How to Start A Small Business Firm?

Start Your Own Business Venture

In spite of recession and hard economic times, there are lots of small businesses springing up each day. This can be explained in different ways. Either, the men who were laid off from their office thought of starting something new, where they wouldn’t have to report to a boss or else there are lots of optimistic men in this world who feel this is the apt time to start on a business venture. What ever the reasons may be, there are few things one has to abide before fully venturing out into business.

business are essential elements
business are essential elements

What kind of business are you interested in?

 

This is the first and the most important question. During this economic slow down, what sort of business you would like to start up? Always small businesses are easier to establish and manage. Firstly, it should be in your area of interest where you enjoying working and dedicating lots of your time during the initial setting up phase. Secondly, you need to have the sufficient capital to invest. Thirdly, you require the right contacts that can help you with the setting up and publicity of your business firm.

Small businesses can be a hair saloon, a tattoo parlor, a restaurant, an apparel shop, a super market and so on.

Do you have the guts?

This is the next question you have to ask yourself. Any business, including small ones need not immediately give you good results. It takes time to make profit. Therefore patience and resilience are needed in a business. The confidence and motivation that “I can do it” even during harsh times can really give you the boost to carry on. Remember, there will be a bundle of hurdles on your way. So, the guts and the drive to thrive on during the initial dull phases of your business are essential elements.

Do you have the right plan?


You need to have the right plan of your business structure even before you begin; whether it is a partnership or sole proprietorship. For this, you need to do lot of research and analysis about the business field, the competitors in your field and you need to have the right clients, contacts, suppliers and funding.

Do you have the correct location?

The venue of your firm is very important to decide its success especially in the case of restaurants and supermarkets. Get the location correct.

Do you have the right name for your business firm?

Like location, the name of your firm matters. Choose the right and convenient name depending on the type of business. Market research must be done to find out from where and who your potential clients are.

Legal paper works and registration and license for your firm are necessary. You should have an accountant or book keeper for your firm. Your financial statements and transactions need to be maintained and balance sheets need to be prepared. For a small business firm, a book keeper is rather sufficient to do these; but as your company grows, you would require an expert accountant to help you with financial advices. Hiring the right employee is the next step.

Do you have the right marketing skills?

Marketing is important especially for start up firms. Though a small firm would have only limited resources to spend on advertising, it can be done in a simple and efficient way. The message or tag lines must be unique, precise and clear to attract the clients. A lot of brain-storming must be done in prior. You need to be creative and innovative. Discounts and sales can attract lot of clients.

A healthy relationship between employees and clients is a must for the success of a business firm.

In these times of IT, market research and marketing can be done via internet. You can do business online, from any part of the globe; no matter where your clients are from.

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Comments 8 comments

TnFlash profile image

TnFlash 6 years ago from Tampa, Florida

Excellent Hub! Starting your own business is not an easy task. Most require long hours and some sleepless nights. When it finally works its the best feeling around. Good work.


hisham2020 profile image

hisham2020 6 years ago

Thats good idea


Kevin Peter profile image

Kevin Peter 6 years ago from Global Citizen Author

@Tn Flash -thanks for sharing your comments. The real handwork will convert the small business into big business


Neil Ashworth profile image

Neil Ashworth 6 years ago from Ireland

Cool hub!!!


SEO Expert Kerala profile image

SEO Expert Kerala 6 years ago from KERALA

There's a new trend for people who cannot find jobs to start their own companies, so I imagine many of them have gone through the process of starting a firm as you describe.


manoo_bilige profile image

manoo_bilige 6 years ago from Internet

i have been worked 3 years as freelance and since last year running my own small business and i get good results 50% more then freelancing with working 70% less then freelancing


BizVT34 profile image

BizVT34 4 years ago from USA

Failure rates are high for biz start-ups but you can improve your odds with articles like this, nice work. Might also want to check my Hub - Start a Biz lie you've done it before. http://hubpages.com/business/Start-a-Small-Busines...


Kevin Peter profile image

Kevin Peter 3 years ago from Global Citizen Author

Hi manoo,

Very happy to know that you have succeeded by running your own business. I would like to know about the kind of business you are running. Thanks for your comment.

Hi BuyaBiz,

Thanks for commenting on the hub. I will surely go through your hub.

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