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4 Keys to Launching a Successful Business

4 Keys to Launching a Successful Business
(Dollar Photo Club)

By    |   Wednesday, 09 January 2019 11:50 AM

The thought of starting a business can be daunting.

Sourcing for capital, location (where the business isn’t virtual) and other various issues, as explained by Investopdia, are among the major challenges faced when starting a business.

For years you may have been dealing with the idea of starting out your own business. You could have been having a great time at work but deep down within your soul, you feel you’re called for a higher purpose. So you’ve decided to fold up your sleeves and start your own business.

However, before you launch, be sure you consider and take these necessary steps:

  1. Obtain All Relevant Permits

As a business owner you must ensure all necessary permits regarding your line of business has been obtained. To effectively carry out this requirement, you may employ the services of an attorney. This should be factored into the cost of starting up the business.

This may seem like additional albeit necessary expense, especially when the funds to start the business may seem short. In the long run, it’ll save you heartaches and sleepless nights.

There’s nothing worse than taking steps to ensure the growth of your business only for a potential client to decline transacting with you or employing your service simply because you failed to obtain necessary permits. Worst still, in certain circumstances, authorities may shut down your business for noncompliance.

  1. Understand Your Business Model

Since starting your own business can be a challenging experience, some people resort to practically copying the model of other businesses to succeed. While this isn’t entirely wrong, it’s best for the business model applied to be generic. This can be achieved through flexibility and adaptability over the course of the business and by weathering storms as they come.

There is nothing worse than a business owner not having a grasp of the business model they set out to use. When you lack this fundamental requirement, it may lead to poor service delivery which in turn may expose your business to lawsuits. You don’t want that.

  1. Be Original

This step is intrinsically linked to the business owner knowing the model to apply in running the business.

Some people are of the opinion that no idea is 100 percent original. In the sciences, ideas of earlier scholars have formed the foundation upon which subsequent generations develop on. This also applies to running a business.

A great example is Chinese products. These products are usually not a mark of quality and are known, even when not entirely true, to be cheap product imitations and of inferior quality. Compare this reputation with German or Japanese products, they’re synonymous with quality. When the fulcrum of your business is on products that aren’t original, you may never be able to change the mindset of prospective clients and customers.

  1. Register Your Business

Some businesses and corporations when dealing with you won’t make payments into personal accounts except it’s a business account. In order to open a business account you’ll be required to show evidence that the business is registered. You can’t open a business account if the business isn’t registered.

Registering your business gives it some level of prestige and credibility in the view of your customers and clients. When it comes to prospective customers or clients, knowing your business is registered may be the assurance they require to transact with you.

In the course of operations you may be exposed to litigation. Registering your business ensures it’s an entity distinct from you and your personal finances. In the event of debt and bankruptcy, in most cases it’s your business that bears the responsibility and not you.

Your business can’t have access to loans when it’s not registered. When the business isn’t registered, you can only access loans in your personal capacity. You don’t want that because in the event of failure to repay the loan you’ll be personally liable and not the business.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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RichardAgu
For years you may have been dealing with the idea of starting out your own business. You could have been having a great time at work but deep down within your soul, you feel you’re called for a higher purpose. So you’ve decided to fold your sleeves and start up your own business.
success, business, keys. launching
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2019-50-09
Wednesday, 09 January 2019 11:50 AM
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