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Plan how to open a business

The decision to open your own business is always the right one. Those who wish to have their own business do not always take the right steps, believing that running a business is as easy as making a decision about it. Therefore, after you decide to have income not from wage labor and not from your boss, take the next important step.

1. Decide on the idea and type of business

Rather, specify the business idea, the direction in which you plan to build your business. If you do it thoughtfully, making an income will be real. If you do not make even a simple analysis of the situation in the market of goods (services), losses may become real.

Before choosing such an old and tried-and-tested direction of many as trading, think about it. Yes, it makes a profit. But already to those who have long occupied this niche and continue to expand the zone of influence.

So, if you need a good and stable income from a business, then pass trade. Your stall near the bus stop is unlikely to bring more profit than your current salary from the owner. If you want to spend your last money and time – try to compete with the already competing owners of retail chains and hypermarkets.

If you choose a completely new direction in business in which you can be a monopolist for the first time, carefully weigh whether it will be in demand by the market. After all, it is only you who will know what good product or service you have. And others sometimes perceive the new with hostility (up to revolutions. Remember the story – the invention of machine tools and their replacement of workers).

Where to get money to start your own business? It is this problem that 95% of beginning entrepreneurs face! In the article “Where to get money for a business,” we revealed the most relevant ways to get start-up capital for an entrepreneur. We also recommend that you carefully study the results of our experiment in exchange earnings: “see the results of the experiment”
It is best to open a combined business (new – well-forgotten old). Most importantly, goods (services) must be in demand on the market and prices must satisfy both sides of the market process.

When choosing a type of business, do not forget about Krylov’s fables, so that, being a “shoemaker”, not be in the place of a “pastry man”. So, the specialty of a programmer is in demand everywhere and if you organize your Internet technology company, then consider that the business was a success. At the same time, having the specialty of a lawyer, it would not be bad to check the level of competition (taking into account experience and skill) in your region.

2. Decide if you need a business plan, and start

So, considering our capabilities, we will draw up a plan on how to open your own business. Of course, if you are going to open a large company or attract large investors, use bank loans, then a professional business plan is necessary.

If you plan to build a business on your own and with your own money (which is highly recommended), it is enough to make a plan for opening a business even on one piece of paper:

Write down the amount of your starting capital (at least for comparison, after a while, by how much and in which direction your stocks have changed);
Note, alone or with a partner you will build your business. Is only financial cooperation from the partner sufficient or will it be necessary to involve him in co-management of the business (this is not always desirable). Will it be necessary to hire staff;
Write down your planned expenses (advertising, procurement, rental, stationery, and more). Check with the amount of seed capital. If before the start of work there is no loss, calculate the timing of the receipt of profit and return on investment.
If profitability is already visible in your plan, start working on it realistically. If your plan is doubtful in something, rework it to a positive result.

Rather, specify the business idea, the direction in which you plan to build your business. If you do it thoughtfully, making an income will be real. If you do not make even a simple analysis of the situation in the market of goods (services), losses may become real.

Before choosing such an old and tried-and-tested direction of many as trading, think about it. Yes, it makes a profit. But already to those who have long occupied this niche and continue to expand the zone of influence.

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