Tips on Starting your own Small Business

Many of us would like to be entrepreneurs in our own right. Whether the motivation comes from contributing something to the community, or to earn additional stable income, going into a business usually starts small.

Small businesses today thrive more than ever now. Government and other private sectors help individuals live the “entrepreneur dream” by providing financial assistance for capital or business expansion.

To help you out in starting your own small business, follow some of these tips:

Study your niche very well.

It takes time and energy to study, research, observe, and survey the niche you are targeting to hop into. Check all the players in that market. Who are the major ones? Who is your direct competitor? See if you still have a place to do business. It is good to know that the pie is big for everyone.

Know your passion.

Most successful businesses are strongly, emotionally related to its owner. Know your passion well and capitalize on it. If you are to do business, it will be an easier job for you if it is your passion. If your heart is into it, the job is not work but a pleasurable thing to do.

Pool the necessary resources.

Finding funding help can be a little challenging if you are not financially prepared. While credit is a good thing to take when investing for a business, it is recommended that you have your own savings or cash to chip in. There are many institutions out there that offer easy terms of payment and low interest for a start-up business.

Think of the manpower that you will need.

Most start-up businesses are family businesses. It is nice to have some support from family members in running your enterprise, but you should also compensate them for their share. There are both advantages and disadvantages of including family in your labor force. The tip is to really think about what will be cost-efficient, and productive for your business. Think reliability, as well.

Check for buyers and suppliers.

This is critical in doing business. In choosing a supplier, look for the one that can give you the lowest operating expenses. Get service quotes and buyer quotes, as well. Know who your buyers really are, too. Think of your audience.

These are just some of the few tips you can follow. Seminars and trainings are also helpful to attend when you are going to start your own small business. Remember, big things start from small beginnings.

Taken from various Article sites. 

Written by Bizman2008

Business in the Internet

Following the recent SEMCON 2008 (Search Engine Marketing Conference 2008) in the Philippines, I was surprised to find out that business owners have already outnumbered IT practitioners (i.e. SEO Specialists like me, and other web evangelists) in such tech conferences. In fact, those who were asking challenging questions from the speakers were the non-tech entrepreneurs. This is a good sign that the Philippine market community is growing fond of embracing the benefits technology like the Internet can offer.

To name some of the goodies one can enjoy now that the web is steadily becoming a vital part of doing business, check out my Top 10 list of the Advantages of being a Netpreneur:

1. Reduce advertising cost via Pay-per-click marketing, rather than doing “Traditional Marketing” (i.e. tv, print, radio, events, etc.)

2. Earn extra income through affiliate marketing – earning money when you make your site visitors click on affiliate ads. See more of that here.

3. Experience a steady source of income though the Google Adsense Program – you earn from Google each time visitors click on your Google-sponsored Ads.

4. Reduce operating cost as you set up a virtual store online – no need to get heavy capital when you set up a physical store.

5. Do business at the comforts of your own home. – this is what I love most about the Internet. I’ve been getting orders and selling goods right here in my own home. Thanks to Multiply.com

6. Do some sideline by being a Problogger, or Web Copywriter-for-hire
7. Do 24-hour customer service via online chat synchronized with your mobile phone!

8. Efficiently track results and returns on investment via various paid advertising platforms. Finally, you can now statistically measure branding and the effects of advertising.

9. Get a chance to be featured in blogs, magazines, and TV shows for being one of the pioneers in doing business through the Internet (we are only a handful here in the Philippines) – that’s free advertising for you, too!

10. And finally, become financially independent without taking too much risk while ROI time comes to you sooner as compared to just doing business without tapping the Internet.

Make technology work for your advantage. It is actually easier than you thought. With so much help Filipinos can get from private sectors like Globe Philippines’ SME initiatives, one can have some business running towards success!