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About to Start a Small Business

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When you decide to start your own business, you should consider four things.
Most importantly, you need to seriously consider and then write down your goals for the business. It is important to reduce your goals to writing because in your endeavor to get things going, you need a clear concise reason for your business. It will be that written down reason or reasons to keep you going.

#1 Assess Your Situation
After you decide what you are going to do, you must assess your situation.

* What skills, equipment, and resources will you need to get your business going.
* How are you going to acquire the necessary tools, resources, and knowledge?
* How are you going to sustain your business?

The best way to start is to research other business like yours. Study the success and the failures. The reason for studying failures is so that you don't make the same mistakes they made.

#2 Make a Plan
Now that you have an idea of what and how, you need a plan. A business plan is best, but anything you write down is better than nothing.

Discuss it with others and see what they have to say. Remember there is not one of us as smart as all of us. If someone gives you negative reasons and tell you that you will fail, then ask them why. If they cannot answer why, then thank them and go on.

Always be positive. Develop the idea of perseverance. I will continue until I succeed. The only way to fail is to quit, everything is in the learning curve.

#3 Implement the Plan
Now that you have your plan, it is time to implement it.

* Food for thought: no plan should be so rigid that you can't allow for the unexpected.
* Always allow flexibility to ensure that you can overcome the unexpected.
* The key is to always have a reserve of cash and equipment to handle the unforeseen problems. Or shall I say, the unforeseen challenges.

#4 Teach Someone the Business
Now that you have these three things going, there is one more important step. You must teach and share your plan with others so they can help you. In the event you have to step aside, you need someone to help maintain the business. Business must keep going. Not having back up has ruined many a business.

Follow these four steps and you can watch your business grow. There is no time like the present, so start working now.

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Topic starter Posted : 31/03/2010 5:53 am
Active Member Registered

Re: About to Start a Small Business

1. Be true to yourself. No matter how much money someone else makes, if you don't enjoy the business, wouldn't be proud to show your relatives what you are doing and how you are doing it, then don't do it.
2. Find a need and fill it. Yes, you've heard that a million times. But it still works. The easiest business to run is one that produces products or services that people already know they need. The reason: you don't have to spend a lot of time and money convincing prospects they need what you sell.
3. Choose products or services that you can sell for a lot more than it costs you to make or buy them. If the difference between your cost and selling prices is too low, you will have difficulty growing the business.
4. Make realistic estimates of your expenses... then double them. Most new businesses either forget about marketing, fulfillment, overhead costs, income taxes and self-employment or greatly underestimate them.
5. Be true to your customers and prospects. Don't promise what you can't deliver. Don't lie or exaggerate the benefits of what you sell and always deliver a quality product or service.

Have a nice day

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Posted : 06/04/2010 6:40 am
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Re: About to Start a Small Business

Hello To All

1.Serving the basic needs:Imagine every individual has some basic needs like food, shelter, clothes, healthcare, travel, electricity and water. When market is cutting down their spending, basic spending is always going to stay the same; it just needs more cost effective solutions.
2.Using technology to scale:Technology is the way to scale. It is the technology that enables us to keep in touch with our friends. It is technology that lets us connect to millions of individuals, know and share information that would otherwise take years to reach -- with the cost that every common person can afford.
3.Staying global, thinking local:Recession puts business models at test. Recession is going to demand reaching maximum audience for the same investment in production happening in the local market.
4.Cost control with bootstrappingenture capital is going to be hard to find, one needs to bootstrap the business with very less resources and still be able to provide the best service quality.
5.Less liability, more utilisation:Trick will be to lessen the fixed costs of the business, so even if the sales get affected for some time, it does not put burden on the company's accounts.

Have a nice day

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Posted : 07/04/2010 4:31 am
Eminent Member Registered

Re: About to Start a Small Business

To start a business you will need to choose or create a business idea. While this is an obvious step many people who want their own business don't have an idea, just the desire to be an entrepreneur. For the budding entrepreneur, there are many options; buying a franchise or an existing business, or looking to others for ideas for a start-up business. Once you have decided on the business you wish to start, then the real work begins.

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Posted : 07/04/2010 11:57 am