Posts Tagged ‘starting a small bussiness’
Starting a Small Business
General guidelines:
- Be willing to put in everything to grow your business. Even though it is possible to get rich quickly, it does not come by lying down. Be willing to live “on bread and water” in order to get your business on its feet.
– Think out of the box. An “out of the box” idea does not need to be a total new product. It may have to do with the structure of your business – how you run it.
– Try to create a business model where you are not indispensable. If you want to retire one day, you must be able to sell or hand over your business to someone else. Besides that, it will also help you to expand or grow your business.
– Build your business around your skills. If you are not a good salesman, avoid engaging in something where you do not feel comfortable. You have to enjoy your work.
– Beware of get rich quick schemes, pyramid schemes, and even multi-level marketing (MLMs). Despite the fact that many of these are illegal, the time you join them, you will probably merely contribute in making someone else rich.
– Structure your business in such a way that you do not do all the work. There are many ways of growing a business without it being necessary to hire employees. E.g. you can work with subcontractors, you can bring in business for someone else and earn a commission, you can bring buyers and sellers together, etc.
Practical tips:
- Plan your strategy. A good, practical business plan will help you to be realistic and determine all the costs and logistics. Try and think through the whole process and budget for it. This is also helpful if you need to acquire a loan.
– Start off with the minimum expenses. See if you can work with other established businesses, e.g. try starting off as consultant / agent.
– Try to avoid hiring expensive office space if you do not have an established clientele. See if you can work from home or an office where you can rely on other means of advertising to get clients except direct visibility.
– Acquire an affordable book keeping system that is right for your business.
– Try to work with what you have as far as possible and try to avoid borrowing money.
– Make sure your business is legal, and that you have all the appropriate documents, that you are registered for taxes / VAT, etc.
– Dream on! It is never too late for a new business idea. Many people have more than one business. You can grow a new business while you have another more established business.
– Good service and business integrity is key to long term success.
Author: Philip Du Toit
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