Friday, September 12, 2014

Tips on Starting a New Business From Scratch

Deciding to start your own business can be one of the most exciting and rewarding decisions you make in your life. All businesses start from a common point - an idea. You may have dreamed of starting your own business for years, or inspiration may have hit you unexpectedly. Regardless of the source, the first step of starting your own business is coming up with a business idea.

Your mind is the greatest and the most powerful tool you have. The hard truth is, you will never achieve anything unless you first think about it and make a distinctive effort to achieve it. Well, you may be wondering: what is the best business idea for me? Remember, that you will only be truly successful by doing what you can relate to. So the question is, what do I really relate to?

A good % of new businesses fail today. This is largely due to mismanagement, poor planning and knowledge gap. Statistics and past personal experience have proved this. In today's business world, succeeding in a new venture can be quite challenging and demands adequate planning. A good business plan will primarily include your business structure, an executive summary, products and services, market analysis, marketing strategy, management summary and financial analysis.You will learn all these and also learn to avoid common pitfalls that new businesses fall into.

By compiling this course my sole aim is to guide small business owners or intending entrepreneurs through the simple basics of starting a new business in a manner that is very simple to understand and apply no matter what you venture into.

This mini-course has been outlined into 4 phases:
*The Idea phase-getting inspired
*The research phase
*The business planning phase
*The marketing phase

The idea phase is meant to inspire you to think your future ahead. Think of an idea that generates income for you 24/7 instead of slaving away your life for a job and settling for pension after so many years of hard work. Now that you've identified your big idea, you need to balance it with a little reality.

The research you conduct in your small business start-up process will help you figure out if your business idea has the potential to succeed. Researching will also help you in preparing a formidable business plan.

You need a plan in order to make your business idea a reality. If you intend to seek financial support from an investor or financial institution, then bear in mind that a formal written business plan is compulsory. Even if you don't, having a business plan can provide a lot of clarity and direction, assist you to determine your business objectives and provide a sound basis for accessing your companies potential to succeed. A simple business plan will primarily include your business structure, an executive summary, products and services, market analysis, marketing strategy, management summary, Business Insurance and financial analysis.

Good selling involves providing the right product and services to your customers thereby creating customer satisfaction. Your ability to provide and fulfill your customers need will determine your level of success in selling your business. Customers buy satisfaction. Creating customer satisfaction is the key to customer retention. Every business plan should include market analysis. This is one of the first and most important reasons to do a business plan. And whether you're just starting a new business or reviewing an existing business, you should renew your market analysis at least every year.

To get the full course, please click the course image or simply click https://www.braincert.com/course/The-Basics-of-Starting-a-New-Business

Valentine Okolo
Website: valentineokolo.blogspot.com

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