Starting a small
business takes a lot of courage.
But, as they say, courage does not pay the bills.
To be successful – to stay in business – you need
more than courage. You
need a combination of hard work, skill, perseverance, and lots
of luck.
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"How can I
support my family while I build up by business?"
This
question must be worked out according to each individual'
circumstances. If
possible, save enough money to support your family’s
expenses for at least two years. Another way for many people
is to start out on a part-time basis after their regular jobs
to see how much they can handle. Then when their incomes reach
a certain level they will switch over and go full time.
"What are
my abilities?"
To determine your abilities you will
have to take an inventory of yourself.
It is important that you know your aptitude for small
business ownership. Decide what you enjoy doing the most and
what you "feel" you would be good at. Evaluate your
skills and determine whether you have all the important ones
you will need, or whether you can develop them or hire someone
who already has them. The
key to success is not so much having every skill (though that
would be ideal) as it is finding ways to compensate for the
weaknesses.
"Is there a
market for the product or service I have chosen?"
Be
cautious before you invest any money! One of the first steps
in examining your business idea is to get to know more about
your market. Do a market research by gathering information to
determine who might buy the product or service and what they
might be willing to pay for it. Check it out by making
inquiries directly to the company, competitors, or firms who
are marketing a product similar to the one you are interested
in. Good research will yield good data on the competition.
Make sure that a market for your business idea exists, and
that it is big enough to support your business. Test it on a
small scale.
"How long will it take this business to reach
the financial goal I have?"
Patience is the successful entrepreneur’s best
friend. It will
take time for the business to become known, gather paying
customers, and reach a break-even point. Particularly at the
start-up phase, a very precarious stage where most failures
occur, your total personal commitment is a must. It is a
question of knowing how much time you can dedicate to your
business. At this
point, you may be working days, nights and weekends, and
consistent profitability may be just within your reach.
About the Author:
Steve Ma. Reyna is a
writer for
Power HomeBiz
Guides.
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