1. Know your market
Make sure you have a market, you will need to identify your target market and know who your customer is.
- Why would they buy your product or use your services?
- Who are your customers and what do they want from you?
- What do your customers need?
2. Your business plan is your best friend
It doesn’t have to be complicated but you do need to know where you are going. Don’t just do a business plan for the bank, do it for you.
When putting together your business plan here are a few things you need to think about:
- What is the ‘elevator pitch’ for your business? A vision of where you want to be in a few years’ time could help secure finances.
- What are you offering? How will it be produced?
- Who is your target market?
3. Understand your finances
Positive cash flow is the key to a successfully business. Understanding the financial side of your business will set you up for success
So before you bet your house:
4. Be on familiar terms with your compliance obligations
Regulation and compliance is part of doing business.