Before you proceed with a company registration or business setup, there are 5 things you need to consider.
Tip #1 – Decide if you’re ready to start your own business
As a business owner, you need good management skills, relevant industry experience, technical skills, a sound knowledge of finance and a long-term vision to grow and succeed.
Consider the following before starting a business:
- your reasons for getting into business
- will the business satisfy your needs
- your level of skills
- your business goals
- time requirements and commitments.
Tip #2 – Choose your type of business and business structure
The benefits of starting your own business include:
- You get to be your own boss,
- you have total creative control,
- you have flexible hours,
- it generates a new source of income and,
- it can be rewarding to watch your business grow.
Depending on what type of business you want to start, you may not need a physical business location. Home-based and online businesses are becoming increasingly popular and offer many advantages.
Aside from choosing what type of business to start, you also need to decide what type of business structure you’ll need. Business structures include:
- sole trader – an individual trading on their own
- partnership – an association of people or entities running a business together, but not as a company
- company – a legal entity separate from its shareholders
- trust – an entity that holds property or income for the benefits of others.
Tip #3 – Conduct market research for your business idea
You need to find out if there is a need for your product or service and who your competitors are, their strengths and weaknesses and how your business will differ from theirs.
Some questions to consider are:
- what product or service you will provide?
- is your idea feasible?
- how will you protect your idea?
- is there a market for your product or service?
- what skills do you need?
- who are your competitors?
- do you have the financial capacity to own a business?
Tip #4 – Write a business plan for your new business
Investing time and focus in creating a detailed, well-structured business plan will give you direction and help your business become a success.
Some important things to include in your business plan are:
- introduction – explains the purpose and objectives of going into business
- marketing plan – your marketing strategy
- operations plan – how you’ll set up the business, i.e. structure, location, regulations
- management plan – how you’ll manage your business
- financial plan – how you’ll finance your business, business costs and financial projections.
Tip #5 – Create a marketing plan for your new business
Developing a marketing plan is essential for the success of your business. Regardless of how good your product or service is, customers will not come to you, you’ll need to go out and find them.
A marketing plan should set clear, realistic and measurable objectives, include deadlines, provide a budget and allocate responsibilities.
Your marketing plan should include:
- analysis of your current market
- key strategies
- steps to achieving your objectives
- proposed budget
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