starting a business
@carloadriancanon (206)
Philippines
March 30, 2010 9:21pm CST
Hi all,
I am planning to start a small business. But I don't know how to start. Please give me some tips on how to start a small business. What are the factors to be considered before starting up a small business?
6 responses
@770876 (151)
• Malaysia
31 Mar 10
As my opinion, you should know what is your interests. Then you can do some investigation from market, After you know very well, You should know your budge. Then you will decide what you will do? Hope that can help you.
@carloadriancanon (206)
• Philippines
31 Mar 10
Thanks for your helpful opinion. I'll do what you have suggested. I hope that I can become succesful.
@Beautyfactor (1512)
•
31 Mar 10
Firstly you need to know your competition and then you can begin to plan and plot so you can be competative when it comes to your prices. You are also going to need a business plan and you are going to have to have a good workig knowledge of your finances. Write a list of what your outgoings and business expenditures will be to find out if your business idea is a viable opportunity.
You also have to find out about taxes, what you have to pay and when you have to pay them. It would be a good idea to employ the services of an accountant to discuss these sorts of things.
This is all I can think of foe now, if I come up with anything else I will let you know.
Good luck :)
@carloadriancanon (206)
• Philippines
1 Apr 10
Thank you so much for the the reply.It's really very helpful. I'll let you know about the development of my business.
@ersmommy1 (12588)
• United States
31 Mar 10
For me one of the factors was LOW start up cost. That is why I started with AVON. THe start up cost was $10. You can't beat that.
@meowcow (931)
• Philippines
1 Apr 10
start by minimizing the cost of capital. for example, if you want to start handicrafts, you have to find the cheapest materials you can find. while still maintaining the quality of the product. for that i'd look into buying the materials from third world countries like the Philippines. I'm well versed with the resources here so PM me if you need any further assistance or advice. Hope this helps good luck with your venture! :)
@redphile (2264)
• Philippines
31 Mar 10
well, it should be something helpful and something that you really want. Me, i have a cellphone loading business, its fun and i know that everyone has a cellphone and that they always need to load up credits to use their phones.
@tummy0423 (33)
•
31 Mar 10
Hi there... all i can say is the best business you can do is where is your interests is... i have a small business, it is a food business i am in that business because i like to eat tasty foods but i really don't like eating much i just like to taste food and i love to experiment on tastes... anyway if you like electronics, i think the best market is the buy and sell market... i hope it help what i say.. :) good luck...