Your First Business Checklist: What To Do Before Starting a Business

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Negosentro| Your First Business Checklist: What To Do Before Starting a Business | Starting a business, especially without experience, can be a challenge, but it’s still enticing nonetheless. If that would free you from the grueling rush hour traffic every day, then it indeed seems to be more worthwhile than staying in your 8-5 job. 

There are numerous essential things you need to do and consider before becoming an entrepreneur. Outstanding skills in sales alone won’t be enough to sustain a business. Sheer determination, although admirable, also needs to be accompanied by essential business skills for your enterprise to last in the market and become remarkable.

With or without a degree in business, some training will be handy as well, such as SEO training, which would help your business achieve a strong online presence. This is especially important if you’re going to sell online using your website.

Apart from that, here are the rest of the things you need to do before starting a business:

1. Don’t Quit Your Job Right Away

Quitting your job without solid or serious plans for business yet can be risky. Start by sacrificing some of your free time every day to devise your business plan.

2. Do Something You Like

Sure, a certain industry may be more hyped than what you have in mind, but if you’re doing business out of something you’re not passionate about, then you might lose interest in it in the near future, crumbling your business in turn. 

3. Research

After forming your idea, make sure to research thoroughly about it. Your product or service needs to have something that sets it apart from its competition, and you should also specifically identify who your target market would be. 

4. Be Wise in Choosing A Partner

If you’re aiming for a partnership business, don’t select a partner on a whim. A close friend, for example, may be a convenient partner, but that doesn’t mean they are reliable, at least in business. Choose a partner that has the essential skills to raise a business to success. Choosing the wrong partner will result in a chain of problems, causing your downfall.

5. Organize Your Finances

There are multiple ways to raise funds if you haven’t accumulated enough capital yet, including the help of family and/or friends, crowdfunding, and business loans. You also have to budget for taxes, payroll, and other government fees.

6. Consider The Risks

Any industry has inherent risks, and other than that, you’d also be facing personal risks. You should first understand the risks involved in your business, and how you would be affected by it before constructing your business plan.

7. Get Help

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You wouldn’t be able to do all things at once, so you’d need the help of accountants and lawyers. Competent accountants can give you financial advice, and a good lawyer can assist you in all legal aspects of your business, especially if you encounter a problem.

As a novice, you’re not going to know everything right away, and that’s normal. Making mistakes can be disheartening, but that’s just a part of the process. There would be skills that you’d only learn or understand better once you start the job. Use your mistakes as a tool to improve. If there is a particular skill that you’re weak at, you can delegate it to others. Delegation is also an essential business skill, so know when it’s time to divide some responsibilities to make your business operate smoothly.

It’s also important to be patient and understand that success will not come quickly. Don’t be discouraged by the statistics about failing businesses. Put your heart into it, and be committed to improving and progressing your business.

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