Planning your business

Have you ever thought of having your own business? No doubt you already have. First time this thought came in to my mind I was confused. I wanted to start my own business venture, but how, when and where. Those were the questions that came into my mind. You would have experienced the same situation, but never panic. Your thought is well worth working upon and might be a blue print in your success. What would be better than owning your own business? One of the best things you’ll ever do is turning your business dream into reality.

First and foremost thing to remember is never take a quick decision. Think before you leap. This is the main reason most small businesses fail. You need to have a proper plan and sort yourself out. Ask yourself, why do you want to start your own business?

You want to achieve financial independence
To have freedom
Enjoy doing what you like
Don’t like working for others
Want to make a career change
Want to be recognized
Need flexibility
You do have a product or service for which you feel there is a demand.
Other reasons.

It can be any of the above. First better write them down. Secondly asses yourself, your abilities, do you have any talent or things you’d enjoy doing most? Are you a well organized person? Are you the kind of person who can put a good initial effort in starting a venture and continue it along with you? Can you manage time? Make a list of your personal strength and weaknesses. Most successful business owners are hard working and motivated. You need to be well aware of your skills and abilities. Your idea of being in business must be based on reality, not fantasy. Otherwise you are not likely to run an efficient business

Choose the business that suits you best after considering the time you can allocate to your business. You must be able to organize your business professionally. Success in business needs more than just opportunity or skills. You have to have a can do attitude. The most important thing is the way you approach your life as well as your business. Balance you family life with your business. We have a choice whether to be happy or miserable. Many people do not realize such a choice is available to them. What ever you do you need more than courage, you need a combination of hard work, skill, perseverance and good old fashioned luck.

If you have assessed your skills and abilities on a specific product or service do some research on it. The Idea you have in mind, was it successful before, do research on successful people and get information and also find out how much time and effort you have to contribute for the business.

Find out the possible market for your product or service. What is your target market? What is your minimum startup cost? Can you afford it? This is very important. Asses your financial situation before you start to prevent possible bankruptcy.

Do not keep things only to yourself. Share your idea with your family, get their support. That is more important than anything. Develop a business plan to suite your needs. Discuss with a qualified business adviser. You will have to incur marketing and other costs. If you need financial assistance, you have to have your business plan ready so that your financial institution will asses your business idea and if they think it will work, they will be happy to lend you money,

You must register a business name or a domain name. This would help you from future inconveniences. Find out whether any license and requirements are needed for this business. For some types of business you may need a license or permit. Asses your start up costs and estimated income and operating costs at least for one year. Consider how any shortfall will be funded.

If you are employing staff get advice about awards and minimum conditions of employment including occupational health and safety.

Consult your financial adviser. Good financial management is critical to the ongoing success of your business. Your costing and pricing should be accurate. Know your breakeven point. Be vigilant in sales and cash flow forecasts. Remember to keep your records up to date this is really important.

Make sure Insure your business and use the latest technology as possible so you do not have to bury your head on business. Enjoy your wonderful business.

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Written by Mahesha Iddagoda