1) Why create a business?

Starting a business is a huge undertaking – you have to be dedicated and focused to succeed. The rewards of starting your own business can be great, but think carefully if you have the proper attributes and personality type to cope with going it alone. What is your goal to start a business? It is financial compensation or the freedom that comes from being your own boss? What is your motivation?

2) Skills

Identify your skills and particularly your weaknesses. If you are less hot in certain areas, outsourcing these areas of the company or seek professional advice when needed. Spend your time doing what they do well.

3) Company Structure

You have to decide what business structure to be negotiated with (sole proprietor, limited liability company or partnership) and what are the obligations and responsibilities that will own a new business.

4) Funding

Even if you have the best idea in the world, is unlikely to make a killing on the spot. Make sure you have enough money to live for 6 to 12 months before committing to self-employment. Alternatives include approaching the bank or an investor. Both options require a solid business plan.

5) Competition

Research thoroughly all its competitors. Identify the weaknesses they may have and try to ensure your product or service is better. The competition is very healthy, but you have to do constant research and never complacent.

6) Market

Make sure there is a market for your product or service. Do a lot of market research and take note of what your potential customers will tell you. You can get very useful information, improve your product or service.

7) Marketing

How are you doing to reach the target market? The best product in the world will fail if not disposed of. Think of your ideal client – what they do? What to read? Where are you going? If you can answer these questions, you begin to identify the best places to advertise.

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