What to keep in Mind to start small business
May 10, 2016 | Neeraj Goel
You can be your own boss, keep your own schedule, and answer to nobody but yourself – no wonder so many people idealize being a small business owner.
To determine whether starting a small business is right for you, it’s essential to know what will be required of you to start and maintain your endeavor:
Time: One of the most important skills you need when balancing a day job with running a small side business is good time management skills.
Money: Starting a business requires cash (or credit) up front, and buying an existing business often requires a large lump sum payment. Unfortunately, many people want to start a business precisely because they don’t have any money.
Patience: Drive and ambition aren’t enough – sometimes the early bird gets the worm, and other times slow and steady wins the race. Be patient, and don’t fall prey to these common misconceptions:
- Don’t Expect to Turn a Profit Immediately.
- Expect Mistakes.
- Realize That You Can’t Make Everyone Happy.
Research: An idea doesn’t need to be unique to be profitable – as long as there’s sufficient demand for your product. In fact, a unique idea won’t necessarily translate into big sales. There’s often a reason nobody sells a product like yours, and that reason may be that nobody wants one.
Business Plan: Creating a basic business plan can be tedious, but it is very important, especially if you seek financial backing from investors or a bank. It’s also a great litmus test of sorts to see if you’re really interested in running a business – if you can’t take the time to write a basic business plan, even if it’s just a single page, you probably are not prepared to undertake the running of a real business.