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1. Choose an option that’s right for you. It should suit your lifestyle and preferably be one in which you have some knowledge and experience.
2. Do your market research. Check out the competition in your area and establish whether your offering is unique and fills a gap in the market.
3. Draw up a business plan. A business plan is like a road map. You’re not likely to reach your destination unless you know where you’re going and how to get there.
4. Choose a specialist investor. Look for a financial institution (such as Business Partners or a Bank) that has specialist knowledge of the challenges facing small businesses, as well as the field in which you intend to work.
5. Employ the right people. Not all start-ups employ people from the outset, but if you do, it’s important to be selective. Choose people who have experience in the business you’ll be starting-this will give you a valuable support system.
6. Market your business. Business does not come to those who wait. Even the smallest business needs to market its services by, for example, placing ads in local newspapers, disitributing flyers, putting up notices in shopping centres, recreation centres and schools, and developing special offers for special needs or occasions.
7. Invest in financial systems from the start. Even if you’re not a financial expert yourself, there are excellent, user-friendly software packages available and it’s worth contracting the services of a bookkeeper or other financial professionals. Lack of financial discipline is often where start-up businesses go off the rails.
8. Manage your cash-flow. Cash is the life-blood of a business and it’s important to manage this aspect of your business very carefully.
9. Supplement your expertise with specialist skills and knowledge. It may occasionally become necessary to outsource .
10. The last rule is to enjoy yourself! One of the best things about owning and running your own business is that you have total independence.
There’ll be good days and there’ll be bad days, but it’s important to enjoy what you’re doing!