Tips on Starting A Small Business
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 that!
The first thing you, as a potential small business owner must always do, is to 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 often take weeks months.
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. Do you remortgage your house? Look for investment partners? Borrow from friends 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 finances are in place the hard work starts. You may have promised to arrange, suppliers to sort out, staff to recruit and manage, accounts to keep, products to … Read the rest