Setting up in business is often easy ,yes. Staying in business is not.
Many would like to set up in business and many think that their trade is sitting on the side lines waiting for them.It isn't.
Setting up in business may be easy but remaining in business is not.Often people do not set the right margins on their product or services therefore using up what capital they have,or have managed to raise.
Whatever service or product you intend to offer do your research first.
Is there a demand for it.
Is the competition intense.
Have you the stamina and determination to get it off the ground.
Have you the support of your family.
Can you simply get up in the morning and face problems on a daily basis.
These are some of the questions you must ask yourself
You must have a business plan but believe me within 6 months you will have to adjust it as you continue in business due to competition,slow reaction by your customers resulting in cashflow problems.
Learn to think outside the box as you will only have yourself to rely upon.Adjust your plan as you move along.Be on top of your business and know everything about it .Learn as you go along .Listen to those in a similiar business that have been around for a while.
Borrowing Finance might be easy for some of you ,for others difficult.It is all part of business.But if borrowing finance is available DO NOT FORGET it must be paid back.
Non bank lending is growing in its use and will soon become mainstream in the finance world for companies and people.As with all finance you should make sure you have a good business plan if you expect people to lend to you or invest in your project.
Having a website is a must for any business but putting it online and hoping for it all to happen is just not that simple.
I still believe in using old fashioned media.Leafleting,business cards,promotions at events.It still all works .Just make sure you have your website on all your literature.And do work hard to let people know you are there.
They say the first 2 years are the hardest.Do not believe them it is always hard as you have to keep in front of ever changing events.
When you set up a website to build a business do not expect it to be an instant success.It takes time and hard work to get people to know and remember your web address.Keep on marketing it in every way you can,continuosly and as low cost as you can .Be persistant.
What finishes a lot of companies is not good business,future orders ,profitability, but cashflow.Keeping money by for rough times is important.If you profit margins are too small this will affect cashflow so will carrying too much stock.All these things must be monitored regularily.