how to start your own business

Ever thought about starting your own business yet not know how? Don’t worry. It happens to a good number of people. Big or small business persons encounter such a problem and they break it down into pieces to conquer the problem one step at a time. I do believe that there are many things to consider when starting a business and these factors are the very same ones a business person must keep in mind throughout the life of the business they own and manage.

I am a business student and have studied the ins and outs of my field for about four years now. I have practiced some of the theories in my life as a student and as a small time business woman. And so, I would like to share to my readers what I’ve learned. Perhaps, you might learn from me and can decide to start your own business, be it small time or not.
The first thing to consider if you are planning to start a business is your financial capacity. Are the resources enough for the business you want? If so, then you can now begin to plan for the business that you wish to have.
It is necessary that a study must be conducted. For some, this is very costly. Truth is, it is. Some companies opt to hire a researcher or an analyst to perform the study and a researcher’s compensation fee could certainly be financially draining. But again, you need not worry. You can perform the study with limited help. What you need to keep in mind is simply the SWOT. That is short for Strengths, Weaknesses, Opportunities, and Threats of the business you want to put up and run for as long as you want.
Yes, you have to point out the strong points of your business. What are the advantages which your business has? Think of an edge. This is an internal study of your business and your strengths could be anything you can find within your establishment. It could be your facilities, your people, your effectiveness, and efficiency. List everything you can find. You’ll find it very satisfying.
But most certainly, all business are not made up of purely strengths. The biggest companies that seem to be all powerful and are front liners of their respective industries also hold weaknesses and if these weak points are not given any attention, then the business has a high possibility of crumbling into pieces until nothing is left of it. So like your strengths, list down your company’s weak points. This is also an internal study and the weaknesses usually revolve around your people and your finances. What percentage is your turn-over rate? Are the attitudes your employees display contribute much to the welfare of the company? Do you have unions that strongly bang on your office door with their demands that just seem all too much for the organization to give? How long does it take for a client to pay his or her debts? Are your assets liquid? Like your strengths, list every weakness you can find and don’t be discouraged.
The second half of the study concerns the external environment of the business. Ask the question; “what’s in it for me?” but of course, referring to your business. Some people jump in the business world without really thinking of what they can gain from it. that of course, isn’t a smart thing to do. Opportunities for a business are important. Just like how an individual looks for a job opportunity to generate money to spend for himself or herself. A business needs all the opportunities it can get to produce an income that would keep the business running. but if there are opportunities for a business, then there are also threats. To manage your business, you must be mindful of the threats. Threats doesn’t entirely mean your competitors. Since this is a study of your business’ external environment, then you must also consider the location of your business. Is your business easily accessible to your target market? When it rains, does your area easily flood preventing customers from coming and thus, lose an opportunity to transact business? Threats could be plentiful so keep them in tabs. You must know if it weighs more than the opportunities.
Once you know your SWOT, then things begin to look clear and easy to handle. Deciding for your business no longer seems to be a heavy task since you already know the basic things. Be organized, it helps too.
So good luck if you plan to start your business. I hope I was able to help.