Starting Your Own Business

Discussion in 'Starting a Business' started by JuicyCafe, Jul 11, 2009.

  1. JuicyCafe

    JuicyCafe
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    Hi everybody. I have a small coffee shop, the revenue was not bad at all. I know everybody agree that starting a business has a great advantages in you like no bosses, no schedules, no time of work, You work for yourself and are very flexible. And I see in my country also not starting doing a good business or even planning building one.

    WHY?

    `Lack of money`
    `Don't know where and how to start`
    `Lack of focus and courage`
    `No connections`

    Thats what I know. I know we can find a tons of tutorial on how we build to start business on internet, but its good if we have to ask something about ourself on `why`. But let us list those cons which prevent us from being self-employed.
     
  2. Fergal

    Fergal
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    I once heard a successful business man echo your views on courage. His opinion was that it was one of the most important factors, when starting your own business, because without courage you would never start. Unfortuantely many of us lack the courage to go the extra mile and pursue our dreams vigorously.
     
  3. monijam

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    I think there are more pros then cons in being self employed. Getting a business together requires good planning and some attachment for it to succeed.
     
  4. Fergal

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    One of the big reasons why new businesses fail, is because they are under-capitalised. In other words they don't have enough investment at the start to keep the business funded until it reaches a stage where it is profitable and generating enough cash to sustain itself. Cash flow is vital to a new business and it is important to put the financial planning and resources in place to ensure that the business has enough cash to survive.
     
  5. JuicyCafe

    JuicyCafe
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    Thats 100% true, money is the key to your success. But I really understand and realize now that the world is unfair. Imagine those people with simple life starting with nothing to make a living with business and start in your own (Me) VS a rich people that they already have a business that already established and yet they want to start another business to make US competent.
     
  6. Fergal

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    Narci, the small business owner has some advantages over a large business owner. For example, you can work in your coffee shop all the time and give personal attention to your customers. This gives you an advantage over a large business owner who cannot possibly do that.

    When you visit a business as a customer, it is usually obvious as to whether or not the person you are dealing with is the business owner, because of the extra care, attention and professionalism that they give. Therein lies your advantage, you can personally look after your customers, in a way that the large business owner would find it very difficult to.
     
  7. metfan213

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    I would have to say money
     
  8. JuicyCafe

    JuicyCafe
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    @ Fergal, Yes I have some advantages but as far as I know, I cant beat them on what they have because if ever I try to put some small business they always blocked me with their big businesses with a lot of strategies to get customers. Example to that is "low price". Hope you understand what is my point is.
     
  9. Fergal

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    Competing with larger businesses is not easy and I feel for you. I sincerely hope that you can overcome the competition and become more successful at the end of it. The key is to focus on the quality of service that you can provide, in other words play to your strengths.

    What have you been doing so far, to compete against these bigger businesses?

    Have you decided what your Unique Selling Proposition (USP) is, i.e. something that is unique and special about your business that gives you the edge on your competitors?

    It might help if you sat down for an hour and wrote out a SWOT analysis. This is simply a list of your business' strengths, weaknesses, opportunities and threats. Thinking about this for an hour, with a pen and paper, can give you a lot of clarification as to where you business is and what you need to do to move it forward.

    Maybe some of our other members can give you more suggestions.

    Please post back with your thoughts and to let us know how things are working out for you.
     
  10. Nazreen

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    I think that we shouldn't be focusing on the cons of starting a business but focus on the pros instead. Focus on "why you should start a business" and not "why you should not start a business" because if you do, you will never be brave enough to start your own business endeavor.

    For me, I think the major obstacle that prevents people from starting their own business is "Confidence". Money is not the major obstacle because if you really want to start a business, you will find ways to get this money like applying for bank loans or working. But if you're really not confident that you can make your planned business to work, then it would be very difficult to start it.
     
  11. bubblesbane

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    I have also some simple tips for those who planning their business, it must consider first the business license. Before you going to start a business make sure the legality of your business. And also try to attend some of the group interaction that composes those people who planning also a business. Try to interact them by sharing information and opinions.
     
  12. Nazreen

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    I think that the main topic for this thread is about the pros and cons of starting a business bubblesbane. But mainly, Narci wanted to know the cons which prevents people from starting a business. Legality of business will only be considered a 'con' if you're planning on starting something illegal. :)
     
  13. phillips

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    Focus on cash flow, not profitability. The theory is that profits are the key to survival. If you could pay the bills with theories, this would be fine. The reality is that you pay bills with cash, so focus on cash flow: a small upfront capital requirement, short sales cycles, short payment terms and recurring revenue--and pass up the big sale that takes a year to close and collect. Cash is not only king—it’s queen and prince, too.
     
  14. dominicbowen01

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    I totally agree nazreen... One must look at the positive sides first in order to get the required motivation.
    Also you should look out for ways to counter the negative elements. One of the negative aspect Narci quoted is lack of money.
     
    #14 dominicbowen01, Aug 11, 2009
    Last edited by a moderator: Aug 11, 2009
  15. great

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    Get clients or customers first. Don’t wait until you’ve offically started your business to line these up, because your business can’t survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can’t start marketing too soon.
     
  16. Fergal

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    The initial marketing doesn't need to be done with a pushy sales approach. It can be done from a research perspective. Ask your contact if they would be kind enough to meet you or take your call, to discuss your business idea. Then outline the product or service that you will be offering and get their opinions, suggestions and feedback on it.
     
  17. JBMedia

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    Great point, also keep in mind not all contacts that you have are going to agree or want to be a part of the business that you start. My best advise for something like this is, make up a good pitch, give it to the contact you're planning on talking to about the business. See what there reactions are comparable to what you say. If they're completely turned off by the idea, try and figure out which parts in particular they didn't like about your pitch. Then work on your pitch again, implementing those ideas. The main idea is to not give up. All it takes is one "Yes". You might go through a lot of no's to get to that Yes, but as long as you keep revising your pitch, eventually you should be able to find the right type of person to help you with your business.
     
  18. doku

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    yup i got your points, but personally we need to identify both plus and minus before we take the risk. Most of the thing involved with the risk but how will we overcome it depends on ourselves and thats what we call strategy. somehow i agree that confidence is the most important criteria in building your own business:cool:
     
  19. advice12

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    Write a business plan
    The main reason for doing a business plan first is that it can help you avoid sinking your time and money into starting a business that will NOT succeed.
     
  20. shubh

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    The other reason for not daring to start business inspite of possessing experience, talent and funds etc is the lack of future security. No business plan can be fool proof.
     

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