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Tag: business start-up

Home business

7 Tips for Home Business Start-up Success

Getting a home business up and running takes a whole lot of effort, especially for those who are not so experienced. There are however certain basic principles that you can find useful in helping you achieve your Business Start-up success.

Prepare a realistic business plan.

Think of this as your business road map. Define exactly where you want to achieve with your home business and then you can effectively map out your path towards achieving your goals!

By creating a detailed business plan you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.

Include every little detail in your business plan

Your business plan should encompass the financial considerations of starting your small or home-based business. Ask yourself some real questions:

Do you have the capital required for a start-up?

Will there be a need to raise additional funds?

Who are you going to approach for finance?

Have any plans to approach experts for advice?

And don’t forget to open a business bank account…

Consider the legal implications of becoming a home business owner and proprietor.

Are you better off as a sole trader, a limited company or are you considering a partnership?

Make sure you consider all the angles and protect yourself and your assets personally from the outset. Anything you bring to the business has to be itemized, valued…even if you’re a sole trader. And make sure you are professionally covered with the appropriate legal framework.

Get your family and friends behind you from the onset.

Make sure your family and friends are fully understanding and supportive of your ideas to venture into a home business start-up.

Do they understand the level of commitment you will have to show for on-going and long term success?

Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too.

business

Business Start-Up- Small beginning shouldn’t discourage you

business

The business world may appear lucrative and eye-catching, but building a small scale business into a giant conglomerate is never an easy task. It involves a whole lot of processes and principles, which many find so tough to implement.

One of the many advice entrepreneurs are given while venturing into the business world is to start with whatever resources one has. So many business owners who have chains of businesses never started big.

The first step is to birth that profitable idea into life. Not all ideas may eventually become profitable when implemented. Test run the idea on a small scale using different business tools and confirm if the feedback is positive or not. This can be done via the use of surveys or questionnaires.

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you are not too good in the technical areas of the business plan, that can be outsourced.

The next step is one of the most crucial steps in your journey towards starting that small business of yours. You got to draw up various sources of funding for your business. Personal savings, family and friends, angel investors, banks, and other SME donor agencies are some of the options available. In making your choice of where to draw your funding from, wisdom must be applied.

Finally, having secured funding for your business, ensure you already have all the contacts, tools, and other logistics in place before attempting to kick start the business. A small scale business is like a small car about to undertake a long journey. The car needs enough fuel (finance) to get to the desired destination. Good tyres with the needed air pressure, proper engine checks.

Note however that the beginning of every venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out in the middle of the journey. The most crucial aspect of starting a small business venture is to aim high.  You should also avoid staying at the same level each year.

There is always room for expansion as the business starts picking up. Financial institutions are always keen to support a thriving enterprise as long as they’re a mutual relationship when it comes to funding repayments.

As we approach the middle of the year, let your goal of setting up that small or medium scale investment become a reality.

 

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