Employment – Page 43 – TP Javeton WebNet

To create a thriving small business

Are you thinking about setting up your own business? Do you have an idea for a new business but you are unsure about how to proceed? If you have answered yes to either of these questions, this article could be of benefit to you. It covers various aspects of how to plan and create a successful small business.

Many people are looking at ways in which they can become self-employed as they have had enough of being dictated to, and they’re fed up with long and frustrating commutes to work. They want the freedom of being their own boss and to be able to choose their own hours of work.

It must be said however, that leaving a full time career can be quite a scary prospect. The security of having a regular income and other benefits such as a pension and a shared savings scheme can seem hard to let go. I am sure many people, whether rightly or wrongly, have opted to stick with this security and to merely keep their business plan as a back-up idea, which they never see through or use.

Be willing to take the risk!

On the other hand there are people who are willing and happy to take the risk and see it as a way of getting out of the “rut race” (that’s not a typo!).

When you have an idea for a new business you then need to think of a name to call it. It would help to keep this name quite short as it makes it easier for people to remember. It obviously needs to have something to do with the type of business you are entering.

You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term it would be wise to keep these start up costs as low as possible. You can always buy or rent better machinery in the future, as only on example of keeping costs low in the beginning.

Once you are aware of how much money you need, you then have to find it. You may have enough yourself via savings or a redundancy payout, however most people are not in this position. If you do not have enough money, you could try and raise money via the family, by seeking a partner or by tapping into the equity from your home. There is also the option of a business loan.

Market your product or service

There are many ways of doing this, including:

The Web via a website you create
An ad in your local newspaper
Direct marketing in the form of flyers & business cards
An ad in the local yellow pages and B2B pages
Exhibitions
Trade fairs and other advertising methods.

It is advisable that you find out where other people from your industry advertise as they will have tried and tested many of the above options.

You will need to work out how much to charge for your product or service. A good practice is always keep these charges fairly low in the early going so as to attract as many people as you can and to get some income in. Then you look forward to the time when word of mouth (and your other promotional efforts) take over after a few months you will be in a position to increase your fees.

Maintain a positive mindset

It is also important to realize that you, like many new business owners (and some veterans) will make mistakes along the way. When this happens you’ll need to think positive and not to beat yourself up. Consider it an experience you can learn from.

Always have belief in yourself. Any business will go through a rocky period from time to time, but during these times is when you need to be strong. In my opinion the more work put in, the more rewards you are likely to reap; and this, ultimately, is the reason you’ve opted to start your own business in the first place. The rewards for you and your family!

Self-discipline: Critical!

The invitation is yours to accept. The objectives are real. The journey is rewarding!

Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be the downfall for many people. Business owners and entrepreneurs have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off in the early stages.

Getting-started resources

Very few people ever got rich by working for someone else. Puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will most likely depend on three factors:

How much money you have available for start-up and capital working capital;
Your business idea; and
Your confidence level.

Types of businesses at your disposal:

The Traditional – a brick and mortar in which you will rely solely on your own efforts;

The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and

Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

Pros and cons of each business type

The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.

Franchises have a high success rate. Banks like them because each franchise operation has a proven track record; thus the banks can accurately judge the risk and consequently will lend money for this kind of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business’s turnover has to be paid to the franchise company.

Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web marketing business can be started in your spare time. In fact, that is the best way to approach it. Start small, and keep at it. The secret is perseverance! Get past the first year and you should find this type of business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in Web marketing become wealthy beyond their wildest expectations.

Decision time

So which type of business is a good fit for you? If you wish to provide a service or product where you have previous experience from a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to venture out on your own, then a franchise or Web marketing business just might be the preferred option.

The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help keep you afloat.

On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by throwing profits back into it if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.