Things to Bear in Mind before Starting a Small Business

Discussion in 'Articles & Tutorials' started by bytrade001, Oct 8, 2011.

  1. bytrade001

    bytrade001
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    Starting your own business can be the best decision of your life. It can end up paying huge dividends both financially and in terms of satisfaction. But the sad fact is half of new businesses fail within the first three years, and it's often down to basic mistakes. So here are a few things you should keep in mind at all times when starting on your new business venture.

    Many people successfully make a living from selling other people's products, and if this is the path you want to take then finding a good supplier will be central to your success. It pays to thoroughly research different suppliers to make sure that you have got the best deal. It goes without saying that the more the supplier wants to charge you, the less profitable your own business will be. But you also need to take into account the reputation and reliability of the supplier. A cheap supplier is no good if they go into liquidation and leave you unable to fulfil your customer's orders.

    Employing the right calibre of staff is also paramount. You can have a watertight business plan and the greatest supplier, but with poor staff your business may not survive long enough to turn a profit. Not only can the operational side of your new business suffer from incompetent staff, it can put off potential customers if service is poor.

    Think about your marketing strategy before you start. Your new shop, for example, may stock great products and have friendly, helpful staff but if noone is aware it's there you might struggle to get people through the door. Come up with a realistic deadline for opening the business. If you miss your advertised opening date it creates a bad first impression and will give you a poor reputation before you even start trading.

    Research, preparation and hard work are essential to giving your business the best chance of being successful and profitable.
     
  2. luch

    luch
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    Great insight bytrade001. I totally agree that a reliable supplier, right calibre staff, and an effective marketing strategy are key to having a business work. I have some essential information as well on the right mindset to have in order to succeed in business on my new blog.
     
  3. James Greg

    James Greg
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    A business can yield high profits if the right caliber staff is appointed. Good customer dealing can force a customer to return again for more. Most of the trade globally comprises of people selling others products, not everyone has the resources or the capability to start their own factory.
     
  4. LFinkle

    LFinkle
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    Before starting any business ask yourself why you want to start a business. Flexibility, compensation, a core value you are realizing, long-term goals...why are you doing this? If you can't answer this you won't be successful. And the answer may guide you as to the type of business you can have.
     
  5. Bwendo

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    From my experience, be careful over-spending your start up capital from day one.
    Leave a little in reserve regardless as you will need it in the next few months.
    Having exhausted all your capital in the first few months, and then being hit with unexpected costs can close a new business very quickly.
     
  6. td2011

    td2011
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    I agree with your advice, and to have a plan b in place for back up if things get tough. It's such a shame that some really great businesses have to close because they can't get the financial support.
     
  7. Bharat Book

    Bharat Book
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    All points are really informative in this thread.Market Research will help you a lot before starting any business.It will solves all problem which came to in our mind before starting any business.
     

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