There are various opportunities to make brand new businesses. The raw materials have become simple and available all around us. As well as you will discover demand also.
The rewards of starting up your own business can be great, but think carefully if you have the attributes and right sort of personality to cope with going it alone. Do what you love: You're going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it's really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice.
Identify your skills and particularly your weaknesses. Be honest and ask friends and colleagues for input. If you are less hot in certain areas, hire people with complimentary skills or seek professional advice when you need it. Make sure that there is a market for your product or service. Just as Texaco wouldn't build a petrol station next door to two others, a startup business should ensure that the market for buyers or users is strong in the area he intends to set up in.
Does the business world need you?: Is there a large enough demand for your product? Ask around before even attempting to start your business-check with similar businesses in the area, or around the country.
Find out how they started, and what kinds of clients they target, to get an idea of where you'll fit in the market.
You will need to decide what business structure you will trade under sole proprietorship, limited company or partnership and what obligations and responsibilities you will have as the owner of a new business.
Read more about these business structures. Get clients or customers first: Don't wait until you've offically started your business to line these up, because your business can't survive without them. Sell or even give away your products or services. You can't start marketing too soon.
Never underestimate how helpful this stage can be. Even if you never consult the plan again, it is amazing how many thoughts and ideas can evolve if you put all your thoughts down on paper in a structured format. Not only will you require a well thought-out plan when seeking funding or new business partners, but a decent plan will help you focus on your goals and ensure you are less likely to stray from your real priorities.
You can read our Business Plan Guides for ideas. You'll do a lot of research working through a business plan, but that's just a start.
You need to become an expert on your industry, products and services, if you're not already. Joining related industry or professional associations before you start your business is a great idea. Even if you have the best idea in the world, you are unlikely to make a killing instantly.
Be conservative with your funding estimates and either save enough money to keep you going while the business goes through its initial stages, or present your bank manager with a well thought out business plan and request sufficient start up funds. Thoroughly research the competitors in your chosen industry.
Indentify any weaknesses they may have and try to ensure your product or service is a cut above theirs. Competition is a very healthy thing, but you need to do constant research and never be complacent. As your business expands, you may well need to hire people to manage certain aspects of your operation.
You need to ensure they have the right skills for the job. Above all, you need to be able to "click" with the people you work with - this simply cannot be underestimated.
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