Entrepreneurial Articles
Business & Opportunity - How to Start your Own Business
In business, opportunities are everywhere whether you are buying a franchise opportunity or starting a business on your own. But for those who are entering the world of business for the first time everything can seem a little daunting. They will have to quickly grasp new skills and embrace change if they are to succeed in their first business.
Here is a typical scenario of someone starting out in business for the first time; a man is approaching his fortieth birthday and has managed to save some by working extremely hard. He has managed to almost clear his mortgage and is now fed up working long hours making someone else rich. He decides it is time to go into business for himself.
Now he is bewildered by the number of opportunities on offer. Should he start a home business or should he consider a franchise opportunity. Is it better to enter the retail trade or perhaps sell products via a website? It finally dawns on him that he does not have a clue about setting up a new business.
So how does one go about setting up a business for the first time? It is absolutely essential to learn the basics of business accounting. I am not saying that you have to an expert but just by reading one or two simple books you can get the basic understanding very quickly. Choose simple titles like Accounting for Dummies.
You can then create basic business plans and understand cashflow. This process will alone serve to clarify whether any business idea is worth pursuing further.
Start attending franchise exhibitions and speak to other franchise owners. By following this basic tip you will suddenly realise how many opportunities that are really out there. You will gain an understanding of what works and is profitable and the kinds of businesses to avoid with a barge pole. You will also get a feel for the type of business you can dedicate the next five years of your life to.
Do you have any hobbies that you can develop into a business? Are you passionate about anything? This is also a good starting point for developing a business idea. Again it is a good idea to attend the relevant exhibitions and buy the trade publications.
Speak to friends who own or manage businesses. If you don’t have any friends who are in business make some new friends. Business mentors can very useful if you are starting up for the first time. They will be able to advice you through all the red tape and also how to get the best deals from your suppliers. They will be able to discuss with you at length how to deal with any staffing issues.
A business mentor can develop into a close friend. Both of you can lean on each other when times are hard and motivate each other when desire is low. Once you enter the business world and make friends with a business mentor then remember that most business people know a lot of other business people.
Start mixing in those circles and join some business networking organisations. All of a sudden you will not feel like you are not on your own. You can use your new friends to sound out any new ideas you have. You can discuss the intricacies of marketing and how to exploit any new opportunities that you spot.
Now that you have started your business always treat your customers with respect and give exemplary service. Large businesses with monopolies can get away with shoddy service. Your customers will not be so lenient with you.
Never become complacent once you reach a level of comfort. Small businesses are either moving forwards or they are declining. Very rarely do you see businesses that stand still and maintain their profitability and customer base.
Change can be very stressful, so it is imperative when starting a business to have an outlet for your stress and frustrations. Playing a sport regularly can definitely help. Remember it does not have to be an active sport if you are not into physical fitness. Snooker, bowling or even darts can help to alleviate the stresses and strains of business.
Learn some motivational phrases that will help you in times of need. Some of my favourites include:
Some will, some wont, so what move on - this phrase is especially useful if you are in direct selling.
CANI (constant and never ending improvement) - is especially useful when you are developing new products or working on long term plans.
Think and grow rich - this one helps you to realise that there is more to business than just working hard.
There is no such thing as failure in business only results - if you try something and it does not work you have succeeded in finding out how not to do it!
A stitch in time saves nine - deal with problems as soon as they arise, rather then waiting until they become huge problems.
Look before you leap - every time you have a new idea don’t implement it straight away. Mull the idea round in your head and speak to your trusted business mentors. Do not worry about other people stealing your idea. They are far too busy running their own business and implementing their own ideas.
When the going gets tough the tough get going - this phrase is my all time favourite and has seen me through some very rough times.
Obviously this topic is so huge that it is difficult to analyse all the basics of starting and running your own business. This is where thirst for knowledge is essential. There are so many good business books out there. Reading a chapter a night will not only help to relax you but also open your business mind to new ways of thinking and working.
I will leave with one final saying, talk is cheap and actions speak louder than words. Over time and with action you can fine tune your business instincts to affectively utilise any business opportunity you spot.
Naz Daud is the founder of CityLocal. This Business Franchise Opportunity is for people who would like to work from home and be their own boss.
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