20 Tips to Starting Your Business from Scratch

Starting a business from scratch is challenging and fun. It requires a good niche, business plan, staff, product and funding. You could offer your customers a product or services. Common business structures are wholesale, retail, manufacturing or service oriented. Before you start the business there are a few steps to consider

Tips to Starting a Business from Scratch

1.Leverage on your Skill

It is important leveraging on your education or natural talent. Following your skill and passion would provide the extra boost to achieve success.

2. Long term Goals

Focus on long term goals and accomplishment. Make proper provisions for growth, expansion and profit making.

3. Work Hard

There is no substitute for hard work and creative planning. Every business requires serious dedication, planning and good work ethics.
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4. Create a Quality Product

Create a quality product or offer top notch services. a good product would easily attracts customers, reviews and recommendations.

5. Invest in your Staff

Invest in your staff for better productivity. Offer your staff bonuses, re-training programs, vacations and pay packages.  Reward hard working staff, invest in retirement funds or gratuity through fund managers.

6. Hire Professionals

Leverage on the knowledge and skill of professionals. If you have the resources hire professional to boost your productivity. They will bring their qualifications to bare and increase your likelihood of success.

7. Locate the Business

It is important you find an ideal location because it equates to success or failure of an enterprise. A good location is close to customer base or supplies.

8. You need a Mentor

A mentor would provide business guidance and encouragement. No matter your choice of business there is someone who has been there and done that.

9. Write a Business Plan

There is no short cut to starting a small business. you need to write a comprehensive business plan

10. Carry out a Feasibility Study

A feasibility study or survey is very important. the feasibility study focuses on customer demography, price , location and competition

11. Study your Competition

You need to study industrial players in your niche. By studying the competition you understand their business structure and products.

12. Network

Try to Network with industrial players in your niche. join an association, group for insider information and support.

13. Good Bookkeeping

Good bookkeeping will keep your expenditure in check. It also provides proper accounting for purchase, expenditure and available funds.

14. Delegate Authority

The do it alone syndrome would be a recipe for disaster. No person is an island and you need to delegate authority. Hire competent staff you can rely on to reduce your work load.

15. Legalities

Register your business as a sole proprietorship or Limited Liability Company. You could try Partnership or Private Partnership arrangement.

16. Believe in your Abilities

You need to believe in your abilities and skill set. Always develop your knowledge base through tutorials, books and seminars.
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17. Be Patient

Good things happen to people who are patient. You need to create a quality product, apply proper marketing and wait for an outcome. It might take a few years for your company to achieve your desired result.

18. Avoid Loans

Every business needs adequate funding. However loans come with lots of interests and contractual rules. You can try personal saving or bootlegging before considering loans.

19. Show Confidence

Your staff depends on the CEO to show guidance and confidence. A leader without this value is bound to fail.

20. Marketing

Advertise your product or service to reach potential customers. There are many advertisement methods such as television, radio, internet or print.