Some tips for starting your business

Make a business plan

The business plan will be a compass for planning your course. Questions to answer include:

• Do you understand what you are doing and how you are doing it?
• What are your products and services?
• What is your market niche? What is different or unique about your products and services, and where might they best fit in the marketplace?

• Who are your customers?
• What's your plan to achieve your goals?
• How will you measure success?
• Do you have any advisers? Do they have a good track record?

Learn and research the industry

If you're planning to open a restaurant, for example, work in a restaurant first. Get experience and understand how the business is run.

Collect a group of advisers

This would consist of valued people who can give you unbiased advice related to your business, such as:

• Your accountant
• Your lawyer
• Business partners or key family shareholders
• Contacts you can count on as mentors

Set achievable goals

Do you have cash reserves that will tide you over until you might expect to earn and break even or make a profit? There is a start-up period for all businesses, so you need to estimate how much money you will need before your business starts to operate and earn.