Own Business: What Should We Do?

In: How to December 22nd, 2016

Our site can offer you the best paper writer. We fulfill demands of our customers. Today our team want to talk about business. Creation of new business is possible at any time. Adverse circumstances, period or time is not the problem for it. All that you need for creation of business is only your attitude and determination.  The thoughts, which show that you are not ready for the creation of business:

  • This idea absolutely will work, but I do not have enough money for development of business;
  • It is necessary to earn more and faster in order to pay off debts;
  • I cannot stand anymore my boss. I resign immediately and start my own business;
  • All my friends have own firms. Am I sillier than they are?

Thoughts, which show that you are ready for the creation of business:

  • I am very successful at it, and now this product or service is in demand on the market;
  • The sum of capital is not enough to start, but I will not borrow money – the risk of losing everything is too high;
  • As long as business does not begin to generate additional income, I need to create an additional source or a reliable reserve;
  • When I leave the work, I will not be controlled or directed;
  • It is necessary to become more organized and disciplined now.

If your thoughts are harmonious with the first unit, you are not ready to create own business. Entrepreneurship requires a sober calculation and a responsible attitude to business. However, most of humanity remains in the grip of delusions. It is because of this so many bankruptcies among the newcomers, and so few successful projects.The main myths:

  • It is impossible to start a business without a big sum of money and good connections;
  • Bandits will take all;
  • It is unprofitable to pay taxes;
  • I do not have entrepreneurial talent.

These fears are familiar to us. All this can be easily overcome in reality. Right attitude and elementary financial literacy are only important for you. The “iron” rules for those, who want to build a successful business:

  • Do not take credit for the organization of business, if you do not have experience;
  • Prepare for setbacks, try to provide all the options;
  • Tune in to win, but think through your actions in case of defeat;
  • Do not use for the creation of business sources, which you collect for other needs (payments on loans, children’s education);
  • Study most particularly the conditions on the market and analyze own resources;
  • Talk to experienced and successful entrepreneurs;
  • Do not put money in the suspicious projects;
  • Choose the area, in which you are professional;
  • Draw up the plans of your actions, clearly organize each stage;
  • Possibility of failures is high, but you should not give up after first difficulties.

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Seven Main Steps In Creation of Your Own Business

Every business is unique. However, there are basic and common steps for all types of business, that you should need to go.

1. Determine with direction. It is extremely important to remember that customers are willing to pay only for the qualitative solution one of their problems or satisfaction of any need. Therefore, you need to determine, what you can offer to them. Systemic is crucial in business. Therefore, you should approach to this step with utmost seriousness. Make a list of the ten activities, with which you cope better in compare with others. Do not analyze, whether it is really to make money on them and how much money you need for the organization of business. It is only your talents or skills for now. It is possible, that you compile this list in five minutes. Nevertheless, possibility is not excluded that reflection and analysis will take a month. This will be a very important productive period, because you review and analyze the very important things. Everything is ready. Now, you should select the types of activities, from which you enjoy. Perhaps you did not even think to make this activity as source of business and considered only as hobby. However, mainly these areas should be considered as an idea for business. It is not possible to anybody to waste own powers in unloved business.

2. Explore the market and choose your own niche. After the determination with direction, you should examine the situation in the city. First, found out the number of potential competitors. You can ask your friends to visit every company or a part of company as a client. In this case, you will get clear picture of strong and weak sides of competitors. All data should be recorded on paper and organized in the comparative tables. After a clear analysis, you will be able to enter the market with more attractive conditions for customers.

3. Create a unique selling proposition. It should be short, but as accurate as possible to show your occupation and main advantages. For example: “Bureau of Translations. We work quickly, efficiently and at a reasonable price.” Such proposal may be placed on the Internet or you can print ads or brochures and organize their distribution. It is important to include the contacts of your company. When interested customers contact you, you will be able to discuss in more details the terms of cooperation.

4. Make a business plan. Majority considers this the most important stage as a mere formality, required only for obtaining credits or attraction of investors. This is a serious misconception. Business plan consists of the description of the initial situation, market analysis, perspectives, clear plan of organization’s development and development of business. Each of the points requires careful analysis and sober assessment of the factors. Creation of successful business is impossible without it. This is guide and road map of your activity. Qualitative business plan will provide the key risks and prepare for obstacles, which are sure to arise. It is important to choose main actions, which affect mostly on success and focus on them maximum of efforts and sources.

5. Get to the work. Preparation of organization can take several months. However, coming out on a low start you should not protract and hesitate the process. You should act decisively and quickly. You already have a unique selling proposition. It is enough in order to attract the first customers. Begin to advertise your services with a circle of close friends. If your services are not in demand among your friends, you can ask to recommend you and provide the contacts of those who need in your services.

6. The first orders. How can you dispose of profit? Is it needless to say, that the first customers should be serviced on the highest level? First clients are most important clients. Their assessment of your service, recommendations, and reviews make radically change the approach of your doing of business, or let grow wings behind your back and confidently go to the triumphant flight. Carrying out the first orders, you set a certain level of quality. You must not omit it, but it is necessary to raise it. You must not spend first profit on the satisfaction of personal needs in any case. Experienced financiers and entrepreneurs recommend not displaying the profit of the business and using it exclusively for the development and payment of current expenses before entering the return.

What is meant under the term of development? All depends on your type of business. If it is trade, then you should expand its range. In sphere of services, the profit is invested in improvement. Are you engaged in production? Purchase of raw materials, new equipment and employees. If you have worked hard under the creation of business plan, you definitely have ideas where to invest first profit of business. The concept of development also includes increase of training’s level. Look for every opportunity for personal training and training of your employees. Take part in the trainings, exhibitions, conferences and buy the book. An additional bonus is in new acquaintance with the best representatives in your sphere. As a rule, they lead to a profitable partnership.

7. Carry out an impartial analysis of the results and begin to expand. You should always make analysis of the results and sum up the interim results. This allows you to quickly find errors and correct them. Focus on assessing the effectiveness of methods of doing business. Discard without regrets those methods, which bring no income and only consume resources. Instead, you should pay more attention to efficient methods. If you have already reached a certain level of income and business works steadily and consistently, it is time to expand.

Conclusion

Do you think that these tips are too simple and trivial? So why only four percent of businessmen-beginners succeeds. Economist’s researches show that most beginners do not adhere to basic norms of doing business, which are required for sustainable development and prosperity. As a result, myths about the incredible complexity of one’s own business spread worldwide. The model described above does not affect all aspects and nuances of doing business. Each sphere has its own characteristics, but they are taken into account in the process of preparing a business plan. This model indicates and describes the most important steps towards the creation of business. Failure to comply one of these steps leads to bad consequences. All that you need is to level up your creativity.