Fed up with your day job and want to start yourself a business to become your own boss? While entrepreneurship in itself is not a bad idea, one has to be practical about it. Do you have the skills and know-how to start and run your own company? Is the product/service that you will be offering viable for market profitability? One must verify all of these before starting their own company. If you’re still keen on beginning your own business endeavor, here’s a checklist to guide you through it –
- Conduct Market Research – Market research is undeniably the heart of corporate work. Before designing a product/service, you need to know if there is a demand for such a product/service in the market.
- Seek your acquaintances out for feedback – When you devise a product or come up with a service offering, you’ll want unbiased feedback from people around you before releasing it onto the market. You can’t always rely on your friends and family to be the most honest when it comes to the work you’ve done – they are bound to appreciate you even when it isn’t warranted. If you want precise and transparent feedback, reach out to your extended social circle to try out your service/product offering and tell you if it is something they can see themselves spending on.
- Take care of the legalities – Once you’ve convinced yourself that there is no stopping you from opening your own company, have the legal aspects of starting a company taken care of. You don’t want to bother with company registration and associated paperwork when you’re running your business and trying to earn profits.
- Chalk up a business plan – You might want to spend some time on writing down your business plan. You never know when you run out of funds for your company and would like to approach investors. Investors will want to look at such a document to understand your company’s vision and goals before making their investment.