How can I get my new business venture up and running as quickly as possible?
There are several activities you need to do before starting your business, these include:
- Registering the business
- Gathering the resources required
- Launching the business.
An action plan is useful so that this process goes smoothly. In many cases the entrepreneur already has a specific launch date in mind. As an entrepreneur, you need to have done the relevant ground work to avoid any hiccups.
Steps to start-up
The actions needed in order to start a business as quickly as possible include:
- Thoroughly research the viability of the business idea. Once the idea is investigated and you are confident with it, you can move on to the next step
- Identify and understand the risks associated with the venture
- Make a list of all information required (including sources) for you to start the business and determine where you will find that information
- Conduct market research for the business: For a business to be successful, you have to sell the right product, at the right price, in the right place and promote the product successfully. Ensure you understand the market you are entering into and what the customers in that market need
Determine what products or services you are going to sell: once you know what you will be offering your customers, know exactly what is needed to produce the goods or offer the service and know the cost of selling the product or service
Know the business model: Know how your business will generate income, and where your business will be located. How will you promote the business? What is the cost of setting up this business and how will the capital be raised?
Identify the different types of business which you can register; ensure that the type of business you choose is suitable for the business/operations you have chosen. E.g. Close Corporation, Pty (Ltd) etc.
Once all the relevant information is acquired, you should be ready to set up your own business.