Open your own business is a challenge that requires motivation, determination, discipline, and a powerful “why do it”. Before starting any endeavor, you must take into account many factors that will affect the decision and it will realize if you are able to start a business.
Ask yourself the following 10 questions to lay the foundation for success of your business
Either because you come up with an innovative idea, because you want to enhance an existing service or because you want to take control of your life, you need to define what you want to do and what is the end. One of the essential characteristics of successful entrepreneurs is that they all wanted to change the world improve it with your business idea. In any case you should be prepared to spend time, money and resources to start your business.
Knowing where we are going and how we to get is essential to guide us in difficult times. The business plan is a basic management tool acts as a compass to direct. This plan establishes a commitment to the actions of the company, allows tracing operations, the organization of people, material resources, tasks to be carried out and how results will be measured.
The most common way is to use equity or borrow money from relatives and / or friends. Another way is to request borrowed money to the bank or other financial institutions. Another option is a partner who wants to share the business risk. If you decide to go on the side of investors, make sure you stay with most of the shares. A final possibility is to participate in contests on business projects developed by government agencies, universities or other means, where it is awarded to the best business idea with full or partial funding of the project.
Defines which legal structure will your company. The scenario will be different if you are planning to work as an independent contractor or as an entrepreneur and business owner, if you join with family and friends, if you want to formally constitute a partnership, a corporation, a corporation, or other legal entity.
Answering these questions will allow you to launch the idea of own business. They are basic and general points to start a business. As you evolve the business plan, you can think more detailed aspects, directly related to the type of business in particular;. More »