Thinking of starting a
business? Whatever your motivation, you have to know that while the potential rewards of entrepreneurship
are great, the road to success can be fraught with challenges. With that in mind, it’s best to make the necessary
preparations and make sure you’re ready for the exciting journey ahead.

Consider
these pointers to help you set out on the right path.

    1. Come up with a business
      idea
      It all starts with an idea. If you already have one, then you can move on to the next step. If not, find
      that one thing you think you can thrive on.

      You can start with a few potential ideas. Write them down and do your research, until you’re convinced
      you found the right endeavor.

      Here are some tips on where to get inspiration for business ideas.

      • What are passionate about? Is it art, IT, food,
        travel? Working on a passion can give you the motivation you need to overcome challenges.
      • Follow your intuition. While working for an
        industry or simply looking around various fields of interest, you might have noticed something
        that’s lacking or needing a solution, and you believe you have the answer.
      • Explore various sources. The internet is filled
        with business blogs or publications that include suggestions on business ideas. Attend trade
        events or franchise fairs to get inspiration from existing businesses. Ask people you know about
        products, services, or innovations that they’d likely patronize.
      • What can you offer that’s better or cheaper than
        what’s already on the market? A business idea doesn’t always have to be original. You can take
        an existing product or service and find a way to deliver it better or at a lower cost. This will
        give you a chance of capturing a good slice of the market.
    1. Do your research
      Once you know what business idea to pursue, the next step is to study the market. Learn about your
      target customers, their habits and interests, their motivations, and so on. Commissioning a professional
      market research can be expensive, so consider other sources, such as conducting social media polls, or
      surveying or talking to members of a club or organization that represents your market. You can also ask
      people you know, but it’s not wise to limit your research to them.

      In addition, look into who your competitors are and what they’re doing. Study successes as well as
      failures, and try to learn from both. See how you can differentiate yourself from the pack.

      Do a feasibility study or business plan that outlines the potential risks and rewards of the business,
      your business model, financial projections, and so on. Not only will this guide you in establishing the
      business, it’s also essential in obtaining funds from bank and investors.

    1. Decide on your business
      address

      Are you setting up a brick and mortar business? If so, always consider the location. You’d want to be
      easily found and accessed by your customers, or by delivery and transport services.

      If your business will mostly be conducted online, or if you have no real need for a physical office or
      shop, consider working from home and getting a virtual office address or a hot desk service. This will
      help you save on costs until such time that you can afford or will need your own office.

    1. Secure your funding

      Based on your business plan, be prepared with the funding you need to get your business operational. You
      should have enough funds to finance your capital equipment, inventory, registration, and others startup
      costs.
      Ideally, your funds should come from 25% of your savings. If this is not feasible, find other sources,
      such as a business loan from a bank or investor, or perhaps, from family and friends. Crowdsourcing may
      be a good way of raising capital, but it can also come with greater risks.

      You should also set aside cash for rental fees, utilities, salaries, supplies, and so on. Weigh your
      options carefully, and determine what kind of cash flow you can expect at the early stages of your
      business. This will help you know how much cash you’ll need on hand to keep your business going until
      such time it can operate on its own income.

  1. Get legal guidance in setting
    up your business

    A legal professional can help you determine the best structure for your
    business    , and provide you with important advice on other areas. For example, they can assist in
    determining opportunities for tax savings and identifying the most favorable source of funding for you.

 
We are happy to help fledgling entrepreneurs get their ventures
off the ground. Don’t hesitate to call us to find out how we can help. Get in touch with us today.