Covid-19 has changed the way we do things. Many people have lost their jobs and are maybe looking for a new way to earn a living. Still, others may have re-evaluated what they really want from life. For sure, many people will be looking at starting their own business. Though they may be keen to start afresh, the thought can still be daunting. Where to start? What steps to take?
To make matters worse many more businesses will fail than succeed. So, it is vital that the person risking their hard-earned money knows what they are doing. This infographic offers a step-by-step guideline on what to do from start-up to product and market development to growth strategies.
Every business starts with an understanding of the market requirements. This means discovering what people need, and what they will be willing to pay for that product or service. It also means evaluating the competition, discovering what they are doing and whether you can compete with them.
Once you know what you plan to sell, you must determine staff and infrastructure requirements and calculate your operating costs. This will help to establish what capital you will need. If you must borrow money, you’ll have to find the source of funds. For this, you’ll need a business plan. Once you have funds and you have carried out all the legal and tax registration requirements, you’re ready to start trading. Now the rubber really hits the road!