Checklist to start a Business
BE YOUR BOSS
As easy as it may sound, this is the hardest thing to do when you start a business. When you are an employee you do not have as much responsibility as the boss does. As the owner of a business, you are required not only to know everything that goes on in the organisation, but also to get your hands dirty if and when situation demands it.
Being an entrepreneur…
You may have always dreamt of it, but not everyone has the personality to be an entrepreneur. Before you begin your journey, try to figure out if you have what it takes to be one. Some of the most important traits of successful entrepreneurs are that they are self-motivated, disciplined, passionate, hard working and most importantly have the ability to take risks. Once you’ve figured this out you can start to think about the steps that follow.
Basic checklist before you begin
A peculiar characteristic of an entrepreneur is that s/he will try to find business opportunity in everything. Whenever you come up with an idea, remember to jot it down so you don’t miss out on anything. Also, keep a checklist handy when you start a business, so you can keep a track of where you are going with your business idea.
Analyse the market
Most of the business ideas come up when you see a gap in the market i.e. something that has not been provided until now. Or it could be something that has a high demand; in this case analyse the competition thoroughly.
Budget
Study your scope of work.
You may wish to do lot of things with your business. However, it is important to match your scope to the budget. Consider all the factors when you start making your budget like rent, technology, human resource etc. You can save a lot on overheads if you choose a smart option like a business center. Leading business centers has been operating in Dubai from the past 8 years, it gives the customers a facility to just plug and play.
A customer just needs to pay for his office space, utilities such as drinking water, DEWA, air-con, parking, meeting rooms, pantry, tea coffee, housekeeping, business lounge etc. is taken care of by the business center.
Legal Structure – permit & license
Every country has its own rules and regulations. First, you have to decide how you would want to register your company as a sole-proprietorship, corporation, society, partnership etc. After which, there are various types of permits and licenses which you need to get based on the nature of your business.
Business name
After you zero down on the name for your business, the next step is to send a request to the registry to check its availability. The name ideally should be related to your business so it does not mislead people.
Business goals
Your checklist can be longer and much complicated than this, but these 4 steps will give you the basic skeleton of your business plan. You will need a lot of more organising and structuring before you decide to launch. Starting a business requires a lot of perseverance, the more you have the farther you can reach with your business idea.
