Advanced Consultancy & Training Solutions

How to Start Up a New Business

  1. Have your idea ready; Know your competition, the market needs and trends and have a vision and mission
  2. Assess your strengths and capabilities – your limitations and weaknesses
  3. repare yourself for hard work and a lot of failures and disappointments along the way
  4. Think of a business model and draft a business plan
  5. Calculate carefully the financials and ensure you have the necessary funding
  6. Think of your strategy and the various tactics – change and adjust as needed
  7. Take the whole thing as a project; divide the process into phases (initiating, planning, implementing, monitoring & controlling, closing) and apply the necessary processes
  8. Draw the time line and pencil the core milestones
  9. Prepare a contingency plan; assess your risks and hazards and have plan Bs available for implementation, if and as needed
  10. Seek for help and consult specialists in the areas you lack expertise
  11. Be lawful, compliant and socially responsible – embrace strict values and core business ethics
  12. Offer value and solutions and not features and specs – start getting some sales to keep you up and running – gradually grow your business