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prebiz

December 23, 2013 Leave a comment Go to comments

Before the year draws to an end, and everyone gets into the holiday spirit, I wanted to leave you with ten things to consider before starting a business. It is just a couple of things to consider before starting off in the new year. In order to keep this short, I will list and very briefly explain each of them.

01. Your Industry: Decide what products and/or services your business will offer.

02. Your Stuff: Know the opportunities and threats in your industry; also your strengths and weaknesses as well as those of your competition.

03. Your Business: Make sure you can do all the tasks needed/required before you start.

04. Your List: Make a list of all the things you need to get done in order to prepare your home/office for business.

05. Your Legals: Understand the legal requirements of and responsibilities that come with starting a business.

06. Your Insurance: Insure yourself (and future employees) reasonably and review your policy to make your coverage is adequate.

07. Your Associations: Find and join legal associations specific to your industry; there is a wealth of benefits to gain from others’ experiences.

08. Your SUC: Determine your start-up costs and make sure you have the means to cover at least most of it.

09. Your Cash: Consider all funding options, determine your break even point and maintenance of cash flow.

10. Your Team: Gauge your support system (family, friends and fans) before your start and make sure you stay connected because you will need them often.

I hope these give you some things to think about over the holidays. I may go into detail on each of the points next year.

That’s it from me for 2013.

I wish you all a very Merry Christmas and a Happy New Year in advance.

See you in 2014 by God’s grace.

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