©Femi Adefioye. All Rights Reserved http://entrepreneurship-skills.blogspot.com
Starting a small business is a wise and bold decision; the beginning task is usually the toughest step. Indeed, the journey of a thousand miles begins with a single step. But I have realized that starting keeps most people stationary. Deciding to start means you have won “half of the battle” already!
The steps are as follows:
Preparing your self for the task.
This means you have to be organized, you need to set up a planning note book to draft your plans, keep track of appointments, to do list, errands to run, research to be carried out and set up work schedule so that you won’t be distracted and finally be composed and stick to your plan.
Choose a good business name.
You need a good name that will really tell people or your potential customers what you are i.e. if you are into real estate, you can add your name with it like, john’s real estate. And don’t forget to find out if that name has already being used by another person.
Decide the kind of business you can do.
This is very important, be careful in selecting that kind of business you intended going into either rendering services or selling of products it must be that thing you know you are capable of handling.
Do some findings on the business.
You really have to do some research, spend some time with people with experience, ask questions and gather information on that particular business that you wanted to do. And these will definately guides you against odds.
Write a business plan.
Every business begins with an idea and a business plan is needed to guide the investigation and development of the idea. This is all about the description of that business you want to offer i.e. services or selling of products, about your prospective customers, the strategy to be used and how much of money that will be needed to fund the business.
Decide where you will get the money to start.
There are different ways you can get a start-up capital e.g. your personal savings, loans, borrowing from friends, from family and you can look for somebody that can invest in your idea.
Choose good location for your business.
Your choice of location is very vital to the success of your business. You must consider the location in the regards of the customers, your employees, suppliers, e.t.c Decide the option of renting or buying your business site.
Register your business (license and permit).
After all your efforts you must not forget to register your business. Some countries a general business license if your services or products are taxable.
When you have done all the above mentioned, all you need is to be focused and stick with your plan. Don't be distracted because there going to be challenges and obstacles. But be strong and combat the problems intelligently because you are prepared and nothing can stop you now!
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3 comments:
whao! it's a good start keep it up.
this article is really helpful keep it up
This is good and helpful,especially for those that want to start a small scale biz, no need for seminar just come to this site, u ll be loaded with skills, i think i enjoyed and like every word posted here as an economist,i would say its a good job
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