START UP BASICS

First Steps –


Starting and managing a business takes motivation and talent. It also takes research and planning. It takes extra skill discipline and hard work. Take time ahead to explore and evaluate your business and personal goals. Developing a business plan will force you to think through some important issues that must otherwise be considered. Your plan will become a valuable tool as you set out to raise money for your business.





GETTING STARTED


1. List your reasons for wanting to go into business. · Self management · Financial Independence · Creative freedom · Full use of personal skills and knowledge.


2. Determine what business is right for you. · What do I like to do with my time? · What technical skills have I learned or developed? · What do others say am good at? · Will I have the support of my family? · How much time do I have to run a business? · Do I have hobbies or interests that are marketable?


3. Identify you business Niche · What business am I interested in starting? · What services or products will I sell? · Is my idea practical, and will it fill a need? · What is my competition? · What is my business’s advantage over existing forms? · Can I deliver a better quality service? · Can I create a demand for my business?


4. The Final step – Pre- business checklist · What skills and experience do I bring to the business? · What legal structure will I use? · How will my company’s business record be maintained? · What insurance coverage will be needed? · What equipments or supplies will I need? · How will I compensate myself? · What are my resources? · What financing will I need? · Where will my business be located? · What will I name my business?





Note*: Your answers will help create a focused, well researched business plan that will aid business operations, management and capitalization.





“Find something you love doing and you will never work a day in your life” – Harvey Mackay



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2.
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