Starting and Growing Your Business From Scratch

Hello!! It is a pleasure having you read about starting and growing your own business. This is surely the first step to financial security. As a prospective entrepreneur you most be having the fear of starting and building your business to a point of stability and success. Studies shows that this fear is always caused by inexperience and uncertainty of market situation. So therefore we aught to learn from time-tested principles of how to start and grow your business from the scratch.

Study the business
Before you jump to start any business, you better study the industry critically from the existing business in it. Find out if they are growing, if they are, then find out what is making them grow. Also, if they are coming down, find out what is causing the downturn.
From the existing businesses, find out how you can gain a competitive advantage over them. I advise you to develop a business plan, this will give you a good guide, if it was thoroughly researched and developed.

Source for the start-up capital
Though you can source for your capital from the bank, loan scheme, and cooperative society were your business plan will make it easier to access. Savings still remains the live-wire of any small scale investment. Let me advice you to be careful on the expenditure you incur during set-up so that it does not eat into the capital.

Choose the right location for your business
The location of your business determines to a large extent how long the business will survive. Good access road, power supply, water and other basic facilities should be considered. On the other hand, if you intend to open a small store, observe the area of your desired location and see if the place could attract the kind of market that you envision for your business. Check the kinds of people who frequent the area and study its demographics

Choosing the right staff and motivating them
You have to know how to get the right people for the job as this greatly determine the output and growth of the business. You must also learn how to motivate your staff to get the best out of them.

Have basic knowledge of accounting and record keeping
Without basic accounting knowledge you will find very difficult to know how well your business is doing. Learn how to keep business records from receipt, payment voucher, journals and simple cashbook.

Advertisement and promotion
Advert is very important in any business. You should tell people what you do, so as to generate traffic for business. This could further boost the image and profitability of your business in a little while.

Note: Total devotion to your business, honesty and sincerity to the people that you deal with, will take you to higher levels and allow you to branch out in a matter of time.