Are You Starting A New Business?
One of the first thing you need to do before you start a new business is to survey the market and find out whether there is any scope for the product you are planning to launch, even if it is just a service. Or can you make sufficient innovations and offer customers something different from what they are already buying?
You have taken decision on what you want to do. Now assess your own skills to make and launch the product. If you do not have the skills, are such skills available in your area or can they be hired or subcontracted?
Running a business is not an easy thing. Make sure you have all needed skills to run a business. If it is not your cup of tea and you are more comfortable in your own field of engineering or computers, or whatever, than see whether you can link with someone who has an experience of running a business. You need to be wary about such partnerships however and get in the sort of person who will fit into and help your own business plans.
Get yourself some additional skills in accounting and computers from any institutions in your area that run such short term courses. Both these skills are vital for starting a new business and it is better if you are at least aware of the rudiments, before you start your own business.
Make plans to expand your business once it gets off the ground, but do not go headlong into it. Run your business for a sufficient time, till you have got to know all its aspects, establish a strong customer base and a reputation in the market. If you have run your business well up to the present, look for financial help from outside to fund any expansion. This is better than putting back all that you have earned so far, into the business. If you have set up your business well and have run it efficiently, there are venture capitalists and even banks which could fund your expansion.
Do your own marketing even before you start the business (and that's possible for anything from your online car insurance business to your Party Plan Jewelry Business). Look for customers and speak to them about the business you are starting and how you could help them get what they need. Your talks with them even before you start may even give you firm ideas of what the customers are really looking for, and you could modify your products accordingly.
Make a very strong commitment to your customers and yourself that you will always maintain the quality and service that a customer is always looking for.
Appoint professionals that you may need like lawyers and accountants. See that they are people who have experience in the field, for it may be on their advice that a lot of your business decisions may be based.
See that you set up a company structure that suits you as an individual and if you are going to have a business partner be sure of dividing the responsibilities for the business and not of the profits alone.