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Starting Your Own Business
To start a new business and remain in business profitably, one must be able to adapt to changes in the population, work force and technology, and to the demands of a global marketplace. To address these changing conditions, sound management and organizational practices are more important than ever before. The necessity of increasing productivity of employees, the difficulties in recruiting qualified workers from a shrinking labor force and the importance of devising ways to meet workers' benefits will challenge managers of all small businesses.
Some of the reasons people start new businesses are
* For financial independence
* To be one's own boss
* For creative freedom
* To fully use one's skills
* To be free of other people's policies and procedures
* For personal recognition
Perhaps the most important reason is to make a profit.
Whatever the business, to be successful there must be a need for the particular products or services offered. To determine if your intended business will fill a need, you must first address the
who, what, why, where, when and how of your proposed venture. The following questions will help you:
* Is the business practical?
* What is the competition?
* What is the market for my product or service?
* What is the advantage of my business over existing similar businesses?
* Can I furnish a higher quality product?
* Can a demand be created for my product or service?
* What price will I charge, and how will I determine the best price?
* Am I prepared?
* Do I know where I can get help and information?
* What is an accurate description of the business?
* Where will I locate and why?
* Can I get an affordable lease at the best location?
* What will be the legal structure of the business?
* What will the business be named?
* What equipment and supplies will I need?
* What insurance will I need?
* What skills or experience do I have?
* What are my financial resources?
* What finances are necessary to start and maintain the business?
* How will I compensate myself?
* How will the business be managed day to day?
* How will I identify customers and how will I reach them?
* How will I hire and pay employees?
* How will I best serve the needs of my customers?
Because going into business is a risk, careful preparation is essential. A business plan is critical to determining if the risk of entering into a business is worth taking.
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