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Are you ready to start up – The financial commitment check

Securing the right financing for your new business is crucial, as there is no guarantee that your business will make money for you straight away. You should aim to have sufficient reserves to last you for several months without an income from your business. For tips on how to keep afloat during the early months of your new business, see our guide: how do I survive until my business is off the ground? You need to be honest about your ...

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Are you ready to start up – The market research check

You need to research your target market and your competitors carefully. A common misconception is that entrepreneurs who fail simply lacked sufficient funding or did not put the right team in place. In many cases new businesses fail because they have not spent enough time on researching their business idea and its viability in the market. There are certain criteria you can use to establish this: Does your product or service satisfy or create a market need? Can you identify ...

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7 Tips for Starting a New Business in a Small Town

In a big city, you’ll make decisions by numbers and neighborhoods. In a small town, you schmooze! On the surface, everyone will be friendly, optimistic and positive. Your challenge: Get below the surface and learn the true story. You might consider asking a lot of questions before you disclose your own intentions. Listen for, “I wish we had” 1. Talk to others who have opened businesses recently. What challenges have they faced? What works and what doesn’t? Were others newcomers ...

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Are you ready to start up – The business skills check

As a business owner you need core skills to execute your ideas to ensure that your new business survives in the long term. You should start by assessing your own skills and knowledge. This will help you decide whether you need to learn new skills or draw on outside help by delegating, recruiting or outsourcing. Key business skill areas Financial management – This includes having a good grasp of cashflow planning, credit-management and maintaining good relationships with your bank and ...

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How to Keep Fixed Costs Low When Starting a Company

In every business, cash flow and profits can change, while fixed costs such as debt, mortgages and lease payments remain steady. So even if a company’s cash flow shrinks to the point where its owners have trouble paying bills and salaries, its fixed costs will continue undiminished. In today’s article, Jeffrey Moses shares some ideas that could help minimize financial shortfalls during a cash crunch. During the dotcom rage, many companies secured wildly extravagant expenditures on everything from office leases ...

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Are you ready to start up – The entrepreneurial quality check

Research has shown that there are certain qualities commonly found amongst successful business people. A typical entrepreneur will have the following key qualities: Self-confidence – a self-belief and passion about your product or service – your enthusiasm should win people over to your ideas. Self-determination – a belief that the outcome of events are down to your own actions, rather than based on external factors or other people’s actions. Being a self-starter – the ability to take the initiative, work ...

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Are you ready to start up – Introduction

Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated. The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues – your knowledge, your financial status and the personal qualities that you can bring to your new business. Commitment, drive, perseverance and support from family and friends will go a ...

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Are you ready to start up – The day-to-day reality check

  Setting up your own business requires your full commitment. Here are some of the challenges you need to think about. Another valuable way to find out about the day-to-day realities of running a business is to talk to people who are in business already. Personal sacrifice The physical and emotional demands of starting up in business should not be underestimated. Starting a business is a life-changing event and will require hard work and long hours, especially in the early ...

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How to Start a Part-Time Business that Protect You Financially

In most cases, people can easily get into trouble or fell into the trap of debt simply because they do not have enough money to handle the unpredictable emergency cases. Maybe they do not have a budget plan, maybe they do not have any saving or emergency fund and spend every dollar that they earn on shopping. So my advice is before it getting too late, you must prepare for it. You can either start saving for the money or ...

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