Have you ever dream of being your own boss? Have you ever desired to be a leader? Have you desired to make a great impact in your society?
If that's you ,the answer is very simple you have an entrepreneur DNA . Chances are you are going to make it as a leader. The Quantum model of reality state that: 'reality is what you choose it to be'. Once it's in your mind means that mean you can do it. So what are you waiting for just start something today.
We as Wilde Digital,we want to help you start your company or organization in no time. So we gonna walk you step by step helping you accomplish that.
Let's Check Out the Myth and Realities Of Being an Entrepreneur.
Ready to Start?
myth:As an entrepreneur, you won’t have to work so hard or put in such long hours.
reality: On average, entrepreneurs work far longerhours than employees do—but you’ll likely enjoy itmore because you’re building something of your own.
myth:My product/service is unique and there isno competition.
reality:There is always competition. It may be in adifferent form or delivered in a different manner,but it exists and you need to recognize and dealwith it.
myth:Business owners can deduct everything,so you won’t have to pay taxes.reality: Entrepreneurs do get to subtract business expenses from their gross income—but they still have to pay taxes on their net income.myth:As a business owner, you won’t have a boss.
reality:You don’t have a boss—you have many: Your clients and customers. myth: Business owners get to do what they want to do.
reality:Sure, you’ll do some of what youenjoy—but some of your time will be spent ontasks you find difficult or boring.
From the above myth and realities you can see that most of the judgements when it comes to business are not true.
Now About How Start A Business From Scratch!
Starting a new business from scratch is what most people think of when they consider becoming entrepreneurs.But this isn’t the only way toget into business for yourself. Here’s a closer look about starting a business from scratch.
Advantages
■You’re not hampered by the previous image or equipment of an existing business.
■You can choose your own location, name and logo, andbuild your own business relationships.
■You can explore new markets and directions.
Disadvantages■You have no existing customer base to build on.■You’re taking a bigger risk than if you were buying anexisting business.■Because your business has no track record it will be hard to find angel investors
Components of Business OwnershipNOT ONLY ARE YOU THE CEO OR PRESIDENT, BUT YOU’LL ALSO BE IN CHARGE OF:administration –answering phones, handling paperwork, office management and insurance issues
accounting –bookkeeping, taxes, payables and receivables via advertising, PR and moresales –prospecting for new leads, cold calling, makingsales presentations and closingcustomer service –taking orders, handling complaints, building relationshipsproduction and fulfillment –manufacturing yourproduct or arranging to have it made; shipping and warehousing
information technology –choosing, purchasing and troubleshooting technology physical plant –selecting your location,negotiating leases, maintaining site
THINK ABOUT THE AREAS ABOVE AND CONSIDER:■Do you have weaknesses in any of these areas?
■Can you take a course to improve your skills in theareas where you’re weak? ■If there are duties that don’t fit your skills, canyou hire employees, take on a partner or outsource these tasks?■Even if you were skilled in all these roles, you wouldn’t have time to handle all of them. Which are most important to your business? Which will you focus on and which will you delegate? In what order of priority?
If you are currently an employee, you’re probably responsible for one areaof business—say, sales or accounting. As an entrepreneur, however,you’ll wear many hats and be responsible for sure all the components of your business run smoothly.
Choosing A Legal Structure
When it comes to the nuts and bolts of launching your new business,there are three primary considerations:
➊Choosing a legal business structure➋Understanding government rules and regulations affecting your business
➌Buying business insurance
Choosing A Legal Structure
In Zimbabwe We Many Legal Business Structures but here we will focus on PLC only
PLC -Private Limited Company ; this type of company is the largest and more complex but good interns of business friendly , It has annual returns and the other advantage is that other companies can be shareholders despite owners being individuals. You also need a Tax Clearance Certificate Which will enable you to pay taxes and get your unique taxation ID . If you are into manufacturing food or beverages you will also need some permits from ministry of health and Local government. But however no matter what business you're into you will need a permit from local government and inspections. If you need to Apply for government tenders you will also need PRAZ documentation.
If you need more information about company registration, local business laws and If you want to register your company it's easy call or WhatsApp +263 782818501/ +263779680128 - you can do the entire process in the comfort of your home and your documents will be delivered right back to you at your doorstep.
As a startup entrepreneur, you’ll need these keyplayers on your team:
• BANKER
• LAWYER• ACCOUNTANT
• INSURANCE AGENT
• BUSINESS MENTOR
Find them by asking friends, relatives and colleagues for recommendations—then checking out references. Find a mentor at https://www.wildedigital.co.zw
Or call or WhatsApp +263 782 818 501
INSURING YOUR BUSINESS
It may not be the first thing you think about whenstarting a business, but if you don’t purchase properinsurance, all your hard work could disappear in theblink of an eye. Consult an insurance broker to determine what types of insurance you need.
