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Calling all Entrepreneurs: 5 Steps to Start your own Business

Entrepreneur tips on starting your first business

Are you tired of working your typical nine to five desk job? Does it feel like your talents and capabilities are going unnoticed? If the answer is yes, then you have two choices: either you can do absolutely nothing, or you can put your ambition, intelligence, and business knowledge to the test and begin to work on building your own business! The thought of starting your own business may frighten you, but if you have a business plan or concept that sparks interest within you – it may be worth pursuing. Without further introduction, here is a brief list of the introductory steps that you should follow if you wish to be self-employed.

Highlight What Knowledge/Skills You Possess

During this process, it would be crucial to determine which skills you currently possess, regardless of whether you've obtained them through education, training, or experience - this will provide you with an idea of the organizational structure of the company and how many other employees you may need to hire to include in your business venture.The second part of this step includes an assessment of your knowledge on possible industries; after this, choose a specific industry to focus on.

Industry Analysis

A thorough analysis of your chosen industry must be conducted that answers the following questions:

  • Who will purchase your product or service?
  • Who are your competitors?
  • Is this industry overpopulated?
  • Is there sufficient and accessible research data available on this industry?

You should also consider conducting interviews with brokers, suppliers, and statistical analysts in your industry as a source of insight.

Legal Procedures

Is your business going to be a sole proprietorship, a partnership, a corporation, or a limited liability company (LLC)? Are you going to need licenses or permits? Have you registered your business? Will you require any insurance? Have you hired a legal representative?All of these questions must be addressed in order to avoid any future legal complications!

Formulate a Business Plan

If your initial capital investment is high and you require external financial assistance, a detailed business venture plan must be formulated; however, even if this is not the case, a business plan is still highly recommended because it acts as a gesture of formalization.A formal business plan includes the following components: an executive summary, a company mission statement, a business venture description, an industry analysis, a marketing plan, an organizational plan, a risk assessment, and a financial plan.Do you want to learn more about the business environment? Enrol in the Business Administration Diploma at ABM college today!

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