Starting your business is stressful and quite demanding; however,
there are some helpful tips to help ease the process to a reasonable
extent. Jumia Travel, the leading online travel agency, shares 6 helpful
tips for starting a small business.
1. Have Plan to Execute Your Idea
It’s not enough to just have a great idea for your business, you
need to develop that idea and you need a plan to do that. You should
first develop a business concept, then from there you write a solid
business plan to guide your development of the business concept. The
business plan is a very essential tool for bringing your business idea
to life and presenting to potential investors for help in setting up
your business.
2. Establish a Budget
A budget is essential for efficiently managing your financial
resources. It is necessary to first do some research to find out about
the standard cost factors within your industry, then develop a budget to
run your business based on this information. Once you are able to
efficiently manage your financial resources, there is a higher chance of
success in your business venture.
3. Get The Right Investors
This is one mistake common to first-time entrepreneurs – failing to
get the right investors for their business. Not just any investor is
right for your business, because there are some that might take
advantage of your inexperience. It is therefore extremely important to
find an investor that shares your passion, understands your idea and is
someone that you can work with (that last part is extremely important).
4. Get a Great Support System
At the initial stage of your business, you typically need to spend a
lot of time and resources getting things running. As a result, you’ll
need support from family and friends. You should first ensure that your
family is on board with the necessary sacrifices you are going to make
in terms of time and resources, and your loved ones should be prepared
for how challenging financially and even emotionally things might get.
It helps to assure them that it’s only for a while and that it won’t
last forever; but then you also have a personal responsibility to ensure
the cost of your business venture to your loved ones isn’t far more
than they can bear, because in the end ‘family should always come
first’.
5. Ensure the Legal Aspect is Well Taken Care Of
The key word here is ‘well’. You cannot afford to be nonchalant
with the legal aspects of your business venture; that can prove to be a
very costly mistake. Secure the necessary permits and licenses,
determine your tax obligations and get a good lawyer to guide you
legally every step of the way (especially when negotiating with
investors).
6. Take Advantage of Free Resources
The sub-heading says it all; if you can get it for free, then
please do. You are not going to be given a medal for paying for every
single thing relating to your business, so if you are able to negotiate
and get a couple of things for free, then it really can help the success
of your business venture in a monumental way and take a lot of
financial pressure off you.
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