Starting up a business is not as easy as you think it is. There are a lot of challenges involved. Experience is not a pre-requisite, yes, but you have to possess the characteristics of a good businessman at least. It’s okay to start at point zero as long as you are willing to go through the ups and downs of starting a business. Today, I am going to show you how to begin as a newbie and what are the things you need to consider if you want to successfully put up an enterprise.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Taiwan – February 15, 2020
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020
Always start small, especially if you got no experience at all. Like trading stocks, you should avoid getting greedy. You can gradually expand your business if you want but I don’t recommend you investing a really big amount of money if you are a newbie unless you will purchase a franchise. So as much as possible, look for a business with a small startup. Begin with a small physical store and a few stocks. As you start your enterprise, don’t forget to make a plan for your expansion to give you motivations while you run your business.
Have you decided on what products or services you want to sell? If not yet, this is the time to look for them. The lifeline of your business will depend on your products and services, always remember that. You have to look for what’s going to click in the market. You have to find the in-demand products and services that you can sell and market well. Just a quick tip—you can make a business out of your passion. I’ve seen many people do that nowadays. You can try it out if you think it’s going to work. There’s no harm in trying.
When starting your own business, you have to invest in it. You need a specific amount of money, that’s why you need to build up your capital. There are many ways to get the money you need for your business. First, you can take it out of your savings. If you have accumulated enough, that’s a good thing because there is no need to apply for a loan anymore. Your other option is to take out a loan equivalent to the total amount of investment you are planning to use. Just make sure that you are capable of paying your obligations so you won’t deal with business financial problems in the future.
Starting a business is challenging but it’s worth it once you pass the initial failure tests. Everyone undergoes business struggles so make sure to build your tough character.