Steps on How to Start your Start-Up Business
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Getting your start-up business up and running is a learning experience as well as a challenge, especially for young small business owners who are just starting up in the industry. Here are 5 simplified steps on how to set-up your business:
1. Do your research. If you already have a business idea in your mind, stick to it and study its ins and outs. If you are starting from scratch, it will greatly help you if you talk to business owners and research on lucrative businesses around to get yourself inspired.
2. Construct a business plan. Put the logistics in writing. Have a vision. Write down your business goals and how you want to meet them. Contact suppliers and canvass on the costs and plot it down. Have an overall budget readily calculated for reference.
3. Determine how to source funds. There are a lot of ways to get funds for your business and here are some examples:
a. Start-up business loans
b. Revolving loans
c. Alternative lenders
d. Retirement funds/pension
e. Own savings
f. Venture capitalists/ angel investors
g. Family/friend loans
h. Government grants
4. Take action once funding is in place. Once you have determined the source of your funds, take action and follow your business plan. If you applied for a loan, make sure to construct a repayment plan to repay it to maintain the credibility of your credit-debt ratio.
5. Set-up initial marketing of business. This is where your business marketing skills enter in. This is the stage where you heavily advertise your product or service to generate more funds.
Risks are inevitable in life and doing business is no different from that. Successful entrepreneurs have two things in common: passion and action. They are passionate, resourceful people who take action in pursuing their business goals. So if you know in our heart that you have what it takes, then wait no more and go for it.