What to Ask Yourself Before Starting a Small Business

• Author: john
• Filed under: Small Business
• Date: Jan 21,2010

• What product/service will you provide?
• Is your idea feasible?
• How will you protect your idea?
• Is there a market for your product/service?
• What skills do you need?
• Who are your competitors?
• What difference will you bring to the market?
• Do you have the financial capacity?

Running Your Own Business – An Adventure into Self Employment

• Author: bizmonies
• Filed under: Small Business
• Date: Dec 11,2009

Running Your Own Business

After years of working in a job. Working for a boss. After always asking, waiting in expectation and accepting tasks from a manager for one’s whole life – it is a giant change in mindset from being a worker to running a business.

What is a Business

Things that you will need to think about when running your own business:

• Income – Income must meet expenses
• Legal Structure – Sole Proprietorship or Sole Trader
• Planning and Overall Management – Vigilance over many aspects are required such as customer service, purchasing supplies, pricing, promotion…
• Financial Management – Paying the bills, planning for future expenses, managing credit, chasing receivables, taxes…
• Marketing – learning about potential customers, pricing, products, advertising, promoting, product distribution…

Managing Risk

Confidence is needed in your own ability to do what you set out to do. As a business owner you have ultimate control and decision making authority. You call the shots. Therefore, if you have a sturdy plan, the greatest risk may be of your own capabilities.

Entrepreneurs seem to thrive on the 3 to 1 shot – a gamble they judge to be exciting but realistic. Although they are unwilling to gamble on long shots, they are more willing to take a chance if their individual skills can affect the probability of success.

Joe Mancuso – How to Start, Finance, and Manage Your Own Small Business

You have made successes in your own field of expertise. Now, to make the transition to a successful self-motivated businessman you must create a plan.

Your Business Plan

If you are starting your business on a credit card some of the following are not  Read the rest of this entry »