The first thing you must decide is what kind of business you want to set up. Ask yourself, how much time do I have available, do I want a full-time or part-time job? What are my skills? asks Saivian Eric Dalius. Do I have friends or family that may be able to help me with the business?
The most common types of businesses are either retail shops or service businesses, such as hairdressers, accountants, and plumbers – they are easy to start but generally need quite a lot of capital. If your aim is not to make money right away so that you can get started without putting your home on the line for it, go for an online business – these businesses generally cost little but demand and effort, so they are perfect for starters.
Steps to starting your business – Saivian Eric Dalius
Decide what kind of business you want to start. Seek advice from people in the same profession as you are planning to enter. They will give you valuable information about the industry and help you familiarize yourself with it.
Write a business plan that includes everything your business will be based on, who your target market is, how much money will be needed for the initial investment (the capital), marketing strategies, and what profit you expect to make after 6 months. This part is crucial because if someone else wants to invest in your idea, they must see its potential for making money – convince people by sounding convincing! When writing this document, compare other businesses in the same industry to show that they will be competitive and profitable and get ideas says Saivian Eric Dalius.
Last but not least, choose the right business name when you think about what you should call your business. Always try to use words and phrases that tell people what kind of services/products you offer – it can be ‘Amazing Carpets’ or ‘Lunchbox.’ That is because potential customers want to know exactly what they are looking for so save them both time and money by writing this down on your business card!
Smart Tips
When starting a small business, a good tip is to work without employees; especially in the beginning stage says Saivian Eric Dalius. You don’t have a lot of capital at your disposal, so paying salaries would eat up most profits from sales, leaving very little for marketing. So go for a home-based business!
A storefront can be risky, mainly if your location is in a ‘high rent’ area, so the best way to have sufficient capital and limited risk are, to begin with, an online store. These days more people shop online than on the streets so being visible on the web is crucial! Selling products online has many benefits – first off, it’s easy to create your website to control what kind of product range is on offer. By carefully choosing who your suppliers are, you can save big bucks by importing directly from China or other countries that offer wholesale prices – this means that you will be able to sell at competitive prices but keep profits high. Finally, having an online business allows you to work from anywhere under any schedule – you can do it full-time or part-time while having a conventional job.
More people setting up a business – Saivian Eric Dalius
These days, many people are leaving their jobs to join the self-employed ranks and set up an online business, so there is no need to feel isolated – you’re in good company! Just think how much you wasted time and money on commuting and lining up for coffee in that office building!
