Factors to Consider Before Starting a Small-Scale Business
Its really easy to start a business. Register your business name at the Companies Corporate Affairs Commission (CAC), you already have a business. However, a short business registration process is not meant in no time you too can benefit your business. You are lucky if this happens.
There are several other factors you should consider before stepping foot into the CAC.
- Does your business simply want the money?
There is no doubt that every entrepreneur wants profits from the business. But, if you will continue to do business if you can not benefit in a long time as long as 3 or 4 months? What if that year is still not a profit? Knowledge, talents and money go hand in business. If you have any knowledge of the business, has been added to your chosen line of business is your hobby, for example, money has become a matter of no importance to you. But beware, do not bankrupt your interests are. Business talent can be polished. Which way is participating in workshops on managing the business conducted by business consultants who are more experienced.
- Are your products and services to meet market needs?
You need to do a survey first before doing business. Spend more time making a survey of the community in which you want to open shop later. What is needed by the community. Are your products and services included in their will? If yes, state statistics so you can develop a good business plan will.
- Do you have sufficient working capital?
Capital is important in determining the business can survive or not. A small business should be targeting at least have the working capital available capital of up to 3 months even if not a profit. Failure to provide adequate capital stock will limit your future marketing efforts. Keep in mind that you are also responsible for promoting your business no matter how minor you use any media such as advertisements from home to home.
- Are you willing to bear the risk in your business?
Every business has its own risks but the difference between us is the size of the risk. Small businesses remain at risk even if not by big business. But you need to know the level of risk you incur in the event something unfortunate like theft and fire. The transfer of risk can be made to subscribe an insurance policy and installing closed-circuit television or CCTV at the premises of your business.
- Do you have assistance in case of any problem?
Assistance not only in terms of cost, but in every aspect of your business from the installation of front door through to the advertising business. Not necessarily you need money to have all forms of assistance. Sometimes after a long business, you will develop a network of individuals who are experts in their fields. Some will help you for free, or even with the cup of coffee.
One of the critical thing that make a successful entrepreneur is the understanding of your business numbers thorough accounting. For your free consultation CLICK HERE