Starting A Small Business-5 Key Steps by Bruce Dillon
Economists and entrepreneurs would say that the best way to earn and keep your money is not to work for it but to let your money work for you. In the famous book "Rich Dad, Poor Dad" distinctions on how people manage their wealth were made between average to poor people and rich people. Rich people stay on top by learning to be their boss in the field of business. Opening a small business requires great effort, resilience, good management skills and of course a little bit of luck.
Planning :
Opening a small business starts with planning. Concentrate first on what kind of product or service you want to engage in such as food, retail or real estate. Make sure that you have enough knowledge and passion to back it up.
The last thing you want is to be saddled in a business that you know nothing about and get bored after a year or so. Take the time to research what materials you need and where to get them at the best prices. If you are catering to a specific place ask people around what kind of product or services they are willing to pay for. Know the wants and needs of the community.
Opening a small business starts with planning. Concentrate first on what kind of product or service you want to engage in such as food, retail or real estate. Make sure that you have enough knowledge and passion to back it up.
The last thing you want is to be saddled in a business that you know nothing about and get bored after a year or so. Take the time to research what materials you need and where to get them at the best prices. If you are catering to a specific place ask people around what kind of product or services they are willing to pay for. Know the wants and needs of the community.
Finances :
Second, consider your finances. If you are planning to support you business with your salary reflect on how much you are willing to risk on business without compromising your daily expenses.
Besides your salary, there are several options for you to choose from like taking a loan from banks or lending companies or to engage in a partnership. There are people who are more comfortable in investing their money and leave the management and work to other partner. This is where you come in.
Second, consider your finances. If you are planning to support you business with your salary reflect on how much you are willing to risk on business without compromising your daily expenses.
Besides your salary, there are several options for you to choose from like taking a loan from banks or lending companies or to engage in a partnership. There are people who are more comfortable in investing their money and leave the management and work to other partner. This is where you come in.
Market Research :
After deciding on the product or service for your business and settling your finances, the next thing is to survey the community for a good location. Location is a crucial aspect in opening a small business because this will affect your product/service introduction and accessibility.
Choose a place where there are many people like the downtown area, a corner of the street or a place in the mall. Your store serves as your best advertisement to your would be customers. Even without the flyers and banners curious customers will take time to see what is in that new place.
After deciding on the product or service for your business and settling your finances, the next thing is to survey the community for a good location. Location is a crucial aspect in opening a small business because this will affect your product/service introduction and accessibility.
Choose a place where there are many people like the downtown area, a corner of the street or a place in the mall. Your store serves as your best advertisement to your would be customers. Even without the flyers and banners curious customers will take time to see what is in that new place.
Marketing :
Your next step is marketing. Opening a small business requires an extensive marketing strategy from product/service introduction to ways on how to sell it to the people. This is very important because through marketing you will be able to entice people to be your customers and possibly your patrons.
Some entrepreneurs would even go to the trouble of hiring professionals to come up with new and innovative ways on how to establish their product or service to the public. For starters, it is helpful to learn from the experts; however your finances may dictate that you carry out a lot of these tasks yourself but you will learn a lot from these processes-lessons that will serve you very well in the rest of your entrepreneurial career.
You might think of copying the marketing plans including selling methods, pricing and advertising of successful businesses.
Your next step is marketing. Opening a small business requires an extensive marketing strategy from product/service introduction to ways on how to sell it to the people. This is very important because through marketing you will be able to entice people to be your customers and possibly your patrons.
Some entrepreneurs would even go to the trouble of hiring professionals to come up with new and innovative ways on how to establish their product or service to the public. For starters, it is helpful to learn from the experts; however your finances may dictate that you carry out a lot of these tasks yourself but you will learn a lot from these processes-lessons that will serve you very well in the rest of your entrepreneurial career.
You might think of copying the marketing plans including selling methods, pricing and advertising of successful businesses.
Business Plan Execution :
After drawing up your plans and strategy to launch your business, you now need to execute your plans. Buy the necessary equipments and materials and hire good employees for your business. For small businesses, it is advisable to have a hands-on management in order for you to familiarize the ins and outs. Most importantly, hire a good and honest accountant to take care of your records and financial statements.
You must always bear in mind that business can be risky. Your business might fail or succeed depending on many factors. Most successful entrepreneurs would tell you that it took them many years and many failed businesses before they arrived to where they are right now. But you do learn from your mistakes and hopefully this will be the start of a hugely successful business career.
After drawing up your plans and strategy to launch your business, you now need to execute your plans. Buy the necessary equipments and materials and hire good employees for your business. For small businesses, it is advisable to have a hands-on management in order for you to familiarize the ins and outs. Most importantly, hire a good and honest accountant to take care of your records and financial statements.
You must always bear in mind that business can be risky. Your business might fail or succeed depending on many factors. Most successful entrepreneurs would tell you that it took them many years and many failed businesses before they arrived to where they are right now. But you do learn from your mistakes and hopefully this will be the start of a hugely successful business career.
posted by Abd ur Rehman
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