So how do we begin to establish our business? Which one of us hasn’t dreamed to establish a successful and prosper business that employs many workers and mainly gives us great satisfaction and fulfilling our potential. But things are so glamorous and setting up your business often involves extremely hard work that requires many working hours over a long period of time and sacrificing financial and non- financial resources. Seeing that the business is a significant component in our live it is most advised to establish a business in a field that can fascinate us for many hours and make us want to continue investing in it more and more over a long period of time.
Most of the time the need to establish a business derives from different reasons such as: quick money, insubordination in other work places etc’. In these cases one might make a bad decision seeing the business demands a lot of work and effort. The motivation to establish a business should be the daring will to succeed and that’s why be recommend to establish a business in a field that interests you.
After a lot of debating which included many factors such as: the wife, the kids, the family, the advising friends etc’ we hav4 come to the conclusion that we are confidant in our product and in our ability to succeed, but how do we begin? Slowly and surely. The first thing needed is a business plan personally adjusted to the business module of the field we which to succeed in.
The business plan should include a number of components including the description of the business product (or service), the product market definition, business location, definitions for the business’s clients characteristics, definition of the business rivals, examining funding sources, building a strategic marketing module, analyzing the strength and weaknesses of the business, pricing the products, budget constructing, identifying key people in the business field, an investment program, constructing future financial reports etc’. After analyzing the business all that is left is to implement the business plan as constructed and perceived by us, but not always things develop as expected and often patience is required to found and stabilize our business.
After examining the business plan and confirming it suitable, we must ask ourselves what is the corporate structure we wish to operate as, a company inc’?, a partnership?, an independent business?, exempt dealer etc’ and in accordance to perform the proper registration in the relevant government authorities depending on the business characteristics. As well as opening a file with the government authorities the business must manage its books with accordance to the bookkeeping requirements (see details is separate chapter), and to report on irregular basis to the government authorities on the business activities.
To make toe business succeed, all formentiond steps must be performed in the most efficient way while including all the business components.
We will be glad to assist in ever step of establishing your business.