Entrepreneurs - You've Decided to Start Your New Business, So What Comes First?
You are all fired up, you know what kind of business to start, you've read all the business start up books you can get you hands on and now you are just confused. Which of the many tasks you have to undertake, which do you do first and what order do you do the rest in?
The absolute first thing you must do is confirm that there is a market for whatever you want to do. Do a few surveys and find out what people want and what price they will pay for. Look through all the adverts and magazines in your market area. Visit a few forums and "expert" sites and see what questions people are asking? Have a look at eBay and Amazon and see what is selling there. When you have a good idea of what is out there and where your company will fit in now is the time for a test run.
If it is appropriate to your business, take out a market stall, or mall kiosk, set yourself up in a boot sale etc and see if people want you stuff. Otherwise set up a small classified ad for your business and see if there are any enquiries. Make a few enquiries amongst the strongest part of your network.
After you have worked out what WILL sell as opposed to what you want to sell you then need to do some work on sorting out your product and services list and set you prices to give yourself a good profit margin.
NOW you can set up your business with a much better chance of success than if you dived straight in.
Your Business Entity is first, because you need this to set up your licenses, insurances, certificates, taxes and bank accounts. Which are all necessary evils I am afraid.
Next you need to set up the all the financial and legal obligations mentioned above.
You now have a working business structure but nothing to put into it. Time to get some money together. You will need your business plan which will give you your business strategy, marketing strategy and complete your market investigation. It will also give your business some well needed structure and plans as well as define your financing needs.
Now decide upon your business brand and set up your marketing and advertising materials. Ensure that you some good brochures etc to answer your initial enquiries. Set up some demos and prototypes if that is appropriate. Set up your marketing and advertising and….
Now go out and find some customers.
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