Being a small business owner can be an exciting venture, and one of the best parts about owning a small business is that you’re in full control. You get to call the shots when it comes to marketing your business and you directly contribute to its growth and expansion. The reward is not only in the form of profit, but also from serving and delivering a quality product or service you believe in.
You probably already know that getting established and having a set plan of operation are two major components that will help get your business off to a good start. Check out our detailed resources to help you along the way.
What you have taken on is not easy. There will be many hardships you will have to endure and the time will come when you will seriously wonder if it’s all worthwhile. When these occasions come about, remember that you are not alone and there are many institutions set up to assist you. So, swallow your pride and take advantage of what is offered.
Making sure that you’re starting a business that serves a need and is eligible for financing is key to making sure that your new business will be a success.
1. What it has to offer
You must find out whether people will buy the product or service you intend to offer. Have a good look at any competition you will come up against and ensure that the market you’ll be working in will be big enough to sustain your ongoing profitability.
2. How much it will cost
The amount of financing you need will depend on the type of business you intend pursuing. It’s often best if you start small and allow your business to force any growth in its own right.
If you have the patience to do this, you will minimize any risk of getting too big too early and having your legs cut off beneath you before you even get properly started. The less money you borrow to get your business started, the better position you will be in to stave off any low income periods you come to experience.
3. Market research
There are two types of market research for you to undertake: primary and secondary. Primary research will involve doing survey work, interviews of likely customers and taking to other businesses to ascertain the level of support your business would be likely to receive once you’ve got it up and running. Secondary research is what you do when you look into what others have already done such as that found in trade publications and government statistics.