Starting a business
by gjosephus, Contributor
- Created: March 24, 2010, 12:02 am
The most important ingredient you need for starting to business is the desire. If you are reading this, you already have it. Ideally, you must have a part time job when you embark on this project. Best of luck with you business plans.
Once you have decided that you want to do it, then take a sheet of paper and write down the following:
1. Name of the business (preferably 2, max 3 syllables, and must be meaningful, and attention grabbing). Think of names that you can roll out quickly, easily, and conveys a message about the product or what it stands for, and something catchy, and unforgettable. FCUK is not particularly an exceptional range of clothing, it's just that the name was so catchy, and 'cool'.
2. Describe in a short paragraph, why you think people would buy your product or service, and more importantly why you would buy it.
This can later be incorporated in you sales pitch.
3. Make a list of 10 people you can sell this product or service to. In other words, people who may be able to help you.
4. Think of where you are going to base your business out of - e.g a corner in your house, your garage, your friends garage/house, rent a space, etc.
5. Think of ways you can fund the business- cost of servicing the first 10 clients + registering the business (provide about $1000) + cost of ofice equipment (computer + furniture + fax) + cost of office/shop space. Personal funding is usually what most startups do (e.g. personal savings, garage sale, mortgage refinance, personal loan, etc.)
6. Your exit strategy - How can you cut your losses, and get out of the business if it doesn't take off they way you expected.
The most important ingredient you need for starting to business is the desire. If you are reading this, you already have it.
Ideally, you must have a part time job when you embark on this project.
Best of luck with you business plans.
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