Any successful entrepreneur will attest to the fact that the power of business is to start small. This does not mean that you are not bound to fail in your business activities; failure is part of the success story. What they mean by starting small is that first you need to have the idea in mind and look for the best way to implement it. This could be whether you are already working or you are jobless and would love to make money from the business. When you have a job, you are financially stable. It has its own advantages and disadvantages. The advantage of it is the fact that you do not need to strain financially to fund the business as well as get your daily income. Its main disadvantage is that you will not give the business your all now that you have a back up a financial plan. There is also the possibility of using your income to the business such that you will not have proper accountability on whether the business is making profit or loss. You can only curb this by having an autonomous financial system away from your normal income.
Here are five steps of how to start small in a biz 2 biz enterprise
Carry out your research
Not all business is viable based on your location. This depends on many factors which include competition, technological advancement, and the market. While doing the research you have to run a SWOT (Strengths, weaknesses, opportunities, and Threats) analysis of the business just to be sure of the market survey results. It is during the research period that you also need to make sure that you have the right information concerning the specific business.
Have a business plan
You need to have a plan which includes all the details of the business. In the plan, you need to have a financial flow, objectives of the business, its mission and vision and well the business structure. This is a hypothetical view of what you need to expect in the business with all the other factors considered. This is the point you need to specify all the financial sources including the amount. Narrow it down to both liabilities and assets that you may need in the business.
Legalize the business
The legality of the business is something you cannot afford to compromise. Get all the permits and the legal structures in place to avoid being in the wrong hands of the law. If there are some that may need time you need to start early. Take note all the financial implications should be stated out in the business plan.
Choose a location
You now have all the theoretical view of what you expect from the business. It is now time to choose your location with the SWOT analysis in mind. As much as this is just theory it needs to display the practical view of what is expected.
Start your business
It is now time to start the business. Get all that you need and just begin with little stock as you progress based on the market.
There is no guarantee of success. All you need is flexibility s your entrepreneur. Learn the market trends and changes were possible to take advantage of the peak times.