iClas 2011 Istanbul

Starting Your Own Business

Have you always dreamt of being your own boss? Of starting your own company and of not having to answer to anyone else? Do you have a great idea for a product or service that you think people would buy or want to utilise? If that is the case, then here are some tips on starting your own business…
First steps
You cannot just jump straight into starting a business on your own. One of the first things to do is to draw up a business plan. You need to sit down and flesh out your ideas for what sort of business you plan on starting. If you plan on creating and selling a product or of reselling items then you need to look at what you are going to sell, whether there is a market for your product and at the cost of either producing or buying the aforementioned product. You will then need to look at what your market will be, what profit you might make and also consider whether you will be doing this on your own or if you will be working with a partner and hiring employees. If you are then you need to ensure that you can pay them as well.
Write a proposal
You will need capital with which to start a company. You will either need to put this up yourself or find people to invest in your idea. You may also need to look into things like LLC company formation in Dubai.
Ensuring that you have read up on and checked on whether you need to go through a process of LLC company formation will also be beneficial when looking for investors. You will need to draw up a business proposal that outlines your vision for your company, what your company aims to offer, and include an outline of your business plan. For instance, planned production processes and projected profits as well as a detailed budget proposal. You will also need to offer your investors something in return – either shares or a stake in the profits that you make.
The logistics
You will also need to look into the logistics of setting up a company of your own. Will you be working from home, and if you are then do you have the space in which to store your products, package them and hold meetings if necessary? If not you will need to find an office space and storage and production space before you start. You will also need to look at what items might have to be outsourced and hire good, loyal and competent employees.