OWN BUSINESS: WHAT TO TAKE INTO ACCOUNT TO MAKE IT A SUCCESS

The project of having a business of your own is usually a dream that many of us have. Start a business whose profitability depends exclusively on our effort and dedication, is the goal of much. However, there are not many people who achieve it, not at least on the first attempt. In this article, we will share some experiences and tips, which can help you avoid some headaches. 

What should I take into account when starting my own business?

Below is a summary of successful leaders and entrepreneurs:

Study and analyze before taking the first step

When we talk about the first step, we mean investing money. Before signing the rental contract of a commercial establishment or buying a service or merchandise, let's analyze. If we want to start with the business of selling, be it products or services, it is good that we analyze the market. Some questions that you should ask yourself: in the place where I will settle, what is the profile of the population? Are they older people, mostly young, or is it a family environment? That will define the consumer profile. Another question is, do I have a lot of competition in that area? Of what variables will depend the value of the service or products that it offers? 

Search professional advice

Beyond that, it is not very complex or sophisticated, for example, the service we offer, it is always advisable to have professional opinion. But what kind of professional do we refer to? Here the answer will naturally depend on the field in which we move, but there are always two or three professionals that we will need: an accountant or a graduate in economics, a lawyer and a professional linked to the type of service or products that we sell. Remember always that before the law, it is not valid to say: "I did not know".

Estimate the return time of the investment

What do we mean concretely? Let's see an example: we have estimated that we must make an initial investment of 10,000 dollars to open the doors of our commercial premises. But, in how long will I have recovered those $10,000 investment? When we speak of recovered dollars, it is money coming from profits, not cash inflows. Estimating this time is very important so that a plan of payments, of investment and even of expectations, is fulfilled. Maybe you can invest $10,000 today and you do not need to recover them soon. But what happens, on the contrary, you need that money within a year, because with it you have thought to buy machinery or other resources. Nothing like being prevented.

Learn about financial methods and tools

Today we all deal with credit or debit cards and we know how to make a check. But if we enter the business world, and we are the ones who make the payment decisions, we should know a little more than that. There are payment systems, which involve costs for the merchant, there are systems that means receiving payments in deferred form. There are certain forms of payment and collection, which also involve risks. Currently there are many softwares available online that allow you to understand how these tools are handled. There are even accounting programs that allow you to keep your business numbers in a fast and agile way. Invest some time at this point.

Do not forget the zero principle

What is this principle? Having a business of your own does not mean that we will work less than if we were a dependent employee. On the contrary, being our own bosses will demand more dedication, discipline and time availability. It is worth it? That will depend on what we are willing to give and how important the work itself is for us. 

@originalworks