Starting your own small business
Starting your own business is quite easy. It is challenging. You must organized your thoughts and steps to make your success. Think of your everyday life. If your hobby is writing articles then create a publishing business or create your own book and let your colleagues sell it. If you love programming then create your own software development firm or web development firm. You need to know what things you like then it's very easy to run your business. It's like playing. You have fun doing it and at the same time you are earning money on it. You need to plan your business for you to track down what will happen in the future. Follow your dream of owning your own business.. and you're the boss, because it's yours.
To start your own business you must make a list of all skills you possess then decide to choose the best on your hobbies or skills. The bottom line is start what you are doing enjoyable to you. Concentrate on that area of your interest and start from there. Here's the list of steps for your guidance:
1. List down all your skills and hobbies.
2. Select from that hobbies or skills you enjoy most.
3. Research what is the most adaptable business to your skills or hobbies or experiences.
4. Research your area if it is fit on your business.
5. Find the specific area that is most suitable on your business.
6. List down your start-up cost. You may need to get some licensing, transportation expenses, office supplies, computer, printer, phone service, softwares, website, mobile phone and a fax machine.
7. Budget your money because you have to feed your family.
8. If something happen to your budgeting where can you get financing? Who will support you?
9. Make a marketing plan. Create your business cards, brochures, advertisements, website portfolio, awards, schedules, budget, proposals for different industries, receipts, strategies, networks of friends and previous clients, referrals, and other things that may help you in your business.
10. Will you need to hire a staff to answer your telephone calls and some business works or work alone? Think of taking your mother, brother, sister or wife's time to do it for you while you were assisting clients or customers when you start your business.
11. Always make a list of everything and frequently check it.
12. Will you decide to work fulltime or part-time? Think and make a strong decision after you create your business plan if you will quit your job. Many of the starters are not quiting their job, they continue to run their own business and at the same time they earn as steady income while employed. Think of number seven and eight.
13. Think of your Trade Name and Apply for it (ex. here in the Philippines this will cost you P300 plus stamp of P15 then ask then what's next after this. Always ask twice to different people. Apply for Mayor's permit, insurance and/or SEC if corporation). For our Trade Name "Ask4Help Information Technology", we choose it because we are consultants handling services related to I.T. like software and web development. We choose "Ask4Help.Net" for our domain because it says what we are. When choosing a name it must easy to remember.
14. Decide if you want it a sole proprietorship, partnership or corporation. I suggest you use corporate because there are many issues about it, ask your lawyer friend. But it will cost you more.
15. Decide if you will apply for a loan or not. Most businesses use their savings and lend some money to his/her friends or brothers/sisters.
16. Keep all your purchase a low cost as possible. If you can get second hand things then buy it but beware to buy a second hand Computer....Ask the expert on everything you purchase.
17. Do you thing advertising can cost you much money? That's wrong. You have a computer then print your brochures, business cards, flyers, etc. Or use
Associated Websites
your fax machine or photocopier to make more copies of your flyers then use your family members and friends to post in the area you are targeting. Use the local market, church, shopping malls, telephone booths, post offices, schools, plaza, jeepneys, taxis and even calesas (in Binondo). Let them spread it. You will know the impact of word of mouth.
18. Post you business, contact numbers and website address at the telephone directory. Study how your competitors put their ads in the Yellow Pages, then add a unique one like saying we conduct FREE seminars or free consultancy on how to select a web developer if you are web developer or saying FREE consultancy on how to select a Computer Consultant if you are a computer consultant... always put the word FREE because everyone wants FREE.
19. Select your target customers at Yellow Pages. Ask friends or colleagues the names of decision makers they know on those list.
20. Use your telephone, fax machine, computer and mobile phone. Fax a proposal or letter of setting up a meeting. Texting is best when you saw a mobile number because mostly it is the decision maker's number. Collect old and new magazines and newspapers because you can get contacts there. Cold calling is hard at the first time but you can get it easier in practicing all words and phrases of your sales call script. Remember to write a script. Concentrate on what customer is saying. Make sure to let the customer do the talking because you can get more information on what the customer is saying. Keep your language simple and understandable. Use simple words. Be patient. In cold calling, say you name name and company name, then go directly to the decision maker. If the secretary filters you, you must give less information and always make an action to go directly to the decision maker. Use your friend as an example, write a script then ask it to your friend and portray as a client. Always improve your communication, marketing and negotiation skills, select a book or two in the bookstore then filter the content before buying it. Study your favorite movies and actors, with them you can discover techniques to negotiate well. Portray like an actor in selling. Before the film rolls try to know what is the best approach before you do your best to do it in action.
21. If you think your own garage is fit to your business then make it comportable but be sure that your office garage is accessible to your clients. Or rent an office space with enough parking space near to your target market. Then setup your office. Make sure you have a drawer, table, chairs, telephone, fax machine, printer and office supplies. Make a list of everything on your computer and set-up your softwares.
22. Set your working hours and be sure to stick to them. Let your family and friends knows your schedule so that they can't bother you on your working hours, practice it and make it a hobby. Remember business is business.
After you do the 22 steps. Make yourself flexible and be serious about your business. All things must be well written. Plan ahead. Research. Change your plans if necessary. Buy books or CDs or use your computer to research in the Internet for freebies. Your Business Plan is your guide so please make it your diary.
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