by Revodem Avarientos
Nowadays, anyone who has desire, discipline and enough free time can venture into a small business to earn extra income. Maybe you are that person and you are wondering how have a business of your own.
Where to begin?
To start, you need to have capital. Try to review your monthly budget and your monthly expenses. I suggest you identify your family needs and wants. Then categorize the list according to importance. Needs like food, transportation and utilities should be priorities. You need to set aside an amount for your tithes as well.
If you can let go of the “wants” temporarily and put that money into your business savings, that will give you a good start in building your capital. Now, go back to your need list and decide if there is a way to minimize the cost of your needs expenses to add more to your savings.
If you do not have enough money, is there a way for you to venture out in business?
One quick way is to enter into microfinance. There are many organizations who offer small loans to “would be” entrepreneurs which offer less interest than traditional loaning sources.
What considerations should you take when starting a business?
• Your business should be covered by your capital.
• Venture into a type of business wherein you are interested and knowledgeable. You cannot sell what you don’t know.
• You must have enough free time to manage your business.
• You must consider your immediate target market and the “sell-ability” of your product or service.
What personal characteristics should you have to start a business?
• You must be willing to learn new things, especially about your product and customers.
• Be willing to socialize, to mingle with your customers and business partners.
• You must be disciplined.
• You must be committed to the end.
• You must be honest with your customers and with God.
