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Setting up a Business
Make a Research
First of all, you need to identify a business idea, so then you can balance it with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further.
In order for a small or medium business to be prosperous, it must solve a problem, fulfill a need or offer something the market desires.
There are a number of ways you can identify this need, the most important is research. As you explore the market, some of the questions you should answer include:
Is there a need for your supposed products/services?
Who needs it, what a TA?
Are there competitors offering similar products/services now?
How will your business fit into the market?
Plan a Finances
Starting a business doesn’t have to require a lot of money, but it will require some initial investment as well as the ability to cover ongoing expenses before you are making a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.).
Get Ready your team
Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position. If you are not hiring employees, but instead work with freelancers, now is the time to work with an attorney to get your freelancer agreement in place and start your recruitment process.
Promote Your Business
Once your business is launched, you need to start attracting customers. You’ll want to start with the basics by writing a USP and creating a marketing plan. Then, explore as many business marketing ideas as possible, make a comparative analysis, so you can understand how to promote your business most effectively. And promote it!
Good Luck!
