Top 10 Tips for Starting Your Own Business in 2017

Reflect on your passion and its alignment with your business idea.

Track your savings and plan your expenses.

Establish a support system consisting of mentors, advisors, and consultants to guide you through the challenges of starting a business.

“There is a great strength and teamwork. You will always need some level of support when starting your own business.”

Start building your customer base and network before officially launching your business to create initial demand and traction.

“You should not wait till you start your business officially before you start getting your clients or customers or building the necessary network around your business.”

Develop a comprehensive business plan to analyze your business idea, assess feasibility, and separate expectations from reality.

“Creating a business plan is highly important it helps you understand and investigate your new business idea. A solid business plan will help you see and separate reality from expectations.”

Conduct thorough research to understand your industry, competition, customer behavior, market risks, and opportunities.

“Writing a business plan means you are ready to do a lot of research asking questions surfing the internet and reading some books.”

Utilize professional services for aspects of your business where you lack expertise.

“You do not have to be an expert in everything about your business although you may have to multitask yourself when starting your own business you will still have to use some professional services.”

Secure adequate financing for your business through savings, investors, or lenders.

“Financing is a critical part of your business success when starting your own business you can save up if you can or approach potential business investors and lenders.”

Project a professional image through business cards, a website, a business email address, and excellent customer service.

“Starting off your business should show professionalism this will require getting all the accoutrements like a business card a website if you can afford it a business email address and treating customers in a highly professional manner.”

Ensure your business complies with all applicable laws and regulations.

“Getting your business fully complied with available laws can save you from a lot of headaches and financial trouble in the near future.”