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You’ve decided to start a small business, but where do you start? Whether you have a great idea for a business or are looking to take over an existing operation, Small Business World can help and guide you on your journey. Accurate and up to date information about starting a small business gives you the best chance for success. At Small Business World we have many pages of start-up information at your disposal, along with an informative mailing list, podcasts, webinars and training this is your one-stop for all you you need to know about small business!
Small business is both a volatile and challenging sector in our economy. It responds to changing economic conditions much faster than the public or corporate sectors. However due to its variety and fragmentation, its true contribution to our overall economy has always been largely underrated.
Small Business is a diverse and challenging career. Today more than ever, the small scale business operator must become a ‘Jack (or Jill) of all trades’. He or she must develop a wide range if management skills to become competent, efficient and successful and to avoid becoming another business closure statistic.
When considering your small business ideas, it is important to distinguish between an idea and an opportunity. Everyone has ideas, each time you make a decision to do something, it is based on an idea or a hunch. On the other hand an opportunity in a business sense, is an idea, which can be commercialized in some way, or turned into a business. When you develop your business plan, you will be going through the process of turning an idea into a business opportunity.
Have you ever asked yourself how small businesses can exist side by side with larger businesses offering the same product or service?
The answer lies in four fundamental strengths of small business:
A small business can be much more flexible than a larger business. Due to the relatively small investment involved a small scale business can quickly respond to the needs of the market, extending and changing the product or service to suit the customer’s requirements and demands.
A small business may concentrate its activities on one or more of these strengths, frequently it will combine all four of the above fundamental strengths into its small scale business operations.
If you are already in business, or have some clear small business ideas, review your current or proposed operations, are your processes streamlined? Is your business easy to deal with from the customer’s perspective? Are you capitalizing on these strengths or s there room for improvement? Attention to these areas in starting a small business will ensure you attract and retain the most important customer of all – those that keep coming back! What does it take to make it in business?