Small Business Start Up – 10 Factors to Consider

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In today’s world, people are looking for ways of starting their small businesses and it is very imperative to know that, the ability to own one small business majorly lies with individuals. Job availability has been diminishing over some decades and the global unemployment rate is quite worrisome.

Job seekers will always agitate for increase in salaries, while employers will lament on overhead costs. These situations have led to reduction in job availability, hence unemployment. Many job-seekers are used to working for employers; however, this kind of system will not work effective as far as the global economic situation is concerned. Amidst all these problems, it is very wise to look for alternative means of creating jobs with little or no budgets.

There must alternative ways and they are mentioned below:-

Passion:

Passion is like a vehicle that will carry you amidst turbulent situations. So, it is very necessary to know your real passion before starting out. This passion is a goldmine for you in any part of the world.

Potential:

Asides passion, it is also important to identify your potential(s). This potential is also called talent or natural gift as the case may be. You need passion to fuel your potential or talent or gift. Without your potential, it is very unlikely that your achievements will not suffer some defects.

Goals:

Goals are like lubricants that will prevent business friction in some ways. When starting out, it is very crucial to have real goals for such venture. You can ask yourself the following questions. What do l want to accomplish in life along with this business? Why do l want to start the business? With little or no funds, what can l do? Would my lifestyle affect the venture? What type of person do l want to be? These are some of the questions that might help you to put your goals in the right direction.

Niches:

Everybody must crave in his/her niches for competition in the marketplace. Niches will greatly help to operate effectively and create its profits with low competition from the big companies. Thus, it should be noted that, craving one’s own niches will go a long way in determining the profit and its survival.

Business Models:

As far as you must be concerned, it is every essential to have a standard business model. Even, the multinational firms have models that really help in taking their organizations to greater heights. These models are often time-sensitive, require business knowledge and funding capital, if truly; any meaning business activities are envisaged.

Business Time:

Critically speaking, it is advised that working part-time is necessary. This avails you the opportunities to raise funds and acquire real skills. Depending on the nature of your model, it is good to work for passive incomes to boost your real capital for your business.

Team:

As your business grows, there is need to employ helping hands in one way or the other, especially, when it has been reviewed to be stable. Where there are four or more people, it is very important to determine the quality of people on your business team in terms of age, sex (option), business knowledge, skills, characters, and being proactive. Without all these essential traits, it is most likely that your business might be leaning.

Leadership Styles:

This is very important, when the issue of team is considered. A team leader needs to motivate, lead, control, plan and sustain the survival of the team members, in order to carry out the goals of such small business.

Record Keeping:

The lifeblood of any business outfit lies in its book record system. A simple book record should primarily show the cash flow system. The cash flow system is defined as the movement of cash in and out of the business. Even, effective record keeping will aid the business to seek loan and other facilities.

Technology:

The advent of technology has made business operations to be easier and faster. For business to dwell in its own niche(s), it is advantageous to embrace technology at minimal costs, in order to add values in terms of efficiency and effectiveness as far as its operations is concerned.

It will be of great insight, if people can realize starting their small business at the expense of paying jobs which is the best option at this point in time. To be financially independent is to have constant sources of passive incomes, irrespective of any socio-economic situations.

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Source by Sam Adenekan