Doing business does not just benefit the business. It is also a sign that a particular locality’s economy is growing. Therefore, the government and the entire community should give importance to the entrepreneurs as they are their partners in progress. New businesses provide jobs for the people and revenue for the government. This is the reason why many businesses should also receive support from the government and from the people in the community.
However, competition is too stiff today. There are so many businesses that offer the same product, with almost the same branding like some Chicago video production businesses. The consumers are confused and often resort to picking brands that are based on their limited knowledge, not based on facts. In addition, the “price war” is killing most of the small businesses, while it discourages aspiring entrepreneurs to open their own business.
If you like to venture in a business with minimum risk, be guided with the following tips:
- Open a business while you are still young or while you are still working. Experience is the best teacher. If you fail on your first attempt, that’s fine. Take it as a learning experience, and then try again. Analyse what went wrong with your first business, then make sure it will not happen again. Don’t invest all your time and all your resources into it. Keep your current job. If you need funds to finance your business, you have your own resources.
- Avoid making debts. If you don’t have your own money to invest, don’t apply for a huge loan and start a business. It is always better to start a business with your own cash. Whatever your profit in your business is, it will not go as a payment for your debt and your interest. Your profit is yours to use for growing your business.
- Hire the right people. Your employees are your partner for success. They should share your visions for your company. A rotten employee cannot hurt a big company that much, but for small start-ups, he can really destroy your business. Don’t hire friends or relatives, as you can mix up business with pleasure. Be there during the screening process to make sure you have a say on who are going to man your business.
- Be resourceful and minimalist. Don’t buy things that you don’t need. Reuse the things that you already have such as the furniture, tables, cabinets, boxes, etc. Don’t pay for advertisement. Do things your own. Ask the support from friends and family. If you really need to buy items, look first on thrift shops or garage sale.