Establishing a new business is a multi-step process that begins with market research. Before a new business can launch, a gap in the market needs to have been identified and information about potential customers and any competition that is already out there needs to be gathered.
Once a competitive advantage has been discovered, a business plan can be written. An overview of the different sections of a business plan can be found in the infographic attachment.
Some videos sharing my business experience can be found by visiting the Ahmed Dahab YouTube channel.
Capital
All new businesses require some capital to get started. For some, there will be large initial outlays, whereas for others the expenditure in the early days will be minimal but some funding will be needed. In many cases, this will require securing outside funding in the form of a loan or investment. Advice on new business start-up loans can be seen in the embedded PDF.
Location
Depending on the nature of the business premises may need to be secured, whether it is for a retail outlet, warehousing, office space, or any other purpose. Choosing the right location can make a difference, particularly for any type of business that relies on foot traffic to get customers through the door.
Structure
There are various types of business structure that start-ups can opt for, and there is no one-size-fits-all solution. Therefore, researching the advantages and disadvantages of different business structures is essential to ensure operations continue to run smoothly further down the line.
Name and Logo
The business name and logo will form part of the branding that will hopefully keep customers coming back for more. These elements should therefore be chosen and designed wisely to ensure they properly represent the values of the business and the products or services it will be offering.
An explanation of the importance of branding can be seen in the short video attachment to this post.
Registration and Legalities
New businesses need to be officially registered before they can begin trading. Therefore, getting all of the paperwork done in advance is vital. This will also protect the brand and help in the next stage of the process, which is applying for licenses, permits, tax IDs, and other legal documents that will be necessary for running the company.
