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Starting a business: what you need to consider
Standard Bank Team
Super Contributor

Starting your own business is not just about having a dream. There are real steps to ensure a successful start to it. It requires commitment, hard work, determination, willpower and courage.

So what should you consider when launching your new brainchild? Before you start your business ask yourself:

• What will my business be about?
• What will I be selling, or what service will I be providing?
• Is there a demand for this product or service?
• Will my business be profitable?
• Will I go into business alone or will I register with a partner?

The most important question of all is: Do I have enough capital to start a business?

The answer should be a yes because you need to have substantial funds to start up a business and get it off the ground.

You can get the funds you need from Standard Bank with a business banking loan. Please visit http://bit.ly/pQQG6y for more info on starting your business.

Building a business plan

But before you come to us, you also need a business plan. The business plan helps you answer the questions you’ve asked yourself and also includes:

o A mission statement
o A description of your business
o Short-term and long-term business goals
o Potential customers/target market
o A competitor analysis
o A financial analysis
o A marketing plan

Starter marketing tactics

Get registered: Each business needs to be registered to make sure you are on the right side of the law and so those you do business with will feel confident.

Get a website: These days people do everything online. When you mention the name of your business people will want to search for your business online so it is important to have an online presence.

Once you have covered these steps then the tough work of looking for office space, staff, equipment and so forth begins.

We hope that these steps will help guide you in the right direction.

For more information about small businesses visit www.standardbank.co.za/bizconnect.

On this site you will also get tips on how to manage and grow your business.