Thursday, October 10, 2019

How To Set Up a Small Business

Going into a business without being motivated or prepared for the challenges involved is like one heading for a rock.
Being motivated does not mean having no doubts; everyone has doubts, even successful enterpreneurs do.
Proper motivated mean confronting and conquering yours doubts before turning to the fulfillment of your dreams. Your motivation has to last before, during and after you start your business. If you can accomplish this, you will be on your way to success.

  1. You set the terms of the your own employment.
  2. You are free to build your business according to your talents and tastes.
  3. You will benefit from your own hard work, the fruit will not go to a boss or a remote shareholders.
  4. You will be less vulnerable to outside forces behind your control such as mergers, layoffs, transfers, firing, mandatory early retirement or company politics.
  5. If you are truly successful you have the opportunity to earn more money than you can as an employee.
  6. When you have the business operating well, you can choose your own time off.
  7. You will have the opportunity for large financial gains, if you build the business competently.
  8. You will experience business from a very broad view point you will no longer be restricted to a single speciality.
  9. You will have the status and command the respect due a successful enterpreneur.
  10. Most of all the business will become a reflection of you, not the lengthening shadow of some other persons.

Most business fall into one of the six broad categories.
RETAIL: This can be a small supermarket store, a clothing shop, a recharge cards outlet or a home business selling goods directly to individual consumers or groups. The numbers of goods sold to customers is generally small.
WHOLESALE: Wholesalers like beer distributors often purchase goods directly from a manufacturer and then resell to retailers.the purchase and resale of these goods are normally in large quantities.
SERVICEThese are enterprises that don't supply tangible goods. They include hair salons, telephone call center ,shoe repair shop, professional services. (Law, medical, accounting, teaching)
MANUFACTURING: Anyone who produces something is called a manufacturer, whether the product is a massive computer or furniture. Manufacturer are often called converters because they take raw materials and change or convert them to finished products.
TRANSPORTATION: Transportation companies move freight or people from one place to another. Normally, transportation businesses are categorized as trucking (contract, common carrier, and packages like UPS ), air, water or pipeline.
CONSTRUCTION: A construction business builds things. If it builds houses and business, whereas roads and airfields are built by firms in horizontal construction business.

Note: Important for you to consider the type of business you want to go into. For example, with most small retail and service businesses, you must be able to deal with the public, to succeed, you must enjoy what you are doing. If you choose manufacturing or construction, you should possess the requisite experience and knowledge in those fields.

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