For the people who are fed up with their 9-5 jobs or individuals venturing into business for the first time , it can be very exciting and stimulating to begin a business due to the freedom that comes with working for yourself, not forgetting the profits.
Below are 7 factors to consider while starting a business here in Kenya or anywhere in the world.
It is a very essential part of a business; planning helps in outlining strategies and their execution. It acts as a guide for handling finances, tactics on selling, promotion as well as future plans. A business plan acts as a roadmap for start-ups allowing a business to succeed where others could not. Additionally, you can be able to assess how your business is progressing.
Another important aspect of starting a business is funding. A startup requires financing from the initial research stages, to acquiring stock or production, promotion to distribution. If it is achievable, provide the initial capital for running and establishing your business, and later on you can find other sources of capital to expand. Acquiring a loan for a start-up can be tricky because whether a business venture succeeds or fails, you will still have to repay the loan.
Having a service or product to sell is not going to make your venture profitable if you do not have customers who will buy it. If you plan to start a business and you know what to sell, before you begin, study if there is a market for it. Identify who your customers are. In addition, you should also have knowledge of customer preferences and identify gaps that other traders missed.
Conduct research on existing suppliers of the goods or services you intend on providing. Learning stuff like what are other traders doing and their approaches will help a great deal in making guided decisions that will benefit your start-up.
Having a business idea that excites you is another important factor. Passion is what will keep you going even when you feel like giving up since things are not working out. It gives the resilience and motivation to overcome challenges.
6.Licenses and Regulations
You cannot start your business without getting licenses for it and following existing regulations. To be on the safer side, you can use a lawyer for consultations on taxes, licenses and rules that need to be followed in conducting a particular business to avoid trouble and inconveniences in the future.
Although it is important to conduct research on your business idea, it is equally crucial to have a mentor who has expertise in your field. A mentor has first-hand experiences because of the success they have had in their field and will provide priceless information for your start-up.
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