Do you have a business idea that’s destined for success? Are you constantly daydreaming of being your own boss? Perhaps the time has come to stop dreaming and get moving.
Starting a successful business can be stressful and demands your complete focus. However, once you get going, the momentum grows.
How to begin
- Self-inventory: Evaluate your abilities to see if you have what it takes. You may have a brilliant idea but are you prepared for the hard work involved? Do you have the skills necessary to manage a business, and the character to withstand the ups and downs? And are you equipped to deal with failure?
- Develop the idea: Develop your concept into a product or service that will enhance people’s lives. Millions of ideas are generated daily, but yours should respond to a problem. If people have a problem, they’ll seek a solution, so the success of any business depends on the viability of the original idea.
- Write a business plan: A solid business plan will guide you and keep you on track. It’s important for financial reasons as well. Investors will fund your business only if you have a detailed plan outlining its operational needs. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offering, a description of your target market, financial projections and operational costs.
- Identify your market: No doubt you think your product or service is amazing but a business cannot succeed on enthusiasm alone. Assess the market and target customers most likely to buy.
- Find the right investors: Sufficient funding is essential starting off. If you’re lucky, you’ll have savings, a loan or a grant. But if you’re struggling to raise cash, find an investor. This person must be someone you can work well with, and who shares your vision for the business.
- Determine the legal structure: Decide which form of ownership is best for you. There are several types: sole ownership, partnership, and limited liability company. Research the pros and cons of each before deciding on the most suitable structure for your business.
- Select a business name: Choose a business name; check that it’s available, and if so, register it. It’s also a good idea to buy the online domain too, even in the early days.
- Network: Let people know your business exists. Develop an online presence to promote your brand.
- Get Your Business Protected: Arrange to insure your business. AXA has developed an insurance solution (Business Insurance Plan) that provides complete protection to business owners, business content and their employees. This cover will not only protect the business against situations of unforeseen circumstances but also provide cover for man-made actions. This will thereby ensure business continuity and longevity.
At AXA, we believe every business owner should be able to run their businesses with full confidence that they can achieve their goals and that their dreams and aspirations are fully supported and protected.
The Business Insurance Plan (BIP), is a one-stop insurance solution that addresses the business risk exposures of small and medium enterprises. It is a pot-pourri of several existing AXA Mansard insurance products bundled together. These products include Business Content, Group Personal Accident, SME Life, Health Care Public Liability and many more. With all this in place, you are set to have a successful business.
AXA Mansard provides you with great financial solutions including protection, asset management and health insurance. For more information, call us on 0700 AXA MANSARD (0700 292 6267273) or send an email to ccare@axamansardhealth.com
