Friday, August 23, 2013

Starting A New Business: Getting Started

Small Business Characteristics
As a business owner, you must know and meet your customers’ needs. You must select your location with an eye to market centers or neighborhoods. You must hire and train your own staff, arrange for banking services and insurance, do your own buying and record keeping, make your own plant, office, or store layout complete with window displays, and promote customer goodwill while maintaining proper credit control.

Because it is necessary for you to know about the many and varied aspects of business, this blog is designed to help you develop basic managerial knowledge. You cannot become an expert in banking, real estate, insurance, purchasing, inventory control, record keeping, regulation, advertising and credit, but there are certain things you should know about each of these subjects. You should also consider turning to specialists who are available in your community.

Also, look for small business workshops and seminars offered by government agencies (such as the Town of Brookhaven Economic Development Office), chambers of commerce, banks, libraries, educational institutions, and trade and professional organizations. They are frequently listed in the business section of your local newspapers.

Getting Started
By your interest in this blog, it is assumed that you have taken a personal inventory of your skills, aptitudes, likes and dislikes and have decided to be your own boss. Studies show that most small business owners choose to strike out on their own for the following reasons:

  1. Pride in Product/Service
  2. Control
  3. Freedom
  4. Flexibility
  5. Self-reliance
  6. Customer Contact
  7. Income
  8. Employee Contact
  9. Recognition
  10. Privacy
  11. Security
  12. Status
  13. Pride in Self-Achievement

Your interests, experience and knowledge of trends in different trades will determine your selection of the kind of business to operate. Assuming you have already made that decision, how much capital – cash and credit – will you need to start a small business?

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