Thesemay include:
property:Covers fire and other loss to buildings,building contents, inventory and home-based businesses. Add-ons such as business interruption insurance can expand and property damage to others caused by accidents on your property, such as if a customer slips and falls at your place of business.
motor vehicle: Covers bodily injury and propertydamage resulting from the business use of yourmotor vehicles, such as if an employee drives acompany van to make deliveries.
umbrella liability:Provides additional liability insurance above the limits in your basic automobile and general liability policies.
worker’s compensation:Covers injuries, death and loss ofwages to workers injured on the job, including the owner, and protects you against employee lawsuits for damages.
health:If you rely on your current job to receive healthinsurance, you’ll need to look into private health insurance options before starting your business.
life: Many business partners buy “key man” lifeinsurance on the partners in the business. If one owner dies, the proceeds enable the surviving partners to buy his or her share from the heirs.
It Is good to choose appropriate insurance for your business ,making wrong move on this can make you loose your entire investment. To stay safe Choose a reputable brand that's have clearer policies. If you need help finding one call +263 779 680 128.
Now About A Business Plan.
Why do you need a business plan?
Some entrepreneurs think a business plan is only used to get financing. In reality, there are many more usesfor a business plan.
Business Plan Basics●Gives you an objective view of your business idea so you can enhance its strengths and shore up its weaknesses●Communicates your ideas to the rest of the team●Becomes the foundation for futureplanning as your business growsWHAT’S IN A BUSINESS PLAN?
THE BASICS ARE SIMPLE: ●Table of Contents●Executive Summary●Section One: The Business●Sectio n Two: Financial Forecasts
●Section Three: Supporting Data
Let’s take a closer look at each section of abusiness plan.
EXECUTIVE SUMMARY:
The executive summary is an overview of the business plan. It briefly explains the company’s inception, the business idea, the management experience of the executive team and how the company plans to achieve success. It contains:
●A brief description of the business
●Whether you will seek a loan or investors
●How much money you need
●How the money will be used
●When loans will be repaid
Write a vision statement for your business. It should contain:
➊the overall purpose of your business:What are you trying to achieve? Why are you in business?
➋what your business does:Describe the products and services it provides.
➌what’s important to your business:What are the values your business lives by?Start now to think about your business plan. Turn the page to create your vision statement for your business. Although the executive summary is the first partof the business plan—and, often, the only partpotential investors read—you should write it last,after you have thought through all the otherelements of your plan. SECTION ONE: THE BUSINESS
This part of your plan explains what the business does and how it will operate. It Includes: ●A description of the business
●A description of the product or service
●An assessment of the market need for what you’re selling●Your location and why you selected it
●An assessment of the competition and how you will beat them
●A description of key management andpersonnel, their experience and backgrounds●How you will use new funds (if you’reseeking financing)SECTION TWO: FINANCIAL FORECASTSThis section is a detailed plan of where the money to start your business will come from, how it willbe spent and projected growth.
It includes: ●A capital equipment list ●Projected income and expenses
●Assets, liabilities and equity●Sources and uses of funds (cash flow)
●A break-even calculation
SECTION THREE:SUPPORTING DATA
In this section, you show that you’ve done your due diligence by providing backup for the information you provided else where. Prove what the facts are andwhere you got your data.
Although theexecutive summary is the first part ofthe business plan—and, often, the onlypart potentialinvestors read—youshould write it last,after you have thought through allthe other elements of your plan.
For more information about how to write a business plan or to order your own. WhatsApp or call +263782818501
Getting Your Business Idea Into Shape
simple steps for starting your business STEP 1:
Define a Market NeedA good business idea fills a need that exists in themarket. You may have come up with your businessidea because you, your friends or your family saw aneed for a product or service you couldn’t find. Maybe the product or service exists, but you think you can do it better. Here are some questions to ask:
●What need does my product or service fill?What problem does it solve?
●What are the features and benefits of my product or service? (“Features” are the components of your product. For instance, a bicycle’s features might include a high-tech braking system and puncture-proof tires. The “benefits” of those features are safety and as moother ride.)●What is my competitive advantage? (How is your idea different from, or better than, the competition?)●What is my business model? (How will you produce, deliver and market the product or service,and how will you make money?)You’re reading this book because you have an idea for a business. Maybe you have ideas for more than one business! Or maybe you just know that youwant to start a business, but don’t have a concrete concept in mind. Use the steps below to develop or fine-tune your business concept.
A good business idea fills a need that exists in the market. You may have come upwith your business idea because you, your friends or your family saw a need for a product or service you couldn’t find.
STEP 2:Examine Your Personal Background
If you don’t yet have a firm business idea in mind, assessing your life and work experience can help you come up with one. If you do have a business idea, review your pastexperience to see how well it supports your concept.CONSIDER:
how do my skills and experience fit with my idea?Suppose you want to open a bakery. If you have worked in food service or retailing, those skills will help you in running your new business. If you haven’t, you may need to learn more about these industries and gain experience before you move forward.how risk-tolerant am I?How does my experience affect my startup risk?
