6 Must-Do Things Before You Start a Business


Have you been thinking about starting your own business? Maybe you have a good idea and are wondering if you could make a business out of it? Here are 6 must-do things before you start a business:

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1. Clearly define your business idea

You need to define your business idea with clarity and also be able to succinctly articulate it.

2. Know your mission

What is the mission of your business going to be?

3. Examine your motives

Make sure that you have a passion for owning a business and for this particular business.

Recommended reading: 3 Simple But Essential Things To Do For Your Startup Strategy

4. Be willing to commit

Be very clear about the commitment to yourself. You are going to have to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.

5. Conduct a competitive analysis in your market

Include products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business. Tools like Porters 5 Forces are useful to map the market forces

6. Seek help

Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert & ask questions,

Over to you now. Any other must-do things we should add to our list for people thinking of starting a business? Tell us in the comments below.

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Sunday, 17 November 2019
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