So, you want to own your own business. That’s great! Depending on how far along the planning phase you are, you can choose to make a strategic exit from your current job or you can continue doing your job while building your business. Here are some steps that can help you along the way:
Business Start-Up Guide
So, you want to own your own business. That’s great! Depending on how far along the planning phase you are, you can choose to make a strategic exit from your current job or you can continue doing your job while building your business. Here are some steps that can help you along the way:
Testing a Business Idea
What’s the market like in terms of the cost to create your business and the demand for your product? You may think fried oats is a wonderful idea, but have you done a study to see how many people really like their oats fried? And what’s the competition like? Is there a huge corporation that specialises in boiled oats who will try to eat you raw – and won’t even bother to boil you a bit first? In other words, evaluate your potential competition; and measure their resources against yours. Research the monthly cost of your business.
Market Research
What’s the market like in terms of the cost to create your business and the demand for your product? You may think fried oats is a wonderful idea, but have you done a study to see how many people really like their oats fried? And what’s the competition like? Is there a huge corporation that specialises in boiled oats who will try to eat you raw – and won’t even bother to boil you a bit first? In other words, evaluate your potential competition; and measure their resources against yours. Research the monthly cost of your business.

Mortgage
A loan from a financial institution for the purchase of real estate. It is usually paid back over a certain number of years. Interest rates vary and you must be careful to shop around for the lowest rate of interest on your mortgage. After you repay the loan in full, the house or parcel of land is yours.
Net Worth
The amount that is left after you subtract your liabilities from your assets. Your net worth is an indication of how financially strong you are.
Transaction
An ‘action’ or activity that causes money to go into or come out of your account. It can also be viewed as money coming out or going into your hands. When you make a purchase at the supermarket, there is a cash transaction. You pay money (money leaves your hands) to get a product. When you get paid by your employer, money goes into your hands or into your account.

10/09/2017
Tommy & Money Tree