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* How to Start a New Business*
First off – Let’s ask the question,
“Why” start a business.
Do you have a dream?
Do you want to make more money?
Do you dream of being independent?
Do you long to create something great?
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Ask yourself, “how will starting this business fulfill my goal in life”. Are you so motivated that you believe you can overcome the obstacles that will surely confront you from time to time.
Owing and operating a business can bring can bring great success. With this success comes, freedom, lots of equity, good retirement and lots of money.
With this challenge of business, comes hard work and of course good planning is essential. Someone has said, “Don’t start a business unless it becomes a passion”.
Here a few things to think about.
First – You cannot start a business without a product or service.
Have you decided on a product to create or buy to sell on the market. If it is a service you have chosen, is it supplied on the market now or one you have just imagined?
Think, you cannot sell a product or service that the consumers don’t want or can’t afford. You cannot sell a product or services successfully unless it is competitive.
It is essential to ascertain if the customer acceptance of this product is on the upward curve or are the consumers already finding new, better or cheaper similar products.
Second – Have you completed a market survey?
Is this product still available. How long has this product been selling? Is the information you have compiled credible or is it outdated?
Are the sales on an upward curve with the market still buying or is the product slipping? Are cheaper, better or smaller products coming on the market that will curb the sales of a newcomer.
Third – The marketing strategy must be determined.
What will be the best way to market this product. Will it be radio, TV, newspaper and by local flyers or other promotions? You see, these questions need answers because the new business will run out of cash long before success even happens.
Other Important Considerations
Competition – Determine if the competition is entrenched?
Financing – If you can get it, how does it effect cash flow?
Lease Location – This is a major cost making it a major decision.
Staffing – How many employees will you need to start?
Liabilities – Cover all avenues of your investment risk.
Make a Plan – Get help, them follow the plan carefully.
Record Keeping – If you hate keeping records, forget business.
Websites – Some businesses rely heavily on internet sales.
Environmental – Study carefully, you must comply.
I believe owning your own business is good.
I believe hard work and good planning will pay off.
I believe we can create big equity through business.
We help business owners and entrepreneurs.
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Company: Canadian Business Resource