Choose an option that is right for you
When you start your own business choose the one that will go well with your lifestyle if possible one in which you have some direct understanding and skills. For example if you want to work regular hours opting for a fast food business is not a good idea and also it is important to know a little bit about what is the business involve, even if you are not a expert yourself.
Do your market research
Market research does not have to be difficult but it is important to make sure that there is a need for your product or service, find out if there is a competition already established in your area and whether you are offering is unique or fills a gap in the market.
If you can offer a product or service people need which does not already exist you will have a good chance of success for example a health snack where there is a demand but no supply.
Draw up a business plan
Writing a business plan is like sketching a road map you are not possible to reach your goal unless you know where you are going and what you will need to get there. You need about three to four pages that will give the business operational and financial direction.
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Finanancing your business
Your business would need capital or cashflow to sustain your business activities. You could finance it yourself, get a business loan from a private banking institution, apply for a government funding schemes or seek an investment partner.
Employ the right people
In a small business people spend a lot of time together so you need to have employees that you believe you will be able to work with and choose people who have experience in a business that you be starting that will give you a valuable support system.
Market your business
Business does not come to those who wait it comes to those who go out there and tell people what they have to offer. Even small businesses need to market its services for example to place ads in local newspapers, putting up notices in shopping centres, post in social media and billboards if you can afford that. The best marketing tool for business is word of mouth.
Put financial system in place
Even if you are not a financial expert yourself implement a simple but solid financial systems right from the start. There are excellent, user friendly software package that you can to do this and it is worth contracting the services of a bookkeeper or other financial professional to assist you on a regular basis.
Manage your cash flow
Cash is the life blood of a business and it is important to manage cash flow carefully, the right investor or financial consultant will be able to help you do this.
Supplement your own knowledge with specialist skills
It is important to constantly build on your skills in all aspects of your business, read newspapers and magazines, research and attend training short courses and workshops on a consistent basis to implement the most productive processes in your business and keep abreast of industry trends.
There will be good and bad days but it is important to enjoy what you are doing and try to maintain some kind of work and life balance.