ENTREPRENEURSHIP / JUL. 17, 2013
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Struggling to get a promotion? - It’s Time to Start Your Own Business

The workplace has become overly competitive, and with companies struggling to maintain staffing levels, redundancies have become all too frequent. If you have no real chances of progressing in your career, yet you have the experience, skills, and qualifications to excel, then it is time to start up your own business.

Starting your own business may seem like a daunting prospect, but internet businesses have boomed in recent years due to the vast growth of ecommerce. As such, setting up an online business has become much more straightforward as a result of the expansive number of informative articles available online and numerous business consultancies offering expert advice.

Things to consider…

Is it feasible? – You have to assess whether your product or service is feasible as the main foundation for your business venture. If it is unlikely to meet industry standards, or you will struggle to obtain the necessary licensing, then you may find that you are back to square one in coming up with an innovative and ‘in demand’ product.

Do you have a niche? – One of the main principles when establishing a business and creating a business plan is to determine your niche market. Without a niche market, how will you compete in a tough marketplace? Find out the age, gender and location of the people who are most likely to want your product, then establish a marketing plan to target them.

Business plan – You will need to create a business plan, which is usually a 3-year forecast of the business and its activities. Try not to let your business plan go beyond 20 pages in length, and be sure to include a financial forecast and projections for the first, second and their year of operations. This business plan will help you to obtain funding, or alternatively, investments from backers.

Set up a company – One of the biggest aspects to consider when starting your business is where you will register it. You must be aware of industry and country regulations, including company reporting and audit requirements. You should also note that certain countries offer a far lower corporate tax rate than others, provided you meet the necessary jurisdictional requirements to set up a company there.

Create your online presence – After you have received funding, or have an investor which reliable contacts and experience in the industry, you can proceed with setting up your online presence. This involves everything from establishing your own website and purchasing a domain, to creating buzz amongst your target market through social media marketing.

 

Although these points are very basic in terms of the steps involved in creating your own business, they do provide an overview of the things you will need to do and aspects to consider before deciding to leave your job to start your own company. 

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