Small business is what a newbie chooses to start him up in the world of business. It is an instinct-based decision. Being yet inexperienced, he chooses to take small steps while learning the ropes in the new venture. It is indeed a wise decision.
However, there are a few basic things that a newbie should know about going into business. Let's have it in dot points for convenience. The start-up might need to read these pointers again later so he may not stray.
€ Only venture into a field or industry that you are familiar with. You cannot run or sell what you do not know.
€ Make sure that you have a market base. Studying product or service demand and supply situations and trends will give you an idea how much business is available.
€ Define your market carefully and try to create or discover your best entry point as your own niche in the industry.
€ Gather statistics on sales patterns or trends from the local commerce and trade ministry office to get an idea of major influence factors. Take note of birth, death, migration and other demographic patterns. They may have bearing on consumption and demand patterns.
€ Based on your market research information, try to match your production capabilities and capacities to determine the volume of business you will take on.
€ Look into your personal skills and try to match them with the technical requirements of the business. You might need to attend seminars or trainings for sound human resource, operational and financial management.
Our list may sound too technical that it will send the would-be businessperson thinking that it is not for small business. He could get discouraged and just turn back. If he does, that would be a wise decision because only the brave and daring can succeed in business. The faint of heart will only be wasting money.
There is a less stressful option but definitely not for the less brave. An online business is less capital-intensive if you have the necessary skills to implement it. You may also use other people's skills but that would certainly cost money. Nonetheless, you still have to take note of the basic tips enumerated in dot points above but in less physical terms. Work it out on their virtual parallels since the business you are going into is web-based. You may not have to worry about physical inventories so it will be easier on your finances. But you will have to focus more on the marketing aspect.
While the web has a worldwide market base, it also has worldwide competition. If customers do not flock into your website, you may not realise enough sales for your business to be worth your while. You may have to purchase skills in web marketing.
Good luck, future entrepreneur!
However, there are a few basic things that a newbie should know about going into business. Let's have it in dot points for convenience. The start-up might need to read these pointers again later so he may not stray.
€ Only venture into a field or industry that you are familiar with. You cannot run or sell what you do not know.
€ Make sure that you have a market base. Studying product or service demand and supply situations and trends will give you an idea how much business is available.
€ Define your market carefully and try to create or discover your best entry point as your own niche in the industry.
€ Gather statistics on sales patterns or trends from the local commerce and trade ministry office to get an idea of major influence factors. Take note of birth, death, migration and other demographic patterns. They may have bearing on consumption and demand patterns.
€ Based on your market research information, try to match your production capabilities and capacities to determine the volume of business you will take on.
€ Look into your personal skills and try to match them with the technical requirements of the business. You might need to attend seminars or trainings for sound human resource, operational and financial management.
Our list may sound too technical that it will send the would-be businessperson thinking that it is not for small business. He could get discouraged and just turn back. If he does, that would be a wise decision because only the brave and daring can succeed in business. The faint of heart will only be wasting money.
There is a less stressful option but definitely not for the less brave. An online business is less capital-intensive if you have the necessary skills to implement it. You may also use other people's skills but that would certainly cost money. Nonetheless, you still have to take note of the basic tips enumerated in dot points above but in less physical terms. Work it out on their virtual parallels since the business you are going into is web-based. You may not have to worry about physical inventories so it will be easier on your finances. But you will have to focus more on the marketing aspect.
While the web has a worldwide market base, it also has worldwide competition. If customers do not flock into your website, you may not realise enough sales for your business to be worth your while. You may have to purchase skills in web marketing.
Good luck, future entrepreneur!