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Think Tank

7 inspiring steps for starting a business

  • Are you thinking of starting your own business?
  • Are you seriously considering making the decision to enter the world of business?
  • These are some hints that you might need to consider:

Step 1: Brainstorming exercise to establish what you really want.

Before deciding to start a business, list out your priorities and answer the following questions:

  • Do you really wish to be your own boss?
  • Do you really believe that you can make money?
  • Are you capable enough to be a successful entrepreneur?
  • Are you fully aware and ready to face the business life challenges?

Step 2: Establish facts.

Ask what business is right for you…

  • What are you good at?
  • What do others think that you are good at?
  • Are you going to be supported by your family?
  • What are your ideas, are they really marketable?

Step 3: Set your clear objectives.

You need to identify the niche where you think you will fit in:

  • What kind of business are you interested in starting?
  • Are you after selling products or services?
  • Who will be your target market?

Step 4 - Re-check your self-assurance

Carry out some research:

  • Is it possible that your idea will eventually materialise?
  • Is there a demand for your product?
  • If not, will you be able to create a demand for your business?
  • Are you good enough to deliver a quality product?
  • What makes you convinced that you can win the business competition? 

Step 5 - Formulate a way forward 

You need a pre-business plan, and so prior launching your business you need to answer these questions:

  • What skills and experience will you bring to your new business?
  • What legal structure, will your business operation have?
  • What equipment and stock will you need?
  • Do you plan to employ people?
  • How do you intend to keep business records?
  • What pre-financing will you need to start your business, and how do you plan to get it?
  • Where do you intend to locate your business and what are you going name your business?
  • What kind of strategies are you planning for market penetration and growth?
  • Are you sure that your business activity will eventually generate profits?
  • How you will get paid?
  • Do you have a clear business plan?

Step 6 - Before you get moving, get professional advice

Another important step is the need to choose the right business advisor. When selecting your advisor/mentor you need to ensure that he/she is:

  • Knowledgeable about new start-ups, and how to set up a business.
  • Has experience with businesses such as your own.
  • Is up-to-date on local business laws, rules and regulations.
  • Is really interested in helping you and not just looking at you as another source of revenue.
  • Will be available whenever you might need.
  • Ideally the advisor will be either a professional business mentor, an accountant or a lawyer.

Step7 - Take-off

Once you have discussed, evaluated, obtained the right advice, and resolved all start-up legislation needs, then you have to work intelligently to achieve the perfect launch. Be aware, and make sure that:

  • You build a great team, to get your company off the ground.
  • You brand yourself and advertise wisely.
  • You will be ready to be always customer friendly.
  • You active your entrepreneurial skills and make your business grow.
  • You keep an eye on what is happening around you .
  • You try to access EU funds that you might be eligible for. You will be always be ready to transform challenges into opportunities

These steps will enable you to get started on solid foundations. Next will follow the actual establishment of your business, by deciding which legal format you opt to operate under. This is one of the most important decisions you need to take, but with the assistance of a good business advisor, this should be resolved according to your needs.

Banking facilities are also important, and in due course you will need to decide whether need any special services, such as loans, overdrafts, seed capital or venture capital.

Then comes the compatibility with local business laws, rules and regulations. It is important that your business must conform with entities such as Jobsplus, social security, the VAT Department and Inland Revenue.

Once you get moving, you have to keep up to date with current affairs. Always be ready to respond to changes in the market you are working in. Look ahead with optimism. Always believe in yourself and in your capabilities. Be ready to win business competition, by offering good quality products and services.

In order to manage a successful business, one needs to develop strong managerial skills. It is important that one has an entrepreneurial mind set, be highly motivated, and possess specific  talents. Ambition and high self-esteem are imperative. Be prepared to make mistakes, but it is also important to learn how to change challenges into opportunities. Be clear in your objectives and ensure that your work is based on a well-prepared business plan that will help  to reach your pre set goals.

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