BIZ TIPS
STARTING A NEW BUSINESS?
WE'VE GOT 8 TIPS FOR YOU
P
eople often claim they're sick of trying to make someone else's dream a reality, and they're ready to take charge of their own lives and futures. So why don't they simply go ahead and do it? One of the most typical reactions is that they don't know where to start. We can see why they are upset. Starting a new business is a huge and intimidating task. Starting a new business, on the other hand, may feel secure and controllable if you take a longterm view and break the process down into a series of little tasks. Where do you begin once you've decided to move forward? We recommend that budding entrepreneurs follow eight critical steps to get their firm off the ground and create a strong foundation.
Define your service or product The sort of individual that decides to become an entrepreneur is usually highly creative and has a lot of company ideas. With so many fantastic alternatives to select from, it may be difficult for a novice entrepreneur to know where to start.
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Choose a concept that you are enthusiastic about, one that aligns with your core competencies, and one that is financially realistic. You may need to start by making a list of your talents and interests and cross-referencing them with your ideas. It's a winner if anything fits into all three categories. If you have more than one
concept, use other essential variables for success to filter them down, such as if you have prior expertise and/or a strong network in the selected sector. Then you can get started. Many people are on the lookout for the "silver bullet" solution to their business problem. That brilliant concept would lead to unfathomable wealth and success. The fact is that coming up with the perfect concept will almost certainly never happen, and you may find yourself pondering about how to grow your business for the next 20 years without taking any action.
Join a trade organisation Almost every sector on the globe has a trade organisation that may help you network with individuals who are already where you want to be with your company. These organisations may provide you with help and valuable contacts, such as attorneys, consultants, and company owners.
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Choose a name for your business You've come up with a name for the product or service you want to sell to the rest of the world, but what will you call it? You may require step-bystep guidance on naming your company, incorporating creativity, research, analysis, and professional assistance. Find a name that encapsulates your business and the product you're attempting to market. You might have a brainstorming session with your friends, family, or coworkers.
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Once you've decided on a company name that you like, consult a trademark attorney to discover if anybody else has trademarked it and is using it in commerce. It would be a good idea to trademark it to avoid any future issues. Ensure that the associated social media accounts are secured (Instagram, Twitter, Facebook, Linked In, etc.). Purchase a domain name for your website. If the. com domain you want is already taken, you should think twice about investing thousands of dollars. Other URL formats, such as.biz, can be equally beneficial.
Form a legal company entity Working with an accountant and a lawyer to form your legal business entity is a good option at this point in your entrepreneurial journey.
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DAWN
November 2021
