Isn’t it everyone’s dream to have their own business where they are masters of their own fate? You make the decisions, you control your own setup and you reap the benefits. However, it is often perplexing for many people as to how to go about setting up their own business. The following points will help prepare you to set up a business that runs efficiently and turns out to be a good source of profit.
Be prepared to work hard to get your business going:
Everyone probably tells you that hard work is the key to success – well, they do so with good reason. If you are going to set up your own business you should be mentally prepared and committed to giving it a fair amount of time. Initially, your business will need a lot of work to get recognized and to start from the ground up. However, if you manage to hold your own during the initial stages, hopefully you will get your reward in kind.
Start Planning:
While a completely innovative and practical idea might sell for big bucks that does not mean you should spend days trying to come up with stuff that has not been invented before! Just focus on your strengths and plan your business accordingly. Brainstorm a few different ideas, think about your prices, cost of production, possible competition, government regulations and hopefully once you’re done you will start to see things more clearly and one or two good ideas will stand out as possible money making machines!
Get your investment:
All businesses will need some sort of investment, unless you are providing services such as dog walking or baby sitting in which case you can get away with that kind of stuff.
In this heading I’ll focus mainly on how to go about setting up a business with a minimum amount of investment. If you do not have the start up cash to set up your own business then it’s wise to work a job and start your business on a smaller scale than intended. Though this might take a longer time, a job will give you a constant supply of cash to support yourself and hopefully the needs of your business.
Another good idea is to opt for providing services rather than goods. You could become a freelancer at first under your own company name and gain popularity while working without investment. Over time, your company will gain the popularity it needs and the customers will start to roll in. At this point you could hire more employees and start to put your business idea into shape.
When trying to work a business with minimal investment, it is important to minimize your costs, so instead of hiring employees you could try and find interns looking to work in their area of study, for example programming. So if you are a programmer you could make use of these interns by obtaining their services in exchange for imparting knowledge and giving them a platform to work on.
A very good idea, courtesy of ABC news, is to get free media coverage using websites Helpareporter.com which could help you get free publicity by answering a few questions via email.
Provide the best customer service:
Your quality of customer service can make or break your business. A good customer service will get you rave reviews across town while a bad opinion from your customers could lead to your downfall. Therefore, always treat the customers with utmost respect and carry out their work with due diligence. If you maintain a good relationship with your customers and clients such as those for raw materials, your business could go a long way to becoming a multimillion institution.
In the beginning, try and throw a discount, promotion offer or something to attract the customers every now and then to keep their attention and to keep your business on top. Needless to say, you would also need to offer competitive prices.
Don’t raise your expectations:
When I say this, I do not intend to dishearten any readers, but it is a smart business technique to exaggerate your expenses and underestimate your income. This way you will not get carried away with your spending and you will be on your toes to try and make your business perform.
Whenever you intend to make a purchase or introduce a new product, try to keep the worst case scenario in your mind (while maintaining confidence in your business!) and this will play to your benefit in the case of any untoward happenings regarding purchases or sales etc.
