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Out of job? Stretched by Covid-19 effects? The answer is a yes, for a person previously employed and got laid off following the Covid-19 outbreak.
Starting up a business may act as a cushion to mollify your drying pocket. However, starting a business can be stressful owing to the thought that it is a do-or-die situation, the introspection that it will either succeed or hit a snag.
There are no shortcuts to evade such thoughts and this calls for proper prior planning to manage your expectations and build a sense of purpose towards establishing your business.
Below are some ideal tips that will ease your way as you take a plunge into business.
1. Know your customers
Invest your time in finding out your target clients. This will help you determine the kind of products you are going to stock your shop with. It will help you to determine the offers and marketing strategies to lay down for you to prosper in your business. In mind, prioritize your customers to ensure that your business space fits them perfectly.
2. Map your finances
Every business requires capital for start-up. As an entrepreneur, you have to sit down and create financial records for your business. In the records, note down the amount of money you invest and the profits accrued. Proper financial management will help you evade debt and a negative cash flow.
A negative cash flow is when you spend a lot of money than what you are acquiring. Other than milking you dry, it will make your business a failure thus calling for financial tracking.
One can use notebooks to record their money flow or use digital applications such as Mint and Personal Capital.
3. Pay taxes on time
As the adage goes, ‘give to Caeser what belongs to Caeser’. As you start your business, understand your tax burden and feel obliged to file your tax return on time to avoid trouble with the authorities.
Identify your business category and your payroll to make tax payments timely and correctly.
Late tax filing can lead to legal actions accompanied by several court battles which will use up your time and finances which could have otherwise been used to grow your business.
4. Look for a mentor
Do not make your business venture an independent journey. Do proper networking with several business leaders who are successful in what you plan to do.
A business mentor will help you sharpen your skills and enhance your mental and financial preparedness when it comes to the risks that come in handy.
Attend several business workshops and seminars to interact with various business magnates and learn their approaches and secrets to success.
5. Hire professionals
You are not good at everything, this is a fact. Consider hiring experts who will handle several departments of your business. Make contacts with people like lawyers who will advise you and keep you on the right path with the law. Also, get an accountant to help you handle every aspect of finance and help you realize profits.
Hiring experts will boost the professionalism of your business and attract more clients.
The post What You Need to Know Before Starting a Business appeared first on LitKenya.
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