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Tips on Starting Your Own Business

Updated on August 27, 2014
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So you want to start your own business? If you already have a product or service in mind then it is worth your time to give it a shot and see if it will be a success. But be aware that majority of businesses die out in the first 2 to 4 years of their lives. That is why entrepreneurs like yourself are a rare breed. You are the guys who have the vision and the guts to take the plunge. You just need the best advice on getting started.

Here are a few tips you should keep in mind if you don’t want your small business to be a casualty.

1. Find a niche.

Don’t aim for the moon right away. Most of the time it pays to think small. Focus your business on just one small market and service it with full force. Find a niche market and tailor-fit your product and service for it. For example, if you’re planning to open a restaurant, instead of having a menu that lists almost every cuisine known to man, consider offering just a few items. Or focus on just one cuisine. This way people will have your restaurant as their first option should they crave for that kind of food.

2. Get a good location.

It’s no use having a business if people can’t find your store. For example, if you have a stall selling mobile phone trinkets you certainly would want to place it at the portion of the mall that has high foot traffic. But you can be more specific than that. Nowadays malls segregate the stores and place all stores selling electronics or related items in one area. That can be a great location for your stall since people will immediately go to that section if they want anything for their phones.

3. Create a structure for your business.

A business, no matter how small, is just like an organization. And for that it will need a sound business structure. You need to know where your capital will be coming from. You need to know your operation costs. You also have to understand any taxation requirements and liabilities. They may appear too much for you to handle, but that’s why there are people or consultants you can hire to do it for you. For instance, hire a business accountant to help you out since it can be a tricky part of your business.

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4. Find ways to keep your costs low.

Do this and you will see bigger profits for yourself. At least at the start of your business since you may have very limited funds. Instead of buying new office or store furniture, consider buying second-hand furniture. Instead of paying somebody to man your stall, perhaps you can do it yourself for a while until you can really afford to hire your first employee. There are many parts of your business that you can save. Find it and you’ll be on your way to instant profitability.

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5. Focus on your marketing.

This may sound obvious but a lot of business owners are not giving too much effort on the marketing and advertising of their businesses. You don’t need to have the budget of a Forbes 500 company, all you need is to be a bit more creative and laser focused. Think of sponsoring an event that has a direct relation to your niche market. For example, if you’re running a health store, consider sponsoring a marathon event or placing some flyers at the local gym. Find where your target customers are and then try your best to be part of their world.

Now stop dreaming and start doing!

Your days of dreaming of having your own business should be cut short because you have all the time to start planning for it and see it become a reality. Just be sure that you possess all the knowledge that you can get on how to start a business so the difficulties will be kept to a minimum.

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