Friday, 26 July 2013

How To Start A Business

Starting a business takes a lot of planning and research, there is no business that you can go into that is easy. That's why you have to plan properly and do a proper research about what you are planning to venture in.

The first thing you have to do is identify the field that you want to invest in, make sure it is a field that you have a passion for and know about. To me it makes no sense you start a business that you know nothing about it simply wont work. If you know about computers like i do then you can start a computer business because you understand the market more and also knows the consumer demands which is the key to any business. 

Secondly you have to raise the capital, what i do is try to avoid the banks because they can be a pain, it is not easy to be paying back loans when you just start out. Reason being is a new business is always slow and you definitely want to keep your monthly expenses minimal. If you have to get finance from the bank try and get the lowest interest rate, and use a bank that you can work with, please avoid loan sharks.

Try and get yourself familiar with the consumers, as i have mention above the consumer is the key to any business without them you will fail. Tell people about what you are doing and try to get a feed back you will be surprise what you could learn from the public.

Pricing is very important, you have to set your price for your goods or services to be competitive in the market place. You can not set your price above the current market price else you wont be competitive, you cannot set it way below the current market price because you wont make a profit so you have to be very careful. 

Go online, the easiest way to start a business and with low capital is online when you doing a online business you don't need a store so right there you save on the rent. Online business require small amount of staff or none at all, that is a great advantage for any new business. 

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