Starting your own business?
Here are some key internal and external considerations to consider before starting your journey.
1. INTERNAL CONSIDERATIONS
• What is your product/service?
• Who is your target market?
• What is your business structure?
– Sole trader
• What is your mission/vision statement?
• What type of insurance will you arrange for your business to manage any potential risks?
2. EXTERNAL CONSIDERATIONS
• Who are your competitors?
• What are their strengths and weaknesses and how can this enhance the achievement of your business goals?
• What are the regulatory requirements that need to be met or upheld before and throughout your business journey?
– Registration (name, company)
– Are you considering on trademarking your business name?
– Licensing, permits
– Tax obligations
Pre-planning is the key to the success of your business. These considerations give you the steps you need to give your new business the best possible start. Good Lucky!
By Fatima Marquez