Start a business, they said. It will be fun, they said.
No matter how many books you read or how much advice you receive, becoming an entrepreneur is no easy task. However, if you believe in your dream and want to make them come true, you’ll probably need this handy checklist to ensure everything goes your way.
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Have a business plan
You’ve got a plan? Then, stick to it. Having a specific goal for your brand will allow you the platform you need to make informed decisions to get to where you want to see yourself in two years.
Consider things like:
- How do you intend to finance your business?
- Who is your target audience?
- How many employees will you need?
- How will your company make money and what will your rate card look like?
- How will you beat your competitors?
Have a budget
Especially in the country’s current economic climate, it is essential that you learn to count every cent. Set a projected income and expenditure budget for the next 12 and 24 months. Then, make sure you achieve the income and stick to the expense budget and that everything, including the petty cash, is accounted for.
You may discover that your business will require seed capital and come up with creative ways of how to raise it. Rich uncle Louis may just think it is worth advising you and investing in your business if you offer him a chunk of shares.
Choose the name of your brand carefully
We recommend something unique. Remember, your company’s name is what will get mentioned when word of mouth does the rounds. It will also appear on all documentation required when registering your company.
Think of a name that will set you apart from your competitors and will have a certain charm to it. If you’ve got some ideas and would like to ensure that it is not already registered, you can check availability of a business name.
Market your business
You’ve got your plan and know exactly how your company will generate income — now it’s time to get the word out there. Create social media accounts for your business and, if you have the budget for it, consider some online advertising on relevant sites. More people will become familiar with your brand and it will increase your brand awareness.
Reporting Solutions postulates that certain media types work better for certain industry types than others. So, examine your options and research which channels and platforms will deliver the most favourable return on investment.
But most importantly, remember, business insurance should also be at the top of your list when you start acquiring assets.
Being comprehensively insured will set your mind at ease in the unfortunate event that you may be exposed to theft or damage. Get an online insurance quote today — and get busy with building your business your way.
The article was sponsored by MiWay.
