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.

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.
Account
An account is part of the relationship with your financial institution. For example, you may have a savings ‘account’ or a chequing ‘account’. An account can be compared to a piggy bank, kept by the financial institution, on your behalf. You can “open” an account to begin saving. Your account reflects your financial standing with the institution. For example, your loan ‘account’ may state that your remaining debt to a lender is a certain amount, while your savings ‘account’ may state that you have a thousand dollars which you own.
Liabilities
A representation of what is owed to a lender. For example, you may make a hire purchase buy from a store for a piece of furniture. The furniture is considered a liability until you pay the amount in full that was owed to the lender. A loan is a sum of money borrowed and you usually must pay it back with interest. In essence, it is a charge of an additional sum of money which is paid to the lender, along with the original amount of money lent to you.

10/09/2017
Tommy & Money Tree