Starting a Small Business - Things to Bear in Mind

Re: Starting a Small Business - Things to Bear in Mind

Setting up on your own is one of life’s ultimate learning curves.

Not just about making sure you succeed and earn a living, but also in terms of what it will teach you about yourself. We guarantee that by the end of the first year, your self-awareness will be considerably more acute.

But it’s not just awareness of yourself that is vital to survival in the cut-throat world of commerce – what do you know about your competitors? More to the point – do you know who your competitors are in the first place? What are their weaknesses? What do they charge? Remember that research into your competitors is an ongoing process, as too many failed businesses have discovered to their cost.

Time management is another string you’ll need to add your bow. You need to be prepared for the fact that the usual nine-to-five existence you’ve probably enjoyed so far in your working life may have to become a 12 hour day or longer, at least for the first few months or so.

You’ll have to be prepared to put personal arrangements on hold and maybe even to change social arrangements at short notice. Your closest friends will want you to succeed and will hopefully cut you the slack you need. It’s one of the few downsides to starting your own business, but you know what they say about broken eggs and omelettes.Money is likely to be your greatest sticking point. Even with a solid business idea, with all the costs of setting up a new business – from computer hardware and equipment to crafting your own website – you’re going to need a little financial back-up to keep you going in the early days.

Re: Starting a Small Business - Things to Bear in Mind

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Re: Starting a Small Business - Things to Bear in Mind

Hello
Thanks to all of you for sharing this information with us.
It is really an informative post.It seems beneficial.
Keep sharing like this.
Thanks.

Re: Starting a Small Business - Things to Bear in Mind

Don't forget that investment that invest in the business. And try to get your investment quickly and the then the business runs on the profit basis. Because in business a little period is require to get the investment and then to earn profit.

Re: Starting a Small Business - Things to Bear in Mind

I agree with your suggestions for success in a new business that research, preparation and hard work are crucial especially in the beginning. I give below 10 essentials in starting a business and carrying it forward.
1. The first requirement is passion; unless you have the will, ambition and strong desire to succeed, your business will not sustain in the long run.
2. You must have some financial sustenance for the initial period when you are setting up your enterprise.
3. You must be clear about your objectives; what is it you want in the long term.
4. The business plan is a must.
5. An initial market survey about the product or service is very useful, as it helps to understand whether there is any demand or need for it in the market.
6. A website is mandatory.
7. It is important to have a good website; good content, attractive but simple design and easy navigation.
8. Online marketing through articles, social media networks and other channels promotes the product or service in an effective manner.
9. Good customer relations is indispensable for any business venture; prompt responses, effective solutions, sensitive and courteous communication all yield dividends in the long run.
10. And last but not the least, a great deal of courage and persistence is needed not to give up during the lows of any enterprise. You need a never-say-die spirit, patience and a sense of adventure to take your business to great heights.

Have a great day!

Re: Starting a Small Business - Things to Bear in Mind

I think the point on realistic time frames is very important. Starting a small business will take time and things may not go as quickly as you initially planned. Also, as you mention research and hard work are extremely important. Make sure you know your market and who your potential customers are. Also, make sure you create a budget so you know what you it is going to cost you to set up and what you can potentially make.

Re: Starting a Small Business - Things to Bear in Mind

Search out your market and carve out a niche for yourself. The fact that people buy the product you are selling doesn't guarantee you sales. You want to stand out in the market and make sure you fill a void where it's needed so that you can gain the most possible business.

Re: Starting a Small Business - Things to Bear in Mind

Here are a few of my quick tips for some small businesses
1. Focus on your market target
2. Be original (be different than competitors)
3. Have a good team help you out
4. Be consistent
5. Be reliable
6. Always have plans
7. Always take care of your staff
8. Spend wisely

Re: Starting a Small Business - Things to Bear in Mind

Your closest friends will want you to succeed and will hopefully cut you the slack you need. It’s one of the few downsides to starting your own business, but you know what they say about broken eggs and omelettes.Money is likely to be your greatest sticking point. Even with a solid business ideaThe fact that people buy the product you are selling doesn't guarantee you sales.

Re: Starting a Small Business - Things to Bear in Mind

Most small businesses usually focus on researching, understanding ... Do Things In the Right Place at the Right Time ... Start with the platform that you are familiar with and that you already.

Re: Starting a Small Business - Things to Bear in Mind

chris27;47254 wrote: Setting up on your own is one of life’s ultimate learning curves.

Not just about making sure you succeed and earn a living, but also in terms of what it will teach you about yourself. We guarantee that by the end of the first year, your self-awareness will be considerably more acute.

But it’s not just awareness of yourself that is vital to survival in the cut-throat world of commerce – what do you know about your competitors? More to the point – do you know who your competitors are in the first place? What are their weaknesses? What do they charge? Remember that research into your competitors is an ongoing process, as too many failed businesses have discovered to their cost.

Time management is another string you’ll need to add your bow. You need to be prepared for the fact that the usual nine-to-five existence you’ve probably enjoyed so far in your working life may have to become a 12 hour day or longer, at least for the first few months or so.

You’ll have to be prepared to put personal arrangements on hold and maybe even to change social arrangements at short notice. Your closest friends will want you to succeed and will hopefully cut you the slack you need. It’s one of the few downsides to starting your own business, but you know what they say about broken eggs and omelettes.Money is likely to be your greatest sticking point. Even with a solid business idea, with all the costs of setting up a new business – from computer hardware and equipment to crafting your own website – you’re going to need a little financial back-up to keep you going in the early days.

Yeah really finance is also a big thing in starting a business and to go on and on and handling small and big problems in business we need money.

GAvin

Re: Starting a Small Business - Things to Bear in Mind

denkywarkel;46827 wrote: Starting your own business can be the best decision of your life. It can end up paying huge dividends both financially and in terms of satisfaction. But the sad fact is half of new businesses fail within the first three years, and it's often down to basic mistakes. So here are a few things you should keep in mind at all times when starting on your new business venture.

Many people successfully make a living from selling other people's products, and if this is the path you want to take then finding a good supplier will be central to your success. It pays to thoroughly research different suppliers to make sure that you have got the best deal. It goes without saying that the more the supplier wants to charge you, the less profitable your own business will be. But you also need to take into account the reputation and reliability of the supplier. A cheap supplier is no good if they go into liquidation and leave you unable to fulfil your customer's orders.

Employing the right calibre of staff is also paramount. You can have a watertight business plan and the greatest supplier, but with poor staff your business may not survive long enough to turn a profit. Not only can the operational side of your new business suffer from incompetent staff, it can put off potential customers if service is poor.

Think about your marketing strategy before you start. Your new shop, for example, may stock great products and have friendly, helpful staff but if noone is aware it's there you might struggle to get people through the door. Come up with a realistic deadline for opening the business. If you miss your advertised opening date it creates a bad first impression and will give you a poor reputation before you even start trading.

Research, preparation and hard work are essential to giving your business the best chance of being successful and profitable.

Great post. I think mis-managing or failing to accurately calculate profits and losses is another common mistake. As long as money is coming in some owners pay less attention to the financials.

Re: Starting a Small Business - Things to Bear in Mind

If you want to start small business so don't be beware you can start it with the help of internet you can create your own website and than promote your product or you can advertise your product on social networking sites.

Re: Starting a Small Business - Things to Bear in Mind

Consider how you will survive in the early days. Have you got enough money to pay the bills while you develop the business? Many people continue working whilst developing their business. As the business grows you can consider resigning from your job and devoting all of your time to the new venture. Of course if you still live with M&D then you probably dont have too many bills. 🙂