| Breaking free of the shackles that accompany being | | | | Step 7 |
| an employee is liberating. But owning a business is no | | | | Forecast sales so you can estimate whether your |
| easy task. Planning is essential. This quick guide takes | | | | business will be profitable. This will form a key part of |
| you through what is arguably the most important step | | | | your business plan. You have to find out if you can |
| of all - the business plan! | | | | make enough to cover all your costs and turn a profit. |
| Step 1 | | | | Step 8 |
| Ask yourself what you want to get out of your | | | | Create your marketing plan. You have to make a |
| business! What you get out of something depends a | | | | detailed report that demonstrates how you are going |
| lot on what you put in. | | | | to get new customers, detail the exact costs |
| Step 2 | | | | associated with marketing, and the results you expect |
| Ask yourself how much you are capable of putting | | | | from this activity. |
| into your business. How much time, money, effort etc | | | | Step 9 |
| do you have available to invest in this business. It is | | | | Detail all the skills and talents you will require within your |
| important you spend some time with introspection now, | | | | organization in order to succeed. For example, if you |
| rather than find later your heart just isn't in it. | | | | find that you'll need a colorist in order to compete with |
| Step 3 | | | | surrounding businesses, and you can't get one, then this |
| List your pros and cons. If your cons outweigh the | | | | should raise a red flag. You must ensure that your |
| pros then you need to seriously consider why. | | | | business has access to key assets before you leave |
| Step 4 | | | | the planning stage. |
| Choose your location. You need to know where you | | | | Step 10 |
| will be conducting your business so you can conduct | | | | Decide on the structure of your company - be it a sole |
| market research and factor in rent to costs. | | | | proprietor, partnership or LLC. You must research this |
| Step 5 | | | | carefully and look into all the legal considerations of |
| Research your products and services. You don't want | | | | each. Sign up for business training courses to find out |
| to offer too much in the beginning. | | | | what would be right for you. |
| Step 6 | | | | Step 11 |
| Conduct market research to find out how your | | | | Accounting is an important consideration that must be |
| business will perform in that market. This is the most | | | | put into practice from day one, with every transaction |
| important step. First you have to find out if there is a | | | | recorded so that you know exactly where you stand! |
| lot of competition. If there is a lot of competition then | | | | You must decide if you will do this in-house, hire a |
| you need to return to step 4 and rethink location. If | | | | book keeper, or outsource it to an accountancy. |
| there isn't a lot of competition and a lot of potential | | | | Step 12 |
| clients then it is usually a good sign. | | | | If all is well with the business plan, go for it! |