What are your thoughts nowadays? Do you consider putting up a business?
And honestly, relying on a 9 to 5 job may not be enough. Considering the high cost of living in the metropolis, some Millennials may fear raising a family of their own and just focus on building a business to sustain their future family.
That may be the primary reason why more and more people get married in their 30’s — to have the assurance of a better future. The best choice to secure the future is by coming up with a great idea on the kind of business to put up.
To achieve optimum results, you must have all the necessary tools, resources, and the needed skills to manage the challenges ahead. The most important thing for an entrepreneur is to be physically and emotionally prepared. Starting up a business means having to face so many challenges along the way and would mean taking risks to come up with the best possible outcome all the time.
There is just a tiny percentage among start-up businesses that can last the first year. There is no guarantee for success, but an entrepreneur who is prepared to face all the adversities of being in a business has the edge over his competitors. Apart from creating a good business plan, there are several factors that an entrepreneur should look into.
So, what does it take to build a business empire?
Financial Resources
No business can start without having enough financial resources. And this does not only mean having a few bucks, but one has to realize that there are so many things that one needs to do before opening up a business. What are these?
- Business registration
- Capital for buying goods
- Rent
- Marketing paraphernalia
Mobilization funds
Your funds may come from your personal account, a loan from a financial institution, or family or friend. When you are seeking a loan, look for the least amount of interest to make it less of a struggle on your end.
Business Knowledge
Don’t allow yourself to be beaten by your competitors because you lack knowledge about the business. To start any kind of business, you must gain as much knowledge as possible. You will make more intelligent decisions if you understand the type of business you are about to build. How can you obtain more knowledge about the company you have in mind?
- Attend seminars and workshops
- Read books about the business.
Don’t be left behind. Never miss an opportunity to learn something new if it can help your business grow. Always make learning a part of your everyday life. Be observant. Find ways to entice more people to patronize your products and services.
Manpower
Most business owners would fall short by just hiring people like their relatives or friends but may not have the sufficient skills for their specific jobs. What happens then is it results in poor production or poor quality of products and services. The way to ensure that these people are the right ones is to only hire those who have broad experience with the same job. It will also help your employees if they undergo training, workshops, and seminars to be fully aware of what they are doing. Ensure that they know each of the products and services that you provide.
Physical Resources
Starting up a business needs a lot of things to consider, which should not be only focused on how much you will spend and the people who will help you build your business. You should be able to find the right spot for your business so that you may be able to reach the right target market. Physical resources also include marketing materials, the system used for your business, and a communication system.
A business cannot survive without all the things mentioned above. Remember how customers purchase nowadays. They mostly rely on the internet before visiting a store, or a great majority would prefer shopping online. Having these available ensures you have the edge over your competitors.
Support from Family and Friends
It is never an easy task to start and business. And for sure, there would come a time that you’d feel like quitting. But of course, an entrepreneur should be aware that challenges are bound to happen and should be taken in positively. Hit and miss- that is how some would say. But we should not risk so much to the point of losing everything. Take risks…..but ensure that there is a bigger chance of winning than of losing.
You need your family and friends to support your every endeavor in times like these. You need people to help you get motivated and to help you stand up every time you fall. It truly helps when you seek the advice of experts who have been through the business so that you are less room for errors and more windows of opportunities.
You should not fear all these because you will gain more than you have ever imagined through this journey. Let me know your thoughts…
CHECK OUT more advice from Butz Bartolome:
Creative Ways on How To Attract Customers in a Snap | Butz Bartolome
Coping with Entrepreneurial Stress | Butz Bartolome
CHECK OUT the Philippines’ top mentor Butz Bartolome as he discusses business matters and SHARE THIS STORY with entrepreneurs and aspiring entrepreneurs who need the advice.
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