What to consider when starting your business
Starting your own business is an exciting opportunity. You may be looking for a flexible schedule, to follow your passion, and choose your ideal work environment.
If you are considering making the leap into entrepreneurship, here are a few things you should think about during the process.
Need and market
You likely have an idea of the product or service you would like to provide. Consider the viability of the product, fit in the market, your target customer, and the level of need in the market.
Create a business plan including goals and objectives as well as strategies and tactics, such as pricing, promotion, distribution, competition, expenses, and projected financials. You can find sample business plans online. There are also business support resources in many local communities.
Startup costs and funding
Consider expenses and how you will obtain necessary funding. Options include personal savings, loans from a bank, investors, and grants from the government or other organizations. Deciding how to finance a new business can be one of the most important decisions made as a new business owner, and can impact the operation of your business for years to come. It’s important you understand your options and work with people you trust.
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