Tips on How to Start a Small Business

Did you ever dream about owning top ranking multinational company with an office edifice adding to the gorgeous Makati skyline? Do you want to be your own boss and earn tons of money?
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Oct. 19, 2012 - PRLog -- Did you ever dream about owning top ranking multinational company with an office edifice adding to the gorgeous Makati skyline? Do you want to be your own boss and earn tons of money?

Before you achieve all of that, you first have to start small.

Most successful businesses ( have started as small humble enterprises. They have worked their way up, gathering gems of entrepreneurial wisdom on the way. Whatever crisis, financial or otherwise, have come their way, they remained strong as they use their mistakes as lessons. Are you ready to try and venture into business? Follow these steps.

1. Know what kind of business you want to pursue.

What are your passions? It’s important to use your heart, not only your mind, in doing business. Doing something that you love added with the fervent desire to be an entrepreneur will be the keys to your success. If you love cooking, go into the food industry. If you love clothes, go into the fashion industry. It will not feel like you’re doing work if you find joy in what you do.

2. Formulate a business plan.

Write down your first financial plan. How much capital do you need to cover your basic expenses? How much do you need to earn to recover those cash outs until you break even? You also need to devise your marketing strategy. Who will be your target market? Who are your competitors? How much will be your product’s price? Where will your store be found? How will the people know about your business? Determine these things and you’re well on your way. Remember, those who fail to plan are planning to fail.

3. Get money for capital.

Give up spending for pointless luxuries and save money for start-up cash. It’s best if you can raise at least twice your expected capital for future incidental expenses. If your paycheck cannot bear the burden of raising that much money, ask your friends and family if you could borrow cash for capital. You could also apply for a loan as most government banks aim to support small businesses (

4. Register your business.

Make your business legal. Think of a unique and catchy name and visit the Department of Trade and Industry to have it registered. After that, get a barangay clearance, business permit from the city hall and do other necessary transactions with the BIR.

5. Do pre-operation tasks.

It’s time to use your marketing strategy and set up your business in your predetermined location. Buy supplies and raw materials. Start production you have chosen to set up a product-related business. Give out flyers or do your promotional activities so people will know that your business exists.

6. Open your store.

Now is the time to really do business and open your doors to the public. During the first month, monitor the inflow and outflow of cash. See if people respond well to your marketing strategies and revise your plan if something’s not quite right. After you have slaved to bring your business to life, you have to nurture it for it to grow.

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Tags:Entrepreneurship, Retail, Small Business
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