7 Steps to Start an Online Business

Management consultant, blog writer, dreamer

Having your own online business is a dream that many of the readers of this blog may have. There are however important steps to start an online business that needed to be followed.

Starting an online business, although it operates in a different channel, is not that different from starting a Brick and Mortar business. In both cases you need no do certain things in order to get your business up and running.

The 7 steps to start an online business

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Getting Money for Your Business – Other Individual Investors

Management consultant, blog writer, dreamer

Prospective business owners may approach other individual investors to get money for starting their businesses. A large number of private individuals invest in others’ entrepreneurial ventures. They are primarily people with moderate to significant business experience but may also be affluent professionals, such as lawyers and physicians 1.

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Start your Business: Borrow Money from Friends and Relatives

Management consultant, blog writer, dreamer

If you don’t have enough funds for your start-up business, you may borrow money from friends and relatives. Interesting, however, although the majority of informal investors, family and friends, is often willing to supply funds at negative returns, most prospective business owners will only as a last resort consider borrowing money from them 1.

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Using Personal Savings to Start Your Business

Management consultant, blog writer, dreamer

You, the aspiring entrepreneur, frequently have three sources of getting money to start your business: (1) personal savings, (2) friends and relatives, and (3) other individual investors. Using personal savings to start your business to start your business will now be discussed.

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Bootstrapping – Starting a New Business with Your Own Money

Management consultant, blog writer, dreamer

One of the first and most important questions that most of us ask when considering to start our own business is where the money would come from? The answer for more than 80% of start-up businesses is bootstrapping. Indeed, according to Lahm Jr and Little Jr (2005), the overwhelming majority of entrepreneurial companies are financed through this highly creative process.

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Deciding on the Form of Ownership for your New Business

Management consultant, blog writer, dreamer

One of the first issues facing any entrepreneur who wants to launch a business is choosing a form of ownership. Indeed, this decision can have a tremendous impact on almost every aspect of the business. Therefore different forms of business ownership in South Africa are:

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Questions about your business that you should answer before starting

Management consultant, blog writer, dreamer

Now that you’ve made the decision to start your own business, the next step is to answer questions about  your business. However, before starting, you must get your mind in order. Here are some questions that, if you answer them honestly, will help you to make the right decision.

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The Reasons Why Start-up Businesses Fail

It seems that start-up businesses fail more easily than established businesses. Many good business ideas have been vacated by entrepreneurs because of the fear of failure. Furthermore are venture capitalist and banks hesitant to fund start-up businesses because of their perceived high failure rate. But what are the reasons that  start-up businesses fail?

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What is keeping you from starting your own business?

The factors that may keep you from starting your own business can be found at two distinct places – in your head and in the environment. Although managing the situation at both places demands hard work, it especially requires learning. Learning about yourself and learning about your environment. The psychological battle starting your own business will now be discussed.

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Why do you want to start your own business?

Every one of us that has consider to start your own business has been triggered by something to do so. Normally, the trigger changes our behaviour. Here are some triggers that may call us to action in opening our own business.

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