Hacks on starting a business: The dos and don'ts



A lot of people want to start their own businesses because they want freedom and want to leave their routine jobs. Once you have made a decision to start your business you need an expert to guide and advise you. Most people don't understand that entrepreneurship is difficult. Here are a few things l think, based on my experience as an entrepreneur and consultant, should be considered when starting your own business:


1. Initial considerations such as: How much do you need to live on? How much money you're are going to invest in your business?


2. You need to find a good mentor or good business consultant to guide and advise you. This is where l come in because l have years of experience and knowledge in managing a business. 


3. Understand the market you want to enter. Carry out simple market research. It is not advisable to wade into a project just because you think you have a great product or idea. If your product or idea does not have a market...shelf it. Business thrives on marketable products and ideas.


4. Business plan. Even if business plans feel outdated, knowing where you go and having a revenue model is essential. You need to understand that your business plan will change over time. It's made to give you a direction but it's not a fixed plan. Why? Because the market will change, the technology will change, the consumers will change, etc. So, if everything changes, you need to be flexible as well.


5. Making it official. Register your company and be statutory compliant. It is not advisable to avoid paying your statutory obligation religiously. Taxes are deductible from your income tax so there is no need to avoid them.


6. Understanding cash flow and profits. I am a trained accountant and l will be able to assist you to understand the critical areas of managing your cash flow.


7. Let your consultant draw up a bankable project proposal. A good project proposal will get you a strategic business partner or a loan from your bank. Use crowdfunding and small business grants when strategic partners are not forthcoming. 


8. Let your consultant give you advice regularly. When you are your own boss, your business becomes like your baby. A baby needs proper care and only seasoned mentors and consultants can assist. 


9. I can also assist in recruiting and training employees. Employees are complicated, worse if they are friends or family. It is important that you have trained and dedicated employees.


10. You should have an exit plan or even better a succession plan. We should be prepared if our business fails. Failure is a good excuse to start another venture and we learn a lot from our failures.

 



Don't worry, about failure, at Demor Consulting Services, we're here to help your business succeed. If you want to start a business, make it a success or grow an existing one, just tell me how I may be able to help you.


Contact me on +263773037230


Email: demorconsult@yahoo.co.uk

Visit my blog: www.edmorembuzanamlambo.blogspot.com


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