As the year has just started, I’m sure you are thinking about starting your own business. Maybe it’s a thought you had, an idea somebody told you about or it’s something you’ve heard, but how do you start a business?.
We look at 5 tips very quickly
It has to be more than just an idea, it has to be a “light bulb moment”.
1 What is your idea for starting your own business?
Is it an idea that can work long-term, an idea that will always just remain an idea, can you add meat to it and make a plan out of it.
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2 Do you have a financial Plan developed?
It might be very basic, but do you have a financial plan for it.
Do you know that if you can sell something for 5 can you make it 6 or 7 out of it, selling that because at the end of the day, every business has to be financially viable?
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3 Who would be your potential customers
Are they your friends? Acquaintances or perfect strangers, can you do some research to know whether your product or service can actually be marketed. So there you need consumer feedback or customer feedback, what would the customers want it.
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4 Have you got your idea worked out?
Have you been able to package it so that it can be more than just an idea? Is it actually something ready to be marketed, can be marketed and you are certain you are able to do it.
5 Are you in it for the long run
Because business is not something you can start today and forget about it tomorrow. It is a commitment. Are you able to give that commitment in the long run?