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A lot of us have contemplated on starting our own business, but sometimes, it's hard to quit your daily job and risk it all in a business. Here are some tips on how to start a business right the first time. But first, let us look into some of the reasons why people are holding back when starting their own business. One of the restricting reasons why people are afraid to take the risk is because of their family. Remember, your day to day job offer you security so quitting will obviously cut off your pay check. You need to survive at the same time support your family while waiting for your business to take off the ground. While you might fall back thinking that your loan can provide some safety net, it is not a permanent one. You will need to pay it back at some point. While it may sound discouraging, building your business means a lot of hard work, and you have to take on the many roles to get your business going. From checking the delivery truck to paying the bills, an entrepreneur has to step up and plunge into work in order for his business to flourish. Sometimes this means working 20 hours a day. That's a lot of time compared to your day job that just requires 8 hours of work. This can be more stressful than your day job, so before plunging in the world of business, you need to consider and balance as it might take a considerable amount of time off your family. If you are still reading this even though I already tried to dissuade you with the responsibilities of having your own business, then here are some important steps to start a business. Remember to follow them rigorously as failure to do so will get your business grounded which can result in bad publicity. Step 1. Do your research. Sounds trivial but a lot of people miss out when they don't do due diligence and check on competitors, the location and the market. Step 2. Create and detail out your business plan. Step 3. Make sure that you have enough funds or where to get it. Step 4. Register your company and make sure that the name of your business has no duplicate. At this point, you should already know whether it will be a sole proprietorship, partnership or corporation. Each of these entities has their own process of registering. Step 5. Insure your business. Step 6. Purchase equipment needed such as computers, office furniture and others. Step 7. Finalizing any set up not covered in step 6. Step 8. Do a pre-launch and listen to feedbacks. Step 9. Advertise your business. These steps are meant to cover as much industries as possible but there are specific steps for a particular business. There is a unique plan for each business which can be known by diligent research of your market. By doing thorough research, you can avoid the pitfalls that many first time business owners inadvertently falls into. Get free information, tips and tricks on how to start a business and growing a sustainable, ethical and legal business in South Africa. Join over 10,000 people who get free and fresh content delivered on a weekly basis.
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