Turn your business idea into reality with these 3 tips from entrepreneurs and business journalists.
Writing a business plan can be an arduous task but it plays a crucial role in mapping out your business idea. “The simple act of writing down your idea and outlining how the business will operate can be helpful to ensure that you communicate your vision and that everyone is on the same page,” says entrepreneur Patrick Hull.
Market research is important in the formation of a business; it will inform many business decisions and ensures that your business idea is actually viable. Business writer Jean Chatzy insists that market research doesn’t have to be expensive. “You can do research for cheap or even free if you get creative. For instance, talk to people in a mall or another public place that attracts your potential customers. You can develop surveys via a low-cost Web service like SurveyMonkey.com, or you can scour phone books for similar businesses in other cities.”
Lawyers and accountants play an important role in the establishment of a company. “Before launching a business you need to consider what legal structure will best suit your company, investigate any specialist licences you may need to take out and pre-plan for VAT.
These are crucial elements that start-ups often don’t give enough attention to in the early days– which could mean legal problems later down the line,” concludes journalist Natasha Mc Gowan.
Source: Oprah. Com, Forbes