Set up Your Own Business –

         Most big businesses started small. They met a need and gave a better service than others.

         To set up your own  business you need a competitive advantage – you need a product or a service that is different, cheaper or better quality than your competitors.

 “What’s in it for me?” “What’s in it for the client.” These  are the questions to ask.”

         First identify a need and then fulfil it.

         Many people start selling at a local market to test the market before going nationwide. Some moved on to the international markets if they have a new or innovative product.

         It’s easy to start a business but to keep it growing takes much work, skills and persistence.

         If you don’t have all the skills, delegate and seek help from others. Seek a distributor, or get people to sell for you. 

A handful of tips to help you set up your own business

* Can you turn your hobby or interests into a business?

        Make sure your new enterprise is a job you enjoy.

         In our book “Secrets for Success” you will find 30 suggestions of hobbies that could be turned into businesses.

* Aim to fulfil a need

        Research the market so you know what is available and what could be improved and assess any competition.

         To succeed you must fulfil a need.

         After retirement, I set up a small business writing and publishing books for the Asian and Pacific markets.          Eighty-six editions have been published by 31 publishers in 18 countries and in 11 languages.

*  Need help?

        You cannot do everything. Very few people have all the skills needed to set up a new business.

         Consider working in a similar type of business to gain experience and to make contacts. Take care not to steal their clients when you start out on your own.

         Study the art of delegation. Learn to delegate tasks to people with good quality skills.

         Often you don’t need new equipment to start a business.  Hire or buy used equipment.

         Get products or units made by others.

         Get others to handle your distribution and sales.

         Market your product very professionally.  Find and use a good designer and printer. 

* Quality and pricing are critical

        If you are producing a product or giving a service you must set high professional standards to compete with similar businesses.

         Employ a good accountant and financial advisers.          Pricing can be critical! 

         Many small businesses can enter the lower end of the market because many large companies have higher costs for buildings, equipment, administrative staff,  and vehicles costs.

*  Prepare a business plan

        The main task when setting up a new business is to write a business plan.

         Your business plan is the most important thing to consider. 

         It doesn’t predict the future but it does help you cope with future contingencies. This will help you clarify your ideas and analyse the proposed project.

         Try to identify future opportunities, possible threats and the consequences of those threats.

         Your business plan is essential if you need to borrow money or buy resources.

         Keep it handy and monitor your progress regularly.

         Create a good image by giving an excellent service.

         Always be professional in your approach; maintain high standards and at all times present yourself looking well-groomed.

-Geoffrey Moss(mossassociates.co.nz)

“Minutes spent planning can save hours when it comes to delivery.”

Source:   “Secrets for Success. This book could change your life”. Published by Moss Associates Ltd and Cengage Learning Asia. Also available as an e-book from Amazon.com. For those in need download our FREE book “NO JOB! WHAT NOW? from mossassociates.co.nz