trade in zambia

How to Start Your Own Business in Zambia

Running your own business is a stressful but good career and life choice. It demands your time and focus. Start by expecting to live your work until it is established, so it can get off the ground. There are many different opinions about how to start a business. Below are some basic ideas and guidelines to get you started.

1. Have An Idea

Come up with an idea. You will need an idea for a business before you do anything else. You can conduct a market research to have a clear image. This should be something you are passionate about, since your new business will consume a great deal of your time and money.
Come up with business ideas by identifying things people need and are willing to pay for, that isn’t provided in your area, or which you can provide better than anyone else.
2 Consider if it is possible

Before going too far, think about how plausible your idea is. Is it something that people would actually pay for? Will it turn enough of a profit to be worth spending your time to do it? You will also need to be sure that it is possible to put into action. While it would be great to have a computer which makes food magically appear out of thin air, this is simply impossible (unless you’re Patrick Stewart.)
 

3 Be sure it’s unique.

Whatever your idea is, be sure it’s as unique as possible. This will help you eliminate or significantly combat competition, which will make your business more successful. Simply putting a small spin on a currently existing product (making blue Red vines or something like that) is not usually enough to build a business on, so push the envelope.

4 Determine your cost of operation

You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc. [1]
Knowing your cost of operations will be vital to determining if your business will be profitable, since you will need to make more than this baseline in order to remain in business.


5 Determine your potential market

Be realistic. How many people will realistically use your business? How much will they pay to use your services? If either number is too small in comparison to how much it will cost you to stay in business, then you should reconsider or change your plans.
 

6 Determine impediments

You will need to plan ahead for all of the problems which can get in the way of running a business.
Evaluate your competition; if their market share or product offering is too strong and stable, then you will have a very hard time breaking into the market. No one will want to buy an equally priced or more expensive version of a perfectly good product or service which already exists.
You will also need to explore the associated regulations and laws, especially regarding taxes. You should ask your local state authorities, as well getting information from the IRS.[2]
Make sure there are no prohibitive costs, such as equipment which is too expensive to make the business profitable. For example, cars didn’t take off until Ford figured out how to make them cheap by building more efficient equipment.
Source: www.wikihow.com