Are you ready to venture into business?
Operating a small business is not just about working for yourself, it's also about having the necessary management skills, expertise, technical skills, finance and of course a long-term vision to grow and succeed.
At the outset it’s important to consider whether you really understand what's involved and whether you're suited to business and self-employment. You have to do your research and ask yourself all the questions you must ask, look at the issues and be true to yourself when you answer these questions.
- So what is your reasons for getting into business?
- What are your goals and skills?
- What income do you expect your business to generate?
- Are you aware of the advantages and disadvantages of establishing your own business.
What about an "Online Business"?
So you have heard of running or starting an online business, lets look a little closer?
Advantages:
By trading online you can save time and money, reduce your overheads and reach a much wider market. And you make it easier for your customers to do business with you.
Challenges:
If you plan to trade over the Internet, you may need to register your business name in the state or territory you intend to operate. You may also need find out what registration and licences apply to your business.
Tools or Requirements:
To get started in your online business you will need:
A computer and Software that enables you to send emails, browse the web and protect your computer’s safety. An email and website account set up and in some cases Training in using your new computer and software.
You may also wish to purchase a domain name, which gives your online business a unique electronic address.
Now, Do a mini SWOT analysis?
S – Strenght, W – Weaknesses, O – Opportunities and T – Threats
Start by finding out if people will be interested in buying your products or services. Find out who your competitors are and whether the business is sustainable in the market. Conduct some research to see whether the idea is really feasible. This will involve gathering, analysing and evaluating information to help you formulate your business goals.
Questions to consider:
What product/service will you provide?
Is there a market for your product/service?
What skills do you need?
Who are your competitors?
What difference will you bring to the market?
Do you have the financial capacity?
What is Market Research?
Market research is a most valuable tool for all businesses. It’s the process of gathering information to help you make informed decisions about your business. Market research will help you understand your potential customers and their needs, as well as what your competitors are doing. Getting a good understanding of market trends is essential for you to make the most of your business opportunities.
There are two types of market research:
Primary research - Information collected for you like testimonials and talking to people.
Secondary research - Information gathered for other purposes, publications on the Internet.
Planning your Business by means of a Business Plan
To run a successful home business you need to be able to handle a wide variety of issues. Think through the requirements of your business carefully, taking the time to research and plan your operations.
To develop your business plan, you need to consider these points about operating from home:
Is your home the best location for your business?
Can you conduct the type of business you want under local council regulations?
What are your legal obligations?
Will your home-based business allow you to balance your work and family life?
What are the town planning requirements of your local government authority?
Constructing a Business Plan
Your business plan is essential for your business this is your blueprint for it’s future. A business plan sets the direction for your business and keeps you on track once you're up and running. Your business plan could include these elements:
- An executive summary which is a one-page overview written after your business plan is finalised
- An introduction which explains the purpose and objectives of you going into business
- The marketing analysis that looks at the industry you are entering and how you fit in
- A marketing plan of how you intend to advertise your business
- What your operations plan is of how you'll set up the business, i.e. structure, location, regulations
- What is you management plan of how you'll manage your business
- Most importantly your financial plan of how you'll finance your business, it’s costing and projections.
Take the process one step at a time and TAKE YOUR TIME, you would be better off not rushing into or making a bad business decision. Remember, starting a Business is like starting a relationship, choose wisely and be honest about wanting to start this type of relationship.
For some of us being single is far better than having added responsibilities. But if you choose wisely the rewards far outweighs the effort. So if you up to a worthwhile challenge, take the plunge and reap the benefits and rewards you deserve. Have a blast... why not have a look at the guide I used to setup my business, it was fun, I understood what to do by following the process it suggested and the knowledge I gained from it is priceless. Have a look for yourself....
Here's to your success!
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