Starting a business can be a very challenging undertaking. It will require from you not just your money, it will also require from you all your energies, skills, talents, and topping all, your time.
Staring a business is not something that can be taken lightly. It is a serious matter because it will not only involve money; it will also require from the would-be entrepreneur his efforts, skills, talents, and time.
In general terms, a businessman is expected to devote all of his resources into the undertaking; this according to a lot of successful entrepreneurs who have been in business for a long time. For would-be entrepreneurs, learning from these seasoned entrepreneurs will help them understand the real meaning of what it means to be in business and what it takes to succeed in business.
It is very likely then, that those who are still contemplating on venturing into a business; they who know very little about the real demands of business; may now have second thoughts whether to pursue the new enterprise considering all the demands their business may require from them.
Prior to giving up the goal or dream, however, would-be or aspiring entrepreneurs must realize that behind all the rigid requirements of entrepreneurship, the reward can also be awesome!
Any type of business undertaking, when managed efficiently and effectively, will afford the entrepreneur the ultimate prize: financial freedom.
If there is one key element that will increase the likelihood of business success; this key is starting right!
How to Start Right
A start up business is born out of an opportunity as identified by the business owner. What needs to be done to increase the chances that the business undertaking will succeed is to look into these opportunities and see whether these five (5) qualities are present:
1. The Opportunity Meets a Critical Need or Solves a Pressing Need or Problem
A business idea, for it to be considered an excellent business opportunity, must meet a critical need. Basically, business is all about answering a need. If there is a critical need for the service or product, then the higher is the likelihood that the business will survive, or better yet, succeed.
When is a “need” considered critical? It is considered critical when nobody else is supplying it, and it is, by nature something that is badly needed.
So look around, or ask yourself … is there something you need, a product or a service, that nobody is serving? This might just be the break you’ve been waiting for!
2. Low Overhead and Startup Costs
Another quality that must be present in a business idea for it to be considered an excellent business opportunity is Low Overhead and Start up Costs. This means that the capital requirement is minimal.
3. Market Niche
According to businessdictionary.com, market niche is the small but profitable segment of a market suitable for focused attention by a marketer.
A market niche is created because there are needs and wants that are not being met or addressed by large businesses. Wise entrepreneurs recognize these market niches and offer products and services that meet these particular needs by the market.
4. Consignment Suppliers
It’s always good for business if there are consignment suppliers. This means that the supplier puts his inventory into your business establishment, you sell it, and you only pay the supplier the items that you have sold.
The best benefit that this arrangement will give you is that you don’t have to tie up your capital in inventory. Of course, there will still be costs that you will have to shoulder, and these costs are called carrying costs. These costs are directly related to inventory storage and management.
5. Repeat Business and Repeat Customers
A business idea can be considered an excellent business opportunity if the possibility of repeat business and repeat customer is certain.
How will you use this to your advantage? The answer is through excellent customer service, which results to customer satisfaction. Happy and satisfied customers will continue to patronize your business and will be loyal to you for a long time. Moreover, because they are happy, through word-of-mouth they can also bring in many additional customers increasing your client base as time progresses. This will do your business good!