by Ed Yourdon
How to Start a New Business – Things to Consider
Many people have an elaborate dream of creating their own business, but don’t know how to make their dream a reality. No matter what your dream consists of, there are some things that should be addressed when you’re starting a new business.
One very important part of your business scheme should be your capital. Your capital is your resources, the money you’re going to use to start up your business. While you’re planning how much capital you need, keep in mind how long it will be before you begin making a profit. Also remember other expenses, such as the fee for posting an advertisement in a newspaper or on the Web. Consider the possibility of hiring an employee, and how much you would have to pay them to keep up with the competitor’s salary. Think about the cost of your location, or whether you’re opening the business in your home. All of these things will affect how much capital you will need to start with.
Also study the size of your potential consumer base. If you will be marketing a product or service that isn’t popular with your local area, consider branching out onto the internet, where people from all over the world will be able to see your products. If there is a considerable base of consumers in your area, you may not want to grow into an internet business until you are stable with your current locale.
Don’t forget to inspect your location. No matter whether or not you’re using your home as your business location or you’re renting or buying another building, there are a few questions to ask yourself. Is the property in an easy-to-access place? Is it in an area where many people will see it? Is it in a are where the interested people will see it? Is the building itself presentable? Are there any major things wrong with aesthetic aspects of the building?
It’s easy to become afraid of all the aspects of starting a business. But with a little prior awareness, you won’t miss a thing in your planning.
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