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Small business-what should I know before I start

Updated on March 14, 2012

I think the main thing when starting up a small or medium business is the desire for independence, confidence in success and the ability to take risks and challenges. Business requires flexibility, market research - supply and demand, continuous monitoring of competition and w adequate reactions. You must always be ready to offer something different, something new. The positive type of thinking in the process of shaping the business idea must be supported by positive emotions. Emotions will free your thoughts from the restriction of habits and the schematic approach. When talk about the small business, we must begin with this - if we are owners and managers of small business and we want to succeed with our business ideas, we need to put in these ideas all the human energy, thought, emotions and faith we have in order to achieve ultimate success of the initiative.

  • What do you need to make your small business work? The answer is simple you need fresh ideas to motivate your actions and that will necessarily lead to positive results. The success of abusiness ideadepends on:
  • The clarity and specificity with which the idea have been formulated
  • And confidence in the pursuit of yourgoals

When starting a new business above all, we are required to make accurate analysis of our available resources - financial, anthropogenic ,of the infrastructure, economic and social situation in the region, the purchasing power of citizens and not least of the niche markets and competition. We need a clear strategy in which are set out our ideas, visions, missions, goals and action plan. Business requires long and hard work, even sacrifices . It is much easier if your business is connected to something you love doing. After clarifying the conceptual outline of the project it is time for the business plan. Creating a business plan is a hard work, whether opening a new office or store, working from home or freelance. The formulation of the business plan is vital to our business. It might help if we use the following questions:

  • We will sell products, services or both?
  • How many different products or services I want to have?
  • Am I going to manage my business from home or office?
  • Do I need to hire employees? How many employees do I need?
  • Who are mytarget customersand how todraw them?
  • How much money do I need to support my business during the first year?

Before we start spending money on the project, we must know its potential. The potential can be checked by researching the question :How much thecompetition is earning in the sameniche?

And as summary I will say that wealth as a result of business depends very much on the wealth of ideas.Tosucceed, you must believe in yourself. Clarity in terms of opportunities, coupled with determination is the winning combination at the start of each new venture. When you start your business remember to be patient and persistent and will achieve desired results.


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    • scarletohara profile image
      Author

      scarletohara 5 years ago

      Thank you Blawger! I m so glad you like it!

    • Blawger profile image

      Bahin Ameri 5 years ago from California

      Great hub! I would also add that a person must decide the type of business structure they want (Inc., LLC, partnership, ect.) The structure you choose will determines how your business will be taxed and the type of liability you have as an owner. Voted up!