HOW TO BE YOUR OWN BOSS: Five Essentials you need to Start your Own Business - Alldamoney

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HOW TO BE YOUR OWN BOSS: Five Essentials you need to Start your Own Business

Starting up a business while an incredible challenge to undertake, is also considered an exciting proposition. The resources and details are unending, however the basic know - how’s and resources one should consider before venturing into a business is vital to its survival. The list below will help you learn about what it takes to be your own Boss.

1. A business plan
After you have decided on your business or product idea the first step is to put together a concrete business plan. The business plan is important for a business survival. The key parts of a business plan are the  company description (things that make your company unique), executive summary, a market analysis (target demographics and competition), the structure of the company, product  and service description, the strategy you will adopt for marketing and sales and the financial projections.

2. Credit Access Point
Money for your business is not a guarantee for success, but having access to credit at any point in time certainly makes it more likely. If you have any credit card debt, or in bankruptcy your business most likely won’t succeed, you don’t expect to have a successful business when your private finances are not in order.

3. Experience
It’s always advised to work for someone who's already doing what you want to start up. The idea is for you to learn before you leap. You should understand the principles of a P&L statement because it’s a yardstick to measure the performances of your business. The tax rules of being self-employed also need to be understood before starting. Those lessons if taken will be the outline for your success.

4. Your Business Name
A key step to legally operate your business and potentially obtaining financial access is choosing and registering your business name.  Your business name will frame its identity, when done with that the next step is to register it in compliance with the law of your country. In most countries, you need to register your business name with the state or local government agency.

5. Set up a Basic Marketing Plan

Marketing plan unlike a business plan focus on winning and retaining customers; its strategic and includes numbers, facts and objectives. This tool helps define your company and its products or services and target prospects at all stages of your sales cycle. Some marketing tactics, such as any form of advertising, public relations and direct marketing are done using marketing plans.

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