Why Start A Small Business?
People Start A Small Business Not just To Make Money, But To Also Create A Sense of Achievement And More Freedom
Over the years I have started, developed and sold numerous small businesses. For many people, the idea of running their own small business is extremely appealing for a number of reasons. Being responsible for your own earnings, rather than working hard for an employer can make starting up a small business very exciting and rewarding indeed. The other benefit that appeals to most, is the thought of being able to control the hours you work. This for me has proved invaluable.
That’s not to say that starting or running your own small business is easy. When I started my very first small business people thought I was mad, bonkers and an absolute idiot. They couldn’t understand why I wanted to give up a well paid job and do something outside of what everyone else was doing. The thought of starting my own business wasn’t the key reason it was being able to choose my own destiny that was the real reason. The reasons do vary for different people which is why I have listed 6 key points to consider when starting a small business
What personal qualities make a good small business owner?
Everyone is different but one of the key qualities successful small business owners have is self motivation and determination. Many small business owners work casually from home, so it is important to have the right self motivation and discipline to put in the right amount of quality and highly productive hours to make the amount of money you want to have available for you and your family to spend. The great thing about having your own small business is that you only have to work the same amount of hours as you would for someone else and yet earn double or treble the amount of money. In other words the hourly rate of pay is much more for less time worked plus you can choose the hours you work thus creating a better work life balance.
Taking the leap to start a small business
Some people decide to start a small business as a life changing opportunity after years of employment working for someone else – maybe as a result of losing their job, or starting a family and wanting more time at home. Others run their businesses alongside a job for extra money, or because they have an idea that they would like to test out around their existing job as a safe guard before giving up their full time employment. The best advice I can offer here is that finding a mentor and the right support to begin with will ensure that the whole process / leap doesn’t have to be as terrifying as you may think.
What will your small business do?
When may decide to start a small business based upon the skills you already have and can offer or you may have a great idea that you would like to launch. If you can’t think of a small business to start then think about what personal qualities and skills you may have that you could put to good use or even things you enjoy that you could learn to do professionally – things like photography, driving, typing, catering, hairdressing or manufacturing. Every business I have started I have never done before. What I did do was to put into action ideas I had. Every small business i started proved successful. Some of the businesses we set up simply did something better than someone else. But guess what..? I didn’t have anyone to help, advise or mentor me… I simply struggled on. I only wish I had, because I know that if I did have a mentor to begin with I could have achieved much more far sooner.
What are the costs going to be to start your small business?
The costs of setting up a small business vary tremendously and depend on whether you need premises or whether you will work from home, will you need to hire staff, stock or equipment. Even if you do work from home you will still need some funds to buy a computer, printing sundries, software and web subscriptions etc so please don’t think for one moment that you can start a small business without having to spend some money to get started. If you think that you will need to borrow some money to start your business get help to add up all of the costs up until the sales start to come in. Accurate planning is the key.
Market research, promotion and advertising your small business
For most types of small businesses market research, promotion and advertising can be cheaply using social media and other Internet resources. Trust me, regardless of what business you are thinking about starting there are plenty of ways for every small business owner to take advantage of things like Twitter, Facebook, Pinerest, blogs, Youtube, Foursquare, article writing and Press releases to promote what you small business has to offer and best of all it can be done for free. It can be extremely beneficial to get as familiar as you can with social media and build up a strong, well written, well branded web presence. It can be time consuming but once you get established you can hire someone to do this for you if profits permit.. hire someone else to do this for you.
Measuring the success of your small business and tweaking the results
As your business venture develops, it is very important that you regularly review whether you need to do anything to boost sales and profits. You can measure results like customer feedback, reputation and sale performance against other similar businesses within your market place. As times tend to change so quickly these days it is important to make sure that you do so as well. Running a small business can be one of the most rewarding ways to make a living, and with the right idea, planning and strategy you could soon be on the road towards creating a boss free lifestyle.
Choosing a small business to start is not always easy which is why some people turn to Franchising. Starting a franchise offers people the opportunity to start a small business that is already set up with branded products. However, franchising can be expensive and so can the running costs.
As an alternative you may want to look at some of the exiciting opportunities that we ourselves have packaged enabling people all over the world to start a highly successful and profitable small business. Many are already having incredible success with our recommendations. To view what we have on offer CLICK HERE.
You can also down load our FREE STARTER GUIDE HERE which illustrates the most common and profitable small businesses that we come across each and every day.
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