Business requires lots of time, money, resources and research to start up. Hence knowing what it takes to starting your own business is essential if you will succeed in getting your business idea started.
1. Evaluate and Analyze your skills and experience to find out what type of business to start up. Now observe the market to find out for an existing problem whose solution people are ready to pay you for. Find out if the products or services- solution- you are about to offer has competitors and if there is enough room for you and your competitors for the business. Decide if you have the managerial and leadership abilities or if you will need to hire people to run the business for you.
2. Write a Business Plan to help you have a clear idea of what goals you want to achieve. A business plan includes the company overview, details about products and services, description of your target market, sales and marketing plan, information about your team of staff and your financial situation now and few years to come. If possible secure a bank or small business loan.
3. Create a Legal Structure to determine how many partners will own the business and how much you need to protect yourself from personal liabilities for the business. You can decide to start up the company as a sole proprietor, a partnership, a limited liability company or a corporation. Each of this company structure has its own special requirements, liability issues and tax advantages, hence the need to work with an attorney in order to create the right structure.
4. Finding Finance for your business start up could involve using personal savings, loans from acquaintances and even credit cards. As earlier mentioned, you can also secure a bank loan using personal collateral or partner with someone who has the finances to get the business started.