Business

Business Tips & Info

Starting a Business from Scratch

This is the route for the most first-time entrepreneurs. It's more challenging than the other options and if the business is successful, the entrepreneur will have a tremendous sense of satisfaction. It's like dream come true. Any business involves some element of risk, however, and starting from scratch can be very risky, but it offers the individual the greatest amount of personal freedom in determining company direction, development and new markets.

Risk tends to be the highest in new business and most new businesses don't make it. Starting a business requires spending time on planing and clearly understanding how it will operate. The owner manager often must be all things to the business. This means long hours, having a clear understanding of all business aspects and a need to follow a predetermined course.

Failure to do so often leads to a breakdown in business functions, loss of control of the business's direction and an inability to determine where the company stands in the marketplace. All too often, a person with a little money and an interesting idea tries to start a new business and ends up as an unhappy statistic after a year of operation.


ADVANTAGES:

Potential for lower overhead and lower start-up costs.

Gives ability to enter new markets or introduce new products.

Allows greatest personal freedom.

Gives ability to change business practices or directions quickly.


DISADVANTAGES:

Involves greatest risk.

Requires a significant personal and business planing.

Clientele must be developed.


"SUCCESS OF YOUR BUSINESS IS DIRECTLY RELATED TO HOW WELL YOU USE YOUR RESOURCES." ~ wwww.romwell.com

Related Links:

Buying An Established Businesss

Buying A Franchise

The Business Fundamentals

Using Professionals

The Lawyer

The Accountant

The Banker

Market Research

Your Products or Service

Your Customers


Getting a Financial Picture

If you want run successful business you should have real financial picture of a business. Accurate, up-to date records are very important for every aspects of your business. It's certainly not fun, but without accurate records, you simply cannot run a successful business. It is much easier to deal with various tax departments of government or with your banker if your records are complete & comprehensible. Good records will improve your control of cost, help you keep track of your own operations and they will also tell potential lenders or investors about your managerial capabilities. Find out more...



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Did You Know?

Experience has shown that the more focused you are about your target market, the greater your chances of success. You must identify as precisely as possible WHO will buy from you and WHY.

Any target market is broken down into smaller groups or segments known as market segments. The most common market segments are based on age, income, ethnic background, geographic location and education. Find out more...