One of the most delighting verdicts in life could be a decision to start a small industry (Gregory, 2012). Though not a simple matter, setting up a business could be rewarding as it is valuable for career and life. In setting up a business, there are abundant of components and various elements to be considered in establishing small business, among of them are planning, creating key financial judgments, and carrying out sequences of legal events. Below, there are ten most important points that will assist in planning, preparing and managing business.
The first point in setting up a business is determining the basics. The basic here means that all business starts from having an idea. Inspiration or dream can be a source of an idea. After that, it is about thinking what kind of products or service that will be sold; it might something that most of the people still do not know or even it has not been invented. Next, assigning the goal; it is about future of the company. Will the business sell share to highest bidder or take care the financial independently? Will the business grow slowly but stable or faster by leasing money from bank?
Then, deciding a team. Finding the right colleague or partner is not less important unless the company will be run individually. The partner should be person who brings synergy to the table, loyal to the company, and has the same vision.
The second point is doing a research. At this step the idea should be balanced with the reality. A successful small business must solve or fulfill every customer’s need. There are numerous ways to identify their demands, among of them is doing research. For example; is there a need for your anticipated products or services? Who will be the target of the products or services? Are there any other parties that offering identical products or services now? What kind of competition that will be faced up? How will the consumer accept the products or services later on?
The third point is making a plan. In order to make the business works properly, a plan is seriously crucial. A business plan absolutely assists to commence a magnificent small business. This plan will summarizes all elements of the business into a single document, designs a map for shareholders, moneylenders, and other interested factions to use when determining the value of the business. An appropriate business plan consists of these following components; Marketing Strategies, Competitive Analysis, Development plan, Organization Structure. To sum up, in writing business plan the idea of the company should be obvious and accessible because it will helps the company’s financial, therefore write it as simple as possible not as complicated one (Fontinelle, 2013).
The fourth point is dealing with financial of the company. People who want to start their small business do not need to worry about budget because an investor is the most important thing in small business’ financial. But before finding the investor, the owner of the...