Top tips on how to start a business
Dec 14, 2007
Most of us have business ideas in our heads. But do not just dream; turn that dream into reality by putting it down on paper. Before you start a business, ask yourself the following questions. If you are 80% correct, start the business.s
Most of us have business ideas in our heads. But do not just dream; turn that dream into reality by putting it down on paper. Before you start a business, ask yourself the following questions. If you are 80% correct, start the business.
- Mindset — Are you in the right frame of mind to start a business? Our culture has groomed us to go to school, pass, graduate and look for a job. Do not turn to business as a last resort.
-Reason — What is motivating you to start your own business? Do not start a business because you had a conflict with your boss and would rather be self-employed. You should have the passion for whatever you want to do.
- Personal Goals — Do you have clear, concise written goals? Your goals will lead you to the type of business you will do.
- Knowledge — What is your business idea? Having the right information about the kind of business you want will facilitate you in planning.
- Location — Where is your business going to be? Location is critical for the success of your business. For instance, a restaurant, should be on a busy street.
- Materials — What resources do you need? This will depend on the kind of business.
- People — What kind of people will you employ? Besides the owner, a good employee is the foundation of any business. Choose people according to ability not your relationship with them.
- Systems — How will the business run? Build systems, train and groom others to run the business in your absence.
- Finances — How will you finance the business? If you are interested in starting a business, money should not be the main road block. First get the business idea, make the necessary plans in order to know what kind of investment you need to begin with.
When looking for finances, don’t think of the bank as the first option, the main sources of funds are your own savings, selling a personal item and family members.
The writer is a business
development consultant and an
entrepreneur
- Mindset — Are you in the right frame of mind to start a business? Our culture has groomed us to go to school, pass, graduate and look for a job. Do not turn to business as a last resort.
-Reason — What is motivating you to start your own business? Do not start a business because you had a conflict with your boss and would rather be self-employed. You should have the passion for whatever you want to do.
- Personal Goals — Do you have clear, concise written goals? Your goals will lead you to the type of business you will do.
- Knowledge — What is your business idea? Having the right information about the kind of business you want will facilitate you in planning.
- Location — Where is your business going to be? Location is critical for the success of your business. For instance, a restaurant, should be on a busy street.
- Materials — What resources do you need? This will depend on the kind of business.
- People — What kind of people will you employ? Besides the owner, a good employee is the foundation of any business. Choose people according to ability not your relationship with them.
- Systems — How will the business run? Build systems, train and groom others to run the business in your absence.
- Finances — How will you finance the business? If you are interested in starting a business, money should not be the main road block. First get the business idea, make the necessary plans in order to know what kind of investment you need to begin with.
When looking for finances, don’t think of the bank as the first option, the main sources of funds are your own savings, selling a personal item and family members.
The writer is a business
development consultant and an
entrepreneur