starting a business

6 Tips for Starting a Small Business

By John Lee

Starting your own business is no small feat. The beginning is without a doubt one of the hardest phases you’ll go through as you venture into the business sphere. One crucial point that neophyte entrepreneurs need to understand is that business constantly evolves. The key to keeping your brand solvent is adapting a discipline that can cope with all these changes. Whether we’re talking about advancements in technology or a switch in customer behavior patterns, smart business people know how to play their cards to their advantage.

Here are six key tips for starting your own small business.

1. Research and choose the right business opportunity.

There are just too many opportunities to choose from. Whether you decide to go for something you really like doing or a service that’s currently in demand, you need to play to your strengths. If you want to try something new, make sure you embrace the idea that you’ll be doing that business long term.

2. Make a business plan.

It doesn’t have to be large-scale or ambitious. What it needs is precision and carefully thought detail. Start low-key and simple. Write all essential facts and figures and go through it again and again ‘til you get satisfied. An average business plan should not omit any of the following:

  • Your action plan
  • Business strategies
  • Main objectives
  • Vision & mission

A good business plan can also have contingency measures in case problems arise.

3. Get the money ready.

The next step to do after getting your business blueprint ready is to prepare your funding. By fund we’re not just talking about capital and costs; this covers everything including emergency expenses. Again, keep costs low, especially when you’re on a tight budget or if you’re self-funding. If in case you have ample funding, do not go on a shopping spree for store décor or equipment that you won’t really use. Concentrate your cash on spendings that are absolutely necessary. You can make a list of important expenses based on hierarchy to help you decide which to buy and which to not.

4. Find the right location.

There’s such a thing as strategic location. While still considering your budget, pick a place that’s accessible and populated. Especially if your products are for pick up, you need to make sure that your customers won’t get lost for hours trying to find your store. A spot that people are familiar with is also a good option. Invest in Google Maps as well.

5. Secure permits and licenses.

Never entertain the idea that you can get away with an unregistered business. Go to all concerned government agencies like the Tax Bureau and the local office that releases business permits in your area. Be thorough. Make sure you don’t miss any detail to avoid having trouble with the authorities.

6. Advertise. 

Narrow down your list of marketing options to those that really work. Social media is a no brainer. Set up a Facebook or Instagram account and tell your friends about your new business. You can also use traditional materials like brochures and tarpaulins.

Subscribe to the Small Business Bonfire Newsletter
And get your free one-page marketing plan template.
John Lee on Facebook
John Lee
John Lee is a freelance writer and business enthusiast. He currently writes and blogs for SAP Philippines, one of the top SAP companies in the Philippines.

5 comments

Get RSS Feed
  1. Good to not be worry about failure and try to achieve your dream business. In this time, you have many choices how to reach perfect opportunity with minimal costs. One of them is find popular location of your business. For these, you can try Hubs, coworking spaces or special types of virtual offices, to save costs and get well known address. Then just with good team and smart plan go for it!

  2. I agree with Verona. As a startup business, you have to consider various options that could totally dictate the future of your business in the next few months. Finding the right location is indeed one of the most important factors to consider first. Having a strategic location for your business automatically adds up to its overall image. Imagine having an office space or subscribing in a coworking space membership in a province where very few of your target market is present, compared to having an office in major central business districts wherein almost all of your target market is reachable and has a great chance of being discovered by potential clients around the metro.

  3. Making a business plan is absolutely crucial, ensuring you have a plan to grow and build as you go along. Very good article thank you.

  4. It is actually a great and helpful piece of information. I am satisfied that you simply shared this helpful information with us. Please stay us informed like this. Thanks for sharing.

  5. Love this article. Thanx for sharing business tips with us. Nowadays, It is necessary for the entrepreneur to aware of the latest trends in the financial market. So they will choose the right way.

    Once again, Good work! Keep updating us such posts.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.