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STARTING A NEW BUSINESS

STARTING A NEW BUSINESS

These tips are appropriate whether you are offering a product or a service.
-Analyze your market looking for unmet needs.
-Seriously evaluate your own skills and experience as they relate to your proposed business.
-It might look exciting to fly airplanes but if you haven't had the training and don't have the right skills you won't get off the ground. You might be great at engineering, but know little about running a business. Either you need to rethink your plans or find a strong business partner.
-If you don't know basic accounting or know how to operate computers, take courses at your local adult education program or community college. You will need these skills.
-Start your business by being really frugal about how you spend your money and use your resources.
-Develop a strong customer base

Step-by-Step Approach.
Decide if you really want to be in business:

You will be putting some (not all, hopefully) of your net worth at risk. You will run the risk of becoming eccentric, meaning creating a life that is out of balance, with working hours taking away from other family or pleasurable activities. There may be levels of stress you have not experienced as an employee.

http://www.braamfonteinbiz.co.za

Decide what business and where:
Once you have decided you have the characteristics of a successful entrepreneur and that you definitely want to be in business, then you must decide which business is best for you and where to locate that business.

Decide your business name:
Suggestions:
(1) Don't Use Your Own Name
(2) Create A Meaningful Name for Your Business
(3) Choose A Name That Communicates An Idea

Don't Use Your Own Name

Why don't I recommend this?

Because your name means absolutely nothing to your prospects. Often you only have a split second to get a prospect's attention. Make the most of that split second by having a name that communicates something of value about your business. Or a name that tells your prospects what your business is all about, or represents a benefit you offer, or how you deliver your service differently or better than your competitors.

Create A Meaningful Name for Your Business

You should create a meaningful name, which will be very easy for your client to remember.

http://www.braamfonteinbiz.co.za

Choose A Name That Communicates An Idea

If you have a new business, product or service to name, think about what you want that name to communicate to your prospects. What do you do or offer that is unique or different? How could you describe your product or service with a word or phrase that will make your prospects want to know more? Can you come up with a name, or make up a name, that is intriguing or benefit-oriented?

MAKE A PROPER BUSINESS PLAN:
Why Prepare a Business Plan?

Your business plan is going to be useful in a number of ways. Here are some of the reasons not to skip this valuable tool.

First and foremost, it will define and focus your objective using appropriate information and analysis.
You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ("My Way!") without the benefit of input from experts who could save them a great deal of wear and tear. "My Way" is a great song, but in practice can result in unnecessary hardships.
Your business plan can uncover omissions and/or weaknesses in your planning process.

REGITER YOUR BUSINESS NAME:

There are many ways to register your business name, it could be CC, Pty etc.

You can write me for more on this topic

http://www.braamfonteinbiz.co.za

Article Source: http://articlejoint.com


Dele Akanmu Business Developer OAK Business support & Consulting 41 Dekorte Street Braamfontein, Johannesburg Tel: +27 (0)11 403 3889 Fax: +27 (0)11 403 3889 Cell: 0835624919 Email: dele@oakbusiness.co.za www.oakbusiness.co.za

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