A lot of people will say that starting your own business especially in today’s economic climate is madness. But why? Don’t people need the same services? Do they not need the same products?
Perhaps we have all become more careful with our money and cut down on spending on luxury items and think twice before making a purchase. However we still need to maintain our homes, support our families, have friends and therefore have a social life, etc. Of course, in order to do that we have to work to earn money.
Now that the economy is down and a lot of businesses are downsizing with others disappearing people are worried for their jobs which sometimes creates panic and worry as to what they would do if they were not to work.
But isn’t it now the right time to look at what opportunities are out there? Competition, although still fierce, is nonetheless reducing. One thing that a recession does is filter out those businesses that do not have a plan and strategy in place to cope with difficult and critical situations, businesses that are not flexible enough to adapt and change direction if necessary. This is true of some large businesses, which is where Small and Medium Enterprises (SMEs) have an advantage!
A lot of people I’ve met told me that the reasons they had gone into business were:
FAILING TO PLAN IS PLANNING TO FAIL!
If you are thinking of starting your own business then a lot of work must be done and a lot of points must be considered:
Perhaps we have all become more careful with our money and cut down on spending on luxury items and think twice before making a purchase. However we still need to maintain our homes, support our families, have friends and therefore have a social life, etc. Of course, in order to do that we have to work to earn money.
Now that the economy is down and a lot of businesses are downsizing with others disappearing people are worried for their jobs which sometimes creates panic and worry as to what they would do if they were not to work.
But isn’t it now the right time to look at what opportunities are out there? Competition, although still fierce, is nonetheless reducing. One thing that a recession does is filter out those businesses that do not have a plan and strategy in place to cope with difficult and critical situations, businesses that are not flexible enough to adapt and change direction if necessary. This is true of some large businesses, which is where Small and Medium Enterprises (SMEs) have an advantage!
A lot of people I’ve met told me that the reasons they had gone into business were:
- Redundancy
- Decided that what they were doing for someone they could do for themselves
- Wanted to be their own boss
- Wanted a change in life-style and couldn’t achieve while being employed
FAILING TO PLAN IS PLANNING TO FAIL!
If you are thinking of starting your own business then a lot of work must be done and a lot of points must be considered:
- Legal entity: Sole Trader, Partnership or Limited Company?
- Start-up capital and where it come from
- Sales & Marketing strategy
- What equipment is required
- Premises
- Location
- Pricing levels
- Suppliers, etc.
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