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What do you do before you start?
The trick to successfully do something is to start it right the first time. One must carefully study the basics and fundamentals before making any decision that might prove costly in the future.
With that above consideration in mind, let us then outline the following list of important fundamentals to cover thoroughly before opening your business. Evaluate business potential - Why that business? You need to know what motivated your decision to go into a particular business. Is there a potential, is there a market demand? Is there money to be had? Or is it just a hype?
Write a business plan
A detailed business plan helps you understand your market, the health and growth of your industry. Business plans reveal hard facts like the business feasibility, needed management skills, the operational funding requirements, your start-up requirements, or whether you can you recover as fast as you hoped for, or if can, at all, compete and how.
This will outline the form of business that is suitable for you or for your industry. Do you want to enter into a business with partners - why, what are the advantages, any disadvantage? The form of business organization, be it sole proprietorship, partnership, or corporation will also have other important tax implications that needs to be considered. You may want to talk to your financial adviser on this matter.
Licenses and permits
Depending on where you are, and what type of business you intend to form.
Location - Most of the time, good location is key to the growth of your business. The choice of location should never be taken lightly.
Accounting and cash flow
A basic knowledge in basic accounting and cash flow management should be one of the foremost tool for new business owners before starting operations. Chances are, you are surrounded with people who can teach you the basics of management accounting. Don’t hesitate to learn new tricks.
How to fund your business?
First things first, how much exactly do you need and what do you need it for? How much do you have, how much can you borrow, at what cost? Can you afford it? Plan beyond the opening of your business, assume that you will be operating at a loss in the next few months and see if you have way to fund your operations beyond your opening night.
Buying a franchise
This study will help you determine which way is the better way for you to go about opening your business. Do you start from scratch, do you buy an existing business, or do you buy a franchise?
Opening and marketing
After all the careful deliberation, research, study and preparation, you are finally ready to open your business. Before that, make sure that you come up with a checklist first one what do do, and what to avoid.
You also need to put your operations framework in action so you make sure that you have accurately targetted your market, that you have recruited the right people, and they are armed to the teeth with training and customer service skills. You also need to ensure that you have adequate inventory on hand. Make sure that you have everything that you needed.
Promote persistently, advertise wisely, and market hard.
Lastly, make sure that you have anticipated and determined, most, if not all of the problems associated in your industry, your employees, your competition, your economy, promotional and incentive plans, and others.
Copied from and Posted by Machidan | on 2105-2009
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