How to start a small business

There many people in the world who spend their entire lives in working from nine to five in an office

. They keep their saved amount in the bank and accumulate the wealth. On the other hand, there are some people who with just a little bit of effort manage to set up a small business and invest their savings in it. Soon their business gets flourished and they are able to earn a higher amount as compared to the former group of people. Setting up a business does not require any scientific techniques or some extra ordinary skills. However, knowing how to start a small business is very important before you make any final decision.

Getting started with the business plan:

The very first thing where most of the people get stuck is that how to proceed and what to do next the moment they have decided to initiate a business. Just like any other thing, moving step by step in this field is very important. By moving systematically, you will be enable yourself to make the daunting question,"How to start a small business" an easy one. Remember, there are no good time and no bad time for commencing your business. In prosperous economic conditions, no one is cautious, but it should be kept in mind that playing smartly during the uncertain economic conditions can be equally beneficial for your business. What type of business do you want to start is the second question which pops in mind. Usually people keep on thinking of the new, creative and innovative ideas and merely waste their time. You will never be able to reinvent a wheel unless you are extra ordinary smart. So it is better to keep things simple in the first stage.

The plan of action

Take out a sheet of paper and a pen and start writing few things about your self .Things which you are good at and mention few of your shortcomings as well. It may be possible that you are good with interacting with people and consider yourself to be a problem solver. On the other hand while writing the things in which you are not good at, you may com to know that you are not comfortable with excessive travelling or do not prefer public speaking. This activity will assist you in determining which business you can set up while keeping yourself in the comfort zone. The next stage is to come up with a formal business plan. Once it is in the right format, you can look for some financers in shape of investors and lenders. The main portion in the business plan is financial projection and marketing plan. The three major sources of financing are investors, bank loan and friends and family. With finances in hand, you need to have a legal set p of our business. It could be either partnership or Sole Proprietorship or in some cases could be corporations. The next and the last stage is to make your doors open to the world. For thins a formal set up of office either in home or in some business area.

How to start a small business

By: Henry William

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