what do you think, which factors are needed to start a small level business?
I have been a smaill business owner for many years. It can be rewarding and it can be hard. The first thing a person has to consider is the market. Do we have a item or service which we can sell into the market place.
The other thing and probably the biggest killer of businesses big and small is cash flow. Profit is alwasy good but a company can be profitable and not have money to pay bills.
The best thing to do is to put your idea on paper and write a plan and figure out where money will come from and where it will go.
1. start-up cash. For almost antyhing you would want to start up, you need to have this. You will have a much harder time getting any loans from banks when you're not putting some equity in yourself.
2. Passion, creativity and endurance. It is not always going to be easy. You cannot just give up whenever it gets hard, you need to have that passion for what you do to motivate yourself, and get creative with any problems you come across.
If you offer a product or service that is better/cheaper/more than what your competition offers you can make it. Before you start do your market research, call your competition to see how they are doing (you might be surprised, many small business owners are actually quite willing to give this info, especially if you're planning to do something slightly different).
Don't give up with something comes in your way.
Never go in on a partnership
Accept you can be successful and stop at nothing to achieve it.
In today's economy the easiest way to get yourself a small business is to go out and buy a large one.....
But seriously, search the hubs here there a quite a few that can give you some very good advice..
1 - know your market- who are you going to be competing against? is the market for whatever your selling buoyant, saturated, growing or declining.
2 - how much do you want it? - starting and then maintaining a business can be really tough if you aren't 200% committed.
3 - money - you gotta to be prepared to spend some in order to make some. Advertising, promotions, loss leaders.
There are many factors, but if you want to do it and have the drive and ambition - go for it.
Some tips for Small Business startup:
1) Create a Life Plan
2) Business Model
3) Business Plan
4) Structure your Business
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