Past experience can minimize the risk of starting a business.
Many people dream of opening restaurants, but this industry has a high failure rate. If you have no restaurant experience, your risk will be even greater. Taking into account your experience and the potential risk of your startup,assess how comfortable you feel with moving forward. how can I modify my idea to fit my experience? If your idea seems too risky given your experience, consider analternative. Using the example above, for instance, a person with no restaurant experience might consider a lower-risk business such as catering or a cupcake shop.do i have the passion to sell this idea to others?
You need to be able to convince customers, investors and potential partners that your business idea is worthwhile.
STEP 3: Research Your Industry Another way to fine-tune your business idea is by researchingthe industry you want to enter. You’ll want to know:
■growth trends:How fast can a business in this industry expect to grow? ■profitability:What kind of profit can you expect to make?What are average margins in the industry?
■trends:What current and future trends (demographic, economic, global) are affecting the industry?
■life cycle:The chart below illustrates the concept of lifecycle. Ideally, you want to choose an industry that’s either at a nearly stage in its life cycle or in the reinvention stage. Choosing an industry in the mature or declining stages makes it harderto compete.
Another way to fine tune your businessidea is by researching the industry you want to enter.Getting Your Business Idea
STEP 4: Consider Your Target Market Who will your business serve? You can’t be allthings to all people. To create a winning concept,you need to narrow your market focus.
Ask yourself these questions:■channel position: Where in the sales chainwill your customers fall? In other words, are youselling to retailers, wholesalers, consumers orother businesses?
■number:How big is your potential market?
■income level/ability to pay:Are yourcustomers upscale or bargain hunters? ■demographics:What are the demographiccharacteristics of your market (location, companysize, sex, age, marital status and education level)?
■lifestyle:Are your target customers urban orrural? How do they spend their work, leisure andpersonal time? ■habits:What are the spending habits of yourtarget market? Where do they shop and how dothey buy?
Complete the Business Concept AND DON’T FORGET...IOther key factors to think about when assessing a business idea include:
●competition: How many competitors are there? How big are they? What product or service features and benefits dothey offer?
●suppliers:What kinds of suppliers will you need? Are sources of supply readily available? How reliable are they?
●business risk:Is the product or service you’re considering a short-lived fad, or does it have long-term potential? Are there legal or environmental factors that could threaten your business, such as
RESEARCHING YOUR COMPETITION
Here’s what you need to find out about your competitors.
business model:What sales channels do yourcompetitors use and how do they make money?
size:How big are your competitors? Will you becompeting against other small businesses,nationalcorporations or regional chains?
location:Are your competitors local, regional,national or overseas? Are they brick-and-mortarlocations, or do they sell only online?
profitability: How profitable are yourcompetitors? What are the average margins inyour industry and among your specificcompetitors?
market strategy:How do your competitorsposition themselves? Are they businesslike orinformal? Low-price leaders or premium products?Do they offer hand-holding service, or a do-ityourself atmosphere?
features/benefits:What are the features and benefits of your competitors’ products or services?
How do they compare to yours?
price: What prices do your competitors charge?
Do they offer discounting, bundling or subscription plans? efficiency:How are your competitors staffed?How many employees do they have? Do theyoutsource work or work virtually? What kinds ofoverhead costs do they have?
Just as important as understanding your target market is understanding your competition. You need to know what your competitors are up to so that you can better position your products and services.
Now For Now On You Will Be Safe To Start
Now we've reached the end of this article and we've cover much information about business ideas and how to start a business from Scratch..
Although there is much information about how to maintain your business like branding strategies and Marketing Strategies .etc , there is an article we specifically wrote on that you can request here:
Conclusion
Don't look at the number of permits and things required but look at the opportunities that might available at that time. Some other business ideas might be expensive to start than others . Considering that you can start an online business like a news blog or online drops shipping store for an budget of $500 -2500 . Or Cake Business for $600+ including all papers and basic equipment. Depending on your idea start small for you to get the glimpse of what you are getting into.
Some things like insurance are the last things you get when your business is fully established and running.
Admit One, Let's Get Your Paper Work Done call or WhatsApp +263 782818501 /+263 779680128 for Your company registration services , business documentation , record keeping, book keeping and business mentoring services ...etc we get it done online,when you are in the comfort of your own home and have your documents delivered to your doorstep in no time.
Obviously, dreaming alone isn’t enough. You have to do your homework, create a plan and take action.You will have good days and bad ones. But don’t get discouraged. As Walt Disney said, “If you can dream it, you can do it. Always remember this whole thing was started by a dream and a mouse.”
This Article Serves as a Blueprint To Run Your Business be sure to Check it out if you run into error or contact us for feedback or Share it with Friends.
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