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Category - Start ups

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1
Starting A Small Business – What To Think About?
2
Starting A Small Business – Make Sure You Know Why
3
7 Ways Of Financing A Small Business
4
Training Your Employees For Your Absence
5
Decided To Start Your Own Business? What Next?

Starting A Small Business – What To Think About?

This is the second in our series of blog posts about starting a small business, and this week we will look at what you need to think about when you are planning to start a business.

Next week, we will continue and look at the steps you need to take from registrations to opening for business.

Starting a new business is not as simple as deciding what you want to sell and opening your doors – at least, not if you want to build a successful business.

A business is made up of many parts and you need to think about how these parts will work efficiently and at the right quality standards, right from the start, so that you design your successful business from the ground up.

There are three critical parts of a business, no matter what size and no matter what you sell,

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Starting A Small Business – Make Sure You Know Why

This the first of a series of posts about the life-cycle of a business.

First, we will start with the things you need to know and consider when you are starting your small business.

But don’t stop reading if you have already started your business, or if you believe you are operating a “mature” business! You may still learn a thing or two about setting up successful businesses, and you can still use some of these strategies to improve your growth or spurt the next cycle of expansion.

In this post, I will start with making sure you understand why you are starting your small business. In the next few weeks, I will talk about all the things you need to consider, and then later the “how” or steps to take, how to check your business idea through a feasibility check, planning, hiring your first employee, and setting up standard operating procedures.

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7 Ways Of Financing A Small Business

Whether you are starting your small business, or planning to invest to grow an already existing business, you will come to a time when you need to find extra cash.

Here are seven ways you could finance your small business.

But first, we should discuss the good and bad reasons why you are seeking the extra cash to invest in your business.

Good reasons to invest in your business include starting a business with a proven market or product and expanding a profitable business. Starting a business with a totally new idea is riskier, so if you are borrowing money or investing your own savings, you should be aware of the higher risk involved.

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Training Your Employees For Your Absence

Unless you own and wish to continue to own a micro-business where you work on your own in your profession or trade, it is more than likely that as a small business owner you wish to expand and grow your business to the extent that you will be employing people as you grow.

Most of us who run and operate small businesses wish to grow in size – as our sales and profits grow, by necessity we need to scale and grow our workforce so that we can produce more, or meet more customers or provide more services. We are constrained by the number of productive hours we, or anyone we employ, can spend on producing goods or services. So we employ more people.

Some of the new people we employ may not be directly customer-facing. Indeed we may need more and more “back-room” hours from new people – keeping the books, managing the stores, manufacturing or working behind the scenes.

The question is, how do you introduce more and more people and continue to control and manage the business as more and more people do the things that you used to do?

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Decided To Start Your Own Business? What Next?

Have you had enough of working for someone else and decided to start your own business?

Have you just started a new business and it’s in its infancy?

In either case, you may be asking yourself the question “well, here I am, what next?”

Let’s go through a logical number of things you should do when you have decided to start your own business, or even if you have already started but are a bit overwhelmed in those early days.

By the way, I’ve written a free report and checklist about starting your own business which you can get from here.

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