are the sole owner of the company, you are to register for a sole proprietorship. If you want to separate your personality liability from your company’s liability, you may want to consider registering your business as a Limited Liability Company or a Public Limited Liability Company. This separate a business from its owner, and therefore, corporations can own property, assume liability, pay taxes, enter into contracts.
Are you interested in starting your own franchise or invest into an existing one? Do you want to avoid plying the roads up and down everyday so you can work where you want and with people you are comfortable with?
Launching your own business is a very rewarding step for any individual. There are lots of insurances services out there that can take the risks and troubles involved in being a business owner. This however depends on the nature and location of such investment.
Starting a business is not always a smooth sail. There are lots of issues such as unhappy clients that you must deal with especially when the business is in its early phase. Cost of rent and maintenance keeps increasing in some cases even without any significant growth in returns.
No matter the nature of business, you will need to equip yourself with the right tools. These may range for IT equipment to tools for the trade. Even though you are doing everything possible to provide quality service to your customers, occasionally a client may be unhappy with what he is provided with.
Don’t end up starting a business because it is the business that is making money right now and everybody is venturing into it. If you do, you may end up being frustrated when you don’t see money coming in for you.
Make the right decision and start a business now!