Registering a business may be relatively straightforward, but managing its development in a consistent, sustainable manner is extremely challenging. In particular, there are human and physical infrastructure issues that entrepreneurs have to grapple with – quite apart from actually building the business.
For this reason, planning is essential.
For effective planning, consider the following questions:
Business Model:
What business are we in?
Are we primarily a product or service company?
Where will revenue come from and how?
Financing:
How much initial funding will we need?
Where will this come from?
In the longer term, what should the balance be between debt and equity?
Controlling Costs:
What is the right balance between fixed and variable costs?
How can we reduce costs without undermining my offering?
Do I really need my own premises?
Finding reliable Advisors:
Who do I and my partners know?
Can my contacts recommend?
How can we research suitability?
Access to Networks:
What networking events will help?
Should I join associations/interest groups?
Building the Team:
Should I employ staff or partner/contract/outsource?
What are the key positions I must have in-house?
How do I find people?
What terms do I offer?
Should I offer equity?
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