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Tips in Putting up a Business

Updated on September 27, 2017
mhel19 profile image

I'm married and housewife. Presently residing in the Philippines. I love to read and surfing the net.

pottery making
pottery making

Personal Characteristics

You must know strengths and weaknesses

You should know your own strengths and weaknesses. Do you have this ability, will you be able to supplement the areas where you are weak. For example, if you don't understand finance and accounting, then you should find someone who can do this job for you
instead of spending too much time and effort to try to do it yourself. Your time is valuable. Use it to earn money on the things you can.

Plan Your Product / Service

You will be selling products or services - and living off the profits of this sale.
It is important that you are specific when describing your products or services.

-Be precise
-Write down what you are going to sell or perform, how you will deliver it to your customers, etc.
Only in this way you can get valuable feedback in terms of whether there is a need for what you offer, if requirements are met by other products / services, if the price is acceptable, and such.
-it is also important to be sensitive and open to customise products / services so that you are sure that you "meet" the needs of the customers.

Know Your Market

Know your market as much as possible.

Who are your customers?

Do you have strong competitors?

How large is the market in volume and over
time?

The reason is of course that you must make an initial and overall assessment of the need for
services or products, if the needs are met by other providers, products or substitutes.
You must therefore be reasonably sure that you have the products / services demanded by enough, and that they are willing to pay a satisfying price before you invest a lot of time and money in the project.

Experience

You should obtain all forms of experience regarding what you would like to start with, but consider both positive and negative feedback with equal interest.
Talk to people that you trust and people who know the market or the industry you intend to make a living of.

Consult initially also with banks and financial institutions about their experiences. Experience show that it is much harder to open the wallet the day it becomes a reality.
You should be realistic steadfast and true to your plan.

Commitment

You have to take responsibility and you must be persistent.
First, you have to be "determined" enough to develop your idea.

Secondly, you should take responsibility for your own learning in order to acquire enough knowledge to develop your own
business plan (whether it is 5 pages or 150 pages).
The transition from an employee or student loan financed student to self-employed can be great for many. As an employee the wage is received once a month whether you have had productive days, or they have been less productive. As a trader, you must take responsibility for your own earnings.

Network

You probably have friends or acquaintances who can give you suggestions and ideas, be appropriate to have them on Board. Do you know 15 people; they again will be able to know a number of people you can draw on as advisors before, during and after the business start-up and in the process of financing the company.

Financially Stable

Many entrepreneurs obtain starting capital from relatives, family and friends. The majority must also obtain capital from banks or financial institutions.
In some cases it may be smart to go into partnership with others who have greater financial muscles and can handle the financial piece of the business in a better way than you.

Courage

Many entrepreneurs embark on a voyage where the zeal and enthusiasm can be significantly larger than experience. The world is full of examples of ideas that were doomed by others in the beginning, and that turned out to be just fine. Progress is based on the fact that someone dares and that they have courage.

Just do it!

You can think and plan from here to eternity, but in some cases you finally just have to do it.

Accept Things Take Time

More important is the process of thinking, maturing and adjustment. And some matters are actually better off when matured. Wine is one of them.

It may be advisable to have such a "worst-case scenario" in your thinking regarding the start-up. Then you will be mentally prepared, and that’s why you should implement such a model in your budgets.

Once established, you must at least expect to spend significantly more time in your business than you normally would as an employee.

trade shows
trade shows

Basic types of market research

There are two basic types of market research—primary and secondary:
Primary research is research gathered firsthand
through techniques like surveys, questionnaires,
focus groups, or in-depth interview. Primary
research can be time consuming and possibly
expensive.
However, it provides the business owner with the
opportunity to hear customer feedback and act
accordingly.
Primary research methods
• Surveys
• In-depth interviews
• Competitor analysis
• Questionnaires
• Focus groups
• Tracking customer response to advertising
and promotion
• Website and social media metrics


Secondary research is already published research.
It includes sources like directories, industry
journals, and association publications. Secondary
research is accessible, less expensive, can be
conducted on a continuous basis, and can be
combined with the business owner’s knowledge
of the business, geographical conditions, and
customer base. The business owner can informally
tailor the research findings to meet the needs of
the business.
Secondary research sources (Available at many libraries)
• Business directories
• Industry reports
• Newspapers
• Business magazines
• Trade publications
• Market analysis

pottery
pottery

Information Gathered in Formal Surveys

  • Shortcomings or Weaknesses in Existing Enterprises
  • Needed Products or Services

>Shortcomings or Weaknesses in Existing Enterprises-formal surveys are useful in determining shortcoming of an enterprise.The existence of several businesses of one type does not necessarily means you should not start similar enterprise.For example,consumers may not satisfied with the existing car wash services in town.However,they may continue to patronize these businesses merely because there are no other choices.The car wash services who pleases the customers may not have to worry about competition.The more people you interview,the better of chances of getting a clear picture of business in the community.

>Needed Products or Services-surveys of business in the community may reveal new enterprise opportunities.Retailers,wholesalers and manufacturers could be asked what products or services they purchase in other cities.For example,businesses may have to buy wooden shipping crates or office supplies for dealers in another city because they are not available from local sources.Making needed products or services available locally can be the basis for a new enterprise.

Pet Grooming Tips and Techniques

Please answer the following

Among the list of business ideas,which do you prefer to start?

See results

List of Some Small Business Ideas

This list of some small business ideas includes everything from personal services, to retail opportunities, to environmental services, to pet-related ideas, to technology businesses. Use this list to identify the business idea that is perfect for your situation.


  1. Air Duct Cleaner

  2. Antique Furniture Sales

  3. App Developer

  4. Appliance Repair Technician

  5. Aquarium Maintenance

  6. Basement Remodeler

  7. Blog Consultant

  8. Bookkeeper

  9. Business Consultant

  10. Candle Maker

  11. Candy Maker

  12. Carpenter

  13. Catering Service

  14. Childproofing Expert

  15. Cloth Diaper Service

  16. Composting

  17. Computer Repair and Maintenance

  18. Computer Trainer

  19. Construction Cleanup

  20. Customer Service Professional

  21. Data Entry Service

  22. Desktop Publishing

  23. Direct Mail Marketing Service

  24. Disaster Planning and Prevention Service

  25. Dog Trainer

What to Keep in Mind

Putting up a business is a huge step,so before diving into the world of business,the most important to consider is your financial standing.Think of these question?

  • Do you have enough money to build your own business?
  • What will you do if your business don't bloom or bankrupt?
  • Would you able to pay your debts or liabilities?

You have to think ahead of time for all the possible scenario that you will counter along the way,so that you will be able to make your business flow and far from any greater problem in the future! A wise man think first all the details not only twice but every time just to ensure that all his efforts will paid of.

As for me,taking from my experiences,to be successful,you must put your heart into it,be patient,determination and ability to plan,and most of all, trust in God, that all will be good in time!

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