Monday, December 14, 2015

10 TIPS FOR SETTING UP YOUR OWN BUSINESS


business

It can be hard to take the leap and start out on your own. Whether you’re in finance, catering, or shoe design, many women get stuck before they start because they get bogged down in the small details and complications and fail to focus on the bigger picture. If you need a push, check out these 10 tips for setting up your own business successfully:

  1. Visualize success – Visualize what your future looks like and set manageable targets and goals that you can actually reach. Try to picture your products on shelves or yourself in your office. Think about the color of your chair and the feeling of accomplishment. When you have a strong view in mind you can obtain anything.
  2. Know your environment – Make sure that you research as thoroughly as possible the kind of environment that your business will be operating in. Implement a PEST analysis (political, economic, social, technological) to see how a change in legislation, inflation, public opinion, or new technology could affect you. Conduct aSWOT analysis as well, to assess your potential business’s strengths, weaknesses, opportunities and threats. Make sure you study your customers and competition and know who you’re selling to and who you’ll be competing against.
  3. Know your promotional channels – With so many marketing and promotional channels at your disposal these days, you need to establish the right ones for you. Although some of them are free, you might find that they don’t work for you. Once you know your target market and the kinds of things they like, it will be easier to select your promotional channels to appeal to them.
  4. Plan to reduce counterfeit losses – Fraudulent and damaged bills can cause your business a huge loss over time, so make sure that you increase efficiency and accuracy by buying a currency counter. Any business that has a POS system and receives cash should definitely have this in place.
  5. Learn to delegate – It’s hard but it’s important. Learning to delegate will make getting your business off the ground far easier and make it more efficient when you’re up and running.
  6. Keep track of your finances – Make sure that you know what you will need to spend and how much you calculate earning. Hire an accountant to ensure compliance with taxation requirements. And pay attention when counting money to avoid costly mistakes.
  7. Keep looking for new clients – Once you establish a potential customer base, don’t stop there. Keep thinking of new markets and people to sell your product or service to. Plan for long term growth.
  8. Think about your business’s safety – If you can’t afford an extensive security system and you know you’ll be dealing with cash, make sure you purchase a secure cash box to keep your hard-earned money safe.
  9. Test and analyze –Test and analyze any measure or change that you implement to make sure that your customers are responding well to your products.
  10. Set Limits for yourself – Finally, remember that you need to have a life too and set limits for yourself so that your business doesn’t take over. Try to turn the computer off at the same time each day and make sure you designate times for family or friends.
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