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Starting a Small Business

On one level starting a business is become so much easier in recent years especially a part time home based business.  However if you are keen on growing that business it is valuable to understand what to do to get ready for small business success and the traditional principals of business success.

 

 

A number of hurdles to small business success bring a start up business to a stop.  The easiest way to remember these hurdles are as the lack ofs, lack of: experience, startup capital, a distribution system and a plan.

 

Experience

Best chances of small business success are associated with those that have experience both in business management and experience in the industry in which they are starting the business.  Experience in the industry is important so that you have the know how and the contacts.  This may even come to the basic things such as what are typical payment terms and who are the best suppliers to deal with.

 

Experience in business management will enable you to understand how the business is progressing and understand what roles you need to play as a business manager.

 

Start Up Capital

How much money is enough to start you business.  The general rule of thumb is that you need access to sufficient cash to survive for 6 months without making a sale.  Obviously this dollar amount will be a lot less for home based business than it is for a business where you will need premises and staff.

 

  • For a home based business the most likely form of finance is money you already have.  Alternatively you may need to access small business Banking Services

or use your home as equity and take out a home loan.

 

 

Distribution System

Traditionally a key factor in business was success was the location of the business. This was especially true for a retail business.  With the rapid changes in spending habits, the advances in the technology and general changes in the nature of business the significance of physical location has generally declined as a success factor.

 

Important questions for success become, how will your prospective clients find you? How do your sales skills rate? And how will you deliver you product or service to your client and how and when will you be paid for it?

 

 

A Plan

This is the crucial for your business success.  The starting point is to decide what you want from the business set your goals.  Then you will develop the strategies necessary to bring about the achievement of these goals.

 

A key component of you business plan will be your budgets (or your financial map).  Your budget summaries all the other strategies and it is what you build your business plan around.  From here you begin the process of building you action plans to bring your goals into fruition. Your small business start up action plan will be your initial guide for implementing your business plan.