What you need to know when Starting up a Business

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By Amina Faki

Over and over you have read articles on business ideas to consider, but none of the article if not all, ever states what one needs to know before a business startup.

Owning your own business may seem like an epitome of a dream. It’s a great feeling to be your own boss, keep your own schedule and answer to nobody but yourself. No wonder a great number of people idealize being a small business owner.

Nothing beats the magic of creating something new from scratch, overcoming the naysayers and obstacles in your way. But equally, nothing is frustrating as running headfirst into a wall which some days it feels like you are doing it repeatedly when all you want is to move ahead.

According to an article by Kira Botkin below are some of the things you need to be able to start up a business.

Time; having sufficient time is one of the biggest stumbling blocks. Prioritizing a business is a task that is key, but also prioritizing personal tasks will make sure you can carve out sufficient time in your busy day to devote to your startup. In order to start up, a business one needs a whole amount of time to plan their business ideas.

Money; a business requires cash up front. Unfortunately, many people want to start up a business precisely because they don’t have any money. This leads to unprepared entrepreneurs to bury themselves into debts. To start up a business assess how much you need to start and maintain the business operations. It’s also best to keep in mind that you’ll encounter unexpected expenses along the way.

Patience is key to any individual who hopes to start up a business. Drive and ambition are not enough. Before starting up a business, one need to know that he or she will have to exercise patience too; not expect profit turn out immediately, expect mistakes, and realize that you cannot make everyone happy and that some tasks are monotonous.

Research; A business idea doesn’t need to be unique to be profitable as long as there is sufficient demand for your product. It is best to know what goes best for what consumers and also check if your product is needed in the market.

Business Plans can be tedious but it is very important especially if you are seeking financial help from investors or a bank. If you have no time to write basic business plan then you are probably not prepared to undertake the running of a real business.

Sometimes starting and running a business can provide a lot of satisfaction, but it’s not for everyone. It can be expensive and time-consuming and many people don’t understand the vast amount of effort that it takes to create and maintain a successful enterprise.

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Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory