basics for starting your own business

How To Start A New Business

Tips about starting new business

Personal EvaluationIf you are thinking to start your own business the first thing u should know is about yourself. SWOT analysis is the perfect way of evaluating yourself.

You should know your Strengths, Weaknesses, Opportunities and Threats before starting a business. Turning something that’s of your

interest into a business so that you could enjoy running it rather than being frustrated if it

doesn’t work out well at the beginning.

Analyze The IndustryBefore starting a business you must know the availability of your business market. You should have a well- rounded understanding about the

industry such as industry economics in general, participation, distribution patterns, factors in the

competition. The more you know about your industry, the more advantages and protection you

will have.

Make It LegalTo establish a business you should choose the legal ways. You should make your business legal

by establishing it under the Company Acts of your country. Without passing it through the legal acts your company won’t be considered legal and might be sued at any point of time.

Write a Business Plan

Without a plan a business cannot operate smoothly. You need to plan every step of your business.

Making a business plan helps to know the next step to be performed quickly rather than wasting time

on what work should be done next.

Get FinancedMeet the possible financer for your business. Visit

banks or any financial institutions and share the idea of your business with them. If the financial institutions are not enough visit some local investors who would

be willing to invest on your plan. If the required investment for your business is not too high your

friends and relatives can also be the financer.

Build InfrastructureYou will need a physical location for your business. It

may be a home business if you have small business and do not require employees or an entire warehouse or workshop depending upon the type of business you are starting. You should purchase equipments that are needed to run your business

such as telephones, computers, tables, etc.

Pracas InfosysFor more information please visit our website

www.pfs.com.np

Thank YouHope it changed some cells of your brain.