6 Things to Know Before Starting your Business

6 Things to Know Before Starting your Business
Have a Friend who would 💙 this? share this with your network
a man looking out all the building on a clear sky

6 Things to Know Before Starting your Business

Nothing can fully prepare you for starting your own business but you can learn from others who’ve been there.

If you’re thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.

1. Map your finances :

finance plays an important role in starting a business

Starting a business requires money that you likely won’t have right away, which is why it’s encouraged to seek capital.

Most entrepreneurs start a business with a very limited amount of capital, which is a large hurdle to many. However, there are plenty of options available to raise capital for business. potential sources include your friends and family.

If that is not enough, expand the search to angel investors and venture capitalists. Should these options not provide the amount needed, then apply for business loans through banks and small business associations.

Crowdfunding Sites:

Kick starter

Circle Up

Go Fund Me

Go Get Funding

2.Write a business plan

business plan  is a skeleton for starting a business

Starting a business is difficult and risky; it’s easy to spend all your time and resources at it. Before you start, figure out what type of business you will have. Will it be a sole proprietorship, partnership, corporation or LLC? Then put together your plan.

Having a written plan with your projected results and personal goals is the best way to stay on track.

3.Good Team :

Moving forward is critical for any startup, and constantly switching directions can impede this forward progress. With each new idea, step back and think how it fits into your company’s overall goal and vision .The importance of building up a team comprised of people smarter than you will help scale up business and transform the company.

READ  80/20 Rule, HOW TO TAKE ADVANTAGE OF IT

 4.Hiring others:

Starting a business should not be an independent journey, no matter how tempting that sounds. Hiring help along the way will set you up for success.

Another smart hire is an accountant. It’s nearly impossible for one person to handle every aspect of a company, and above all, your finances should not be put at risk.

It’s important to have assistance on the legal side of the business especially, ensuring you are protected and going about the process the right way.

 5.Have a passion for what you are doing

Passion is the thing that keeps entrepreneurs going through the hard times. If you really believe in what you’re doing, it will make you more resilient and determined when faced with obstacles.

From big successes to large let downs, if you’re not fueled by passion at every step of the way your job becomes that much harder.

6. Understand the risk.

Of course, there will always be a level of risk with a new business venture. Calculating, understanding and planning for risk is an important step to take before you start working on your business.

RELATED : MANAGING BUSINESS RISKS

Feel free to share your thoughts and opinions with us. If you would like to learn more about entrepreneurial spirit, don’t hesitate to get in touch at CONTACT .

READ MORE ::

The Role of Accounting in Business and Why It’s Important
The term accounting in Business is very common, especially during tax season. …
Apply These 7 Secret Techniques To Achieve Your Goals (2020)
They say that half the battle of completing goals is setting the …

Author: GANESH NAYAK

 Ganesh is an Entrepreneur and a Successful Stock Market investor. Ganesh help finance professionals and Fin-tech startups to build an audience and get more paying clients online. Ganesh is  available for Sales,Marketing,Finance , as well as private consultations.

0 0 vote
Article Rating
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Scroll Up
0
Would love your thoughts, please comment.x
()
x