A lot of people these days want to start their own business, but few actually do. Many of them have doubts that they can do it.
But if not now then when? Entrepreneurs need to take out all the negative thoughts that stop them from doing what they think is right.
If you must, seek people who can inspire you to get started. We have so many opportunities around us.
To start a business, no matter how big or small, one needs to have the right mindset.
You also need to gather a lot of information about the market and where to set up shop. And finally there’s finance.
If you’re short on money you can choose another kind of business that does not require a huge investment, or stick with your plans and consider getting a loan from a friend, a bank or investors.
MAKING YOUR BUSINESS GROW
When you’ve already started your business, you may need to borrow money again to
expand your business. But you also need a clear plan on how you will use the money.
- Is it going to be used for the expansion or renovation of the office/store?
- Are you adding a new location?
- Are you buying new equipment?
- Will it be used for marketing?
- Do you plan to introduce new products?
- Are you building a website?
MINIMIZING EXPENSES DURING EXPANSION
You may have big plans for making your business grow. But growing doesn’t always mean having to spend more. Here are some tips on how you can downsize your spending, while still giving an upgraded look to your business.
- If you are planning to have your office/store renovated, make sure that you retain your identity. Proper branding is needed to ensure that your customers will not be confused once the renovation is finished.
- Buying new equipment can be expensive. Before purchasing new equipment, carefully check out all the companies offering the same equipment and look for one that can give you the best deal.
- Adding more products may help attract more customers. But, before you introduce new products, answer the following questions: – Is it something that people need or is it just the latest craze?
- Will the cost be viable considering the location of the store?
- Is the product something that your competitors already have?
- Marketing plays a huge part in the success of the business. Advertising on TV is expensive. You can save a lot by taking advantage of social media. Promote your latest products or services on Facebook, Twitter or Instagram. You may seek a social media marketer to help you with this.
- Websites have become an indispensable tool for every business. Provide quality content on your website to encourage more users to go through its pages and buy your products and services.
- Adding a new location can increase your customer base but the rent for a whole new store can be expensive. Consider renting stalls or kiosks to minimize your expenses.
Now is the right time to invest. It’s just a few months away from Christmas and there will be a lot of bazaars opening soon. Take advantage of this opportunity. Who knows? The small business you put up may just become bigger after a few months.
Get The Business Mentor’s latest book “35 Tips On Business” available on E-book and paperback at www.amazon.com
(Armando Bartolome is known as the Philippines’ Franchise Guru, a mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando “Butz” Bartolome by email: philfranchiseguru@gmail.com or on Twitter @philfranguru. His website is https://www.gmbmsglobal.com/ )
