Starting Your Business
Checklist for Starting a Small Business - Part 1
Written by Samuel Muriithi for Gaebler Ventures
In the rush to start a small business entrepreneurs do make some personal or business errors of oversight. Some of these errors/oversights may remain undiscovered during the early stages of the business but when wanting situations crop up the business owner may be caught flatfooted.
Before starting a small business you should make an assessment of yourself and confirm whether or not you are steely enough to withstand the discouragement that comes with the setbacks and challenges that litter the road to business success.
Prior to getting started on a chosen line of business confirm that you have the skills, knowledge and experience needed for success. There is no room for ignorance in business.
As you prepare to start, confirm that you have a full knowledge of the monies required for start-up and for at least six months down the line. As much as possible let the majority of these monies be from your own savings.
Ensure that you are fully prepared in the three facets i.e. the emotional, the mental, and the financial before starting a small business.
Ascertain to yourself that you are good at managing time resources. The mantra that 'time is money' will prove true once you start a business. Make a commitment to improve on this aspect if you know you have a problem.
Prior to starting a small business you should realize the importance of being able to identify and snap up new business opportunities. Procrastination will prove a terrible enemy if you refuse to shed this trait.
You should be on the same page and at harmony with your family members before you set out to start a small business. You certainly need all the help and support, material, financial, emotional, or otherwise, these people can afford you.
Before starting a small business you should make an effort to consult with other trustworthy people who have delved into the same area and have acquired considerable experience and success. Let these people vet your ideas and help you straighten out any kinks.
Make a prior comparison of the level of incomes you can earn from the business you intend to start and other earning avenues including employment. You can only start a small business with confidence if you are sure of earning the most there, more than from any other activity.
Before starting a small business confirm to yourself that failure is a real possibility. Next, ask yourself if indeed you can endure disappointment.
Confirm it to yourself that you are ready and willing to work extra hard in your small business, more than you can in an employed position. This is vital because when you are the boss there is no one who'll come around and tell you what to do.
A business does not become successful overnight. Before starting a small business assure yourself that you will remain steadfast despite the early days of uncertain income levels.
Before starting a small business based on a novel idea ensure that you have secured several contracts or written commitments from prospective customers as opposed to mere oral approvals.
Samuel Muriithi is a business owner in Nairobi, Kenya. He has extensive international business experience in the United States and India.
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