How to Start and Run Business?

Golzen suggests that before taking up self employment, one should look at the following points:

1) Consider the draw backs;

2) Be realistic about the risk you are taking;

3) Be aware of the competition to what you plan to offer;

4) Be certain that your enterprise is financially strong;

5) Know and act within the laws as it applies to you;

6) Use professional advice, where necessary;

7) Fulfill commissions accurately and on time;

8) Commit yourself totally to a project.

He further says that in order to raise capital, the main issues that determine success broadly are

1) Your business experience;

2) Your existing assets and liabilities;

3) The product or service you are proposing to offer; the geographical market for it and how you propose to reach it;

4) The likely demand for it- i.e. whether it is continuing and to what extent it is seasonal or susceptible to technological obsolescence;

5) Competition, where it is and how you propose to counter it by means of price, service, etc.

6) Requirements for and likely costs of premises and/or equipment;

7) How much of your own money you are proposing to put in;

8) The amount of finance required and what it is going to be used for;

9) What security you are able to offer;

10) Cash flow and profit and loss forecast for the first 12 months, and subsequently.