You dream of having your own home and a car….at least that is what most people dream about. But your nine-to-five job may not be enough to put food on your table and provide everything your family needs. Even though how many long hours of work you do, it won’t be enough. What should you do? Would you let your job just rob you of your life?
Being a slave for 8 hours a day, 5 days a week, would not help you reach your goal unless a miracle of winning a lottery happens! Your option can be to put up your own business, but how do you start? It requires some amount of money, to begin with. Apart from that is to have enough knowledge about the business you want to begin with.
Here are a few ways to guide you through starting up a business:
Identify your Interest. What is your passion? Mr. X may be successful in his business, and for so many years, he was able to build a new house, bought several cars, and has traveled so many times. But do you have the same interest as Mr. X? What may be suitable for him may not be good for you. We sometimes tend to be envious of what has others achieved in life. But not unless we put our hearts and mind into it, we can never be successful.
Make a Project Study. You should know if the kind of product you offer has a market for it. Know who your target market is. Know who your competitors are and identify what makes them different from the others.
Prepare a marketing plan. This should help you strategize on how you can promote your product. You also need to identify the risks of your business and your projected income.
One key to successful management of the business is knowing how to handle your employees well. You must also be utterly knowledgeable on how to handle the business you have in mind. If you must attend training and workshops, do not have second thoughts about it. And has the freedom to speak their minds if they have suggestions that they think might be helpful to make the business successful. Remember that your success also lies with your ability to work for you in an environment that allows personal growth.
Some well-known and successful chefs started training under seasoned chefs while they were starting. This gave them enough experience of knowing how to cook different kinds of food and how to manage a restaurant and the people who work in it.
Resources. You may be up to start a business, but do you have enough resources to create one? Be psychologically and financially prepared. Know how much you are willing to spend to start a business and if the amount you have is enough to get you going. Before opening up your business, you need funds to secure a permit and license and buy initial inventory and equipment. Realize that you also need funds to pay the monthly rent, pay utilities, pay employees’ salaries, and purchase additional supplies. Your working capital should be enough to cover the first six months of operation.
Should you fall short on your funds, there are other means to get additional funds, like getting a loan from a bank. There are also Microfinance Institutions that can help you.
Create a team. You need to be organized once you start with your business. Delegate people to be in charge of different tasks. If you are just running a small business, having 3-5 people would be enough to handle the administration, human resources, accounting, and information technology. You can have more time to focus on other essential things if you have the right people to help you manage it.
Put up a Website. The Internet plays a significant role in helping business owners reach more people. Nowadays, no matter how small a business may be, online visibility has been part of its marketing campaign. Through technology, we now aim to be recognized in our own locality and to a broader market. Having a user-friendly website, an attractive design, and clearly described information attracts clients to flow in.
People’s decision to buy a particular product is highly influenced by the different social media sites. Putting ads on specific social media sites can truly drive traffic into the business, which eventually can turn into clients.
Cost Management. Some businesses may not require a considerable place to use. Small business owners started in their own homes, like those who started with soap making, candle making, Christmas decorations, etc. But once the demand for their products increases, there is a need to move into a much bigger space. Your home is the best option to cut down on your cost.
Cash Flow Management. You may not always have extra money to spend just if there is an increase in demand for your products. Asking your clients for a down payment may be a good option. This also puts trust between you and your clients in ensuring that what has been agreed upon will be delivered on time.
Build a Network. Attending seminars, training, events, and workshops is a compelling strategy. Introduce your business and inform them about your products. Make sure you have the necessary marketing materials with you. You must be open to all options on increasing the number of people that will patronize your products.
Seek Advice. There is always a need for improvement on anything. And you might not be that aware of everything that goes around the business. Seek advice on making things better in your business; you should never be afraid to ask.
Adapt to the Current Flow. You may have made what seems to be the perfect step-by-step method in building your business. But you must realize that the needs of man change constantly and you need to adjust according to what is currently in demand. The need for continuous learning is a must.
Entrepreneurs should know that there isn’t an easy way street to success. It takes time before you can see the fruits of your labor. To expect it too soon is unrealistic. To be successful, aside from having patience and perseverance, commitment and dedication to the business, and the right attitude in dealing with your own employees and clients.
CHECK OUT more advice from Butz Bartolome:
An Entrepreneur’s Reflection: Being A Vessel of Blessings To Others | Butz Bartolome
Strategies to Adjust Business to New Normal | 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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