Tips on Starting A Small Business
Copyright © Craig Warren
Small businesses have many challenges to stay
afloat. Many budding entrepreneurs think that
all they need is an idea or product, a name
for their small business, and a bit of work
and the product will sell itself and money
will come rolling in. If you have ever run
a small business even a home based business,
you will know there’s much more to it than
The first thing you, as a potential small business
owner must always do, is research your market.
Then research your competition, then the available
supply for your product or service, and find your
unique selling position. This alone can take weeks
Once you are satisfied that there is a market for
your product or service then you need to sort out
your business plan and cash flow projections.
Small businesses may appear low cost but
many suck up substantial capital before
they turn a profit so now, unless you are
very fortunate, you must sort out how to
finance your small business. Can you
remortgage your house? Look for investment
partners. Borrow from friends and/or
family or approach the bank. Whichever
you choose you need to convince others
that your small business will be profitable
and they will get a return on their money.
Once your finances are in place the hard
work starts. You may have premises to
arrange, suppliers to sort out, staff to
recruit and mangage, accounts to keep,
products to design or source, lawyers to
consult, accountants to hire and we must
not forget in all of this market and get
the all important customers to look at and
purchase your products.
To do that you have to advertise your small
business, but where and at what cost? Don’t
forget you have to provide customer support
and accept returns. Then there’s waste
disposal and on and on.
Who’s paying for all of this? In simple
terms you, and your friends, investors
and or your bank are paying, until you
are selling sufficient product or service
to cover the costs, usually many months
or even years away.
New small businesses rarely return a profit
in the first year and frequently not for two
or three years. Make sure you can finance it
Is it worth doing it? That’s your decision but
every year tens of thousands of people do
start their own business and many are
successful and reap the rewards of all that
hard work. But many also fail, and all too
often it’s due to lack of preparation.
If you’re about to set off on your new business
venture prepare well and Good Luck. With good
planning, persistence and a lot of hard work
you too can build a profitable small business.
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