STARTING your own business is a daunting prospect but the rewards can be high. Planning is key so consider the following tips:
1. KNOW YOURSELF
Can you work alone?
2. ARE YOU PREPARED TO TAKE A RISK?
Starting a business will involve risking your savings.
3. RESEARCH YOUR MARKET
What is the extent of the market for your product/service?
4. LOOK AT YOUR PRO-DUCTION REQUIREMENTS — PREMISES, MACHINERY AND LABOUR
Where will the enterprise be located?
5. WORK OUT YOUR TOTAL COSTS
What costs are involved in the purchase of capital equip-ment/premises?
6. ESTIMATE YOUR SELLING PRICE AND PLAN HOW YOU WILL ACHIEVE SALES
Estimate your selling price.
2. DECIDE THE LEGAL FRAMEWORK OF YOUR BUSINESS/CHECK OUT ANY LEGISLATION THAT MIGHT AFFECT YOU
What business structure will the enterprise use?
8. CHECK OUT YOUR SOURCES OF MATERIALS/ SUPPLIES, THEIR AVAILA-BILITY AND COST WHERE CAN THE RAW MA-TRIALS BE PURCHASED?
Have you received quotations from potential suppliers?
9. WHAT ARE YOUR TOTAL FINANCIAL/INVESTMENT REQUIREMENTS?
How will you fund the project (personal investment, grant aid, loan)?
10. PRODUCE A BUSINESS PLAN
Commit all relevant information to paper – be realistic and set targets based on the research carrier out.