Starting a business

Ever since humans discarded hunting for food, commerce has prospered to support us in all areas of our life. Some choose to work for others, while some work for themselves. Many will find starting a business an attractive proposition. There are many businesses one can begin and each industry has its uniqueness. But one of the aims of each one of these is to provide sufficient income for the business owner to pay for all the commitments of the business and to provide for his personal expenses.

Is it easy to start a business?

The answer is of course it depends on what type of business you venture into. Small businesses and big businesses differ in many aspects. The complexity increases as the business gets bigger in terms of financial requirements, staffing needs, infrastructure, promotion, and many others.

The smaller businesses will be the easiest to start. Being easy to start means, competition will be plentiful. The person who provides the best value for the products or services will eventually survive. Thus many businesses fail in the first year of operations, regardless of the size of the business.

How do we ensure the success?

Business is a team play, i.e., all areas in a business must be properly taken care of. There are many functions within businesses such as production, marketing, sales, accounting, human resources, etc. In a small business these functions could be handled by just one person with some services being outsourced. However, each function must work together with one another. Thus it is technically a team play.

Other success factors include sufficient back up by financially strong parties to help tide matters until profitability is attained. These may be individuals or financial institutions. Many forms are financing are now available. Experts in finance will also be a team member.

How do we put all these together?

A business plan will certainly come in handy. Do not believe anyone who says he has it all in his head! Many other factors must be covered. Some businesses require licensing. Requirements of town councils may sometimes be a necessity. Environmental safety could also be a factor.

Starting a business is easy but ensuring its success require more work and a professional business plan writer would certainly assist.

Good luck!

27 October 2014.

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