Starting a business is never easy, you want to be as prepared as you can possibly be for what may be lurking ahead.
First, you must understand that to get things up and running, you will need to dedicate extra time and energy to your business. These longer hours will eat into personal or family time. Are you willing to make that sacrifice?
Second, in business, you need others. You must, therefore, be willing to seek advice from those who have succeeded in doing what you are working to achieve.
In addition, you must equip yourself with inner motivation beyond question. How much do you truly desire this? Are you ready to commit to what you are starting and see it through to the end? It is here that you will find yourself most challenged.
If you doubt yourself, then do not get started until you have the confidence to do what is necessary to prevail.
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The next step is to write a business plan. It is a document that will help you achieve your goal, especially with financiers and other key partners critical for the success of your business idea.
A business plan is the road map to your final vision. It will help you to focus on exactly what you are trying to accomplish, and how you plan to get there.
It represents your ability to visually see your proposed road to success and will enable you to develop confidence in your vision and woo others to come on board.
You need to understand the possible sources of capital that you can tap from to make progress. It is normal to start on a smaller budget and expand as you gain experience.
As a general rule, the bigger the business, the larger the overhead you need to cover. Consider starting out of your home or shared facilities to keep your costs low and expanding only as money allows.
Hire rather than buy assets required to support business operations. Also, work towards building a good credit rating during this lean phase.
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When you are later presented with an opportunity that now makes sense to borrow extra funds to grow your business, financial institutions will be more readily willing to lend it.
The final step is on keeping track of your efforts and cementing business relationships, also known as accounting and contracts.
You are now ready to begin turning seeds into results. You need to choose the method for keeping accounting records. Your business may require you to enter into contracts.
It is important to discuss with a professional before implementing contracts to make sure they meet your requirements for personal and professional protection within the laws of Kenya. Start your business the right way by taking the proper initial steps.
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