2 weeks Ago
W hat does starting a “business” mean to a lay man? What kind of business can a person, who has always banked on a salary, venture into? Is thinking of starting one’s first business asking for trouble? Does it require a large capital investment? All these and other such questions present confront a person who has had enough of a salaried job and wants to try his or her luck in a business. Which business and how, is the first question. Starting a new business is not all about having big capital or years of relevant experience.
In fact, the most important aspect is the idea, the plan and the determination to walk the talk. At least that is what optimists and enterprise-enthusiasts tell you. Of course, starting a new business calls for planning and making basic financial calculations but, above all, it requires resilience and a keen eye for the market trends.
One needs to be aware of the direction the market is headed. But then, there are the pessimists. They warn you of the potential dangers and roadblocks that will work to put a dent into your determination and resilience.
What should you do? Listen to your ambitious heart or the cautious, calculating mind? Why leave a salaried job you can make no mistakes in for a business? The context It is becoming increasingly difficult for a person doing a 9 to 5 job to give their family adequate financial support. Also, in recent years many people have been shown the door by their employers without caring to cite a reason. In the absence of regular wage increments and job security, many more feel compelled to look around for better options.
Some of these people trying their luck elsewhere including starting their own business, however small. One of the most important steps in setting up a business is choosing a name for the venture. A creative name can give one an edge over one’s competitors.
It can attract potential customers and quickly reach a larger clientele. Some people believe that starting a small business requires leaving their all-day job before committing themselves to the new work. That may not be essential.
Many people have successfully made a partial transition: earning extra bucks by putting in a few hours of work in a business. Doing a part-time business gives them supplemental income and they can continue their day job. Many of the people aspiring to start a business meet opposition from well wishing friends and family who point out their lack of experience and firsthand knowledge.
Lack of capital is another hurdle. Should they take a step back on hearing such an advice or still try their luck? Focusing on the basics is the key. Market research has shown that there’s always an opportunity for a particular kind of business and or another.
One starts by gathering relevant information including preferences of potential customers. Knowledge about similar businesses already operating in the area can make a big difference how one’s business model shapes up. One can smartly use the information to gain competitive advantage over other businesses.
First things first; what is the basic idea? Is the venture a start-up? Is it something unique or is it something many people are already doing? Business planning is to be taken seriously since it is the foundation of it all. Even as one listens to everyone, which is a good trait, one has to make all one’s key decisions. One must do what one thinks is right for them.
The urge to do something is the ultimate guide. Small new businesses are the most viable in several sectors, including freelancing, real estate, online tutoring. Some of the traditional businesses like restaurants, coffee shops, beauty salons and food stalls, too, require small initial investments.
A well-researched business plan will save one from walking into a blind alley. It will guide one through the maze of local norms and regulations. It will also help one figure out the amount of capital one will require to make the first move.
One can them determine whether or they need a loan. The location of the business is one of the most important decisions. Whether it is going to be garments, wholesale, hardware, or an online store, the choice could affect the prospects a big way.
One of the most important steps in setting up a business is choosing a name for the venture. A creative name can give it an edge over the competition. It can attract potential customers and quickly reach a bigger clientele.
Once you weighed the pros and cons of a business idea and decided to go ahead with a plan, go the whole hog. The writer is a staff member.
