Views: 0 Author: Site Editor Publish Time: 2021-12-29 Origin: Site
To start and run a business, it is not enough just to have a good, viable idea. You also need to have the right skills, attitude and personality to make the enterprise succeed.
The best source of information you can find about an area of business, is other business owners. They will tell you in practical terms whether your ideas are feasible or not. To locate similar businesses which can give you advice on any aspect of their business, contact your local Chamber of Commerce.
If you are going to be a business owner you need to have business skills, even more so than technical skills about your product or service. This means you have to understand finance. You need to know how much your idea is going to cost you, whether it will make enough money to pay back these costs and make enough in addition to satisfy your requirements.
The dti (Department of Trade and Industry) recognises that support in the form of advice from specialist organisations is vital and the offer support groups to businesses.
Through these channels – which include commercial banks, retail financial institutions, specialist funds and joint ventures they play an effective role in order to bridge finance gaps that are not addressed by commercial financial institutions in the small business sector.
Look at your market before spending the money. It is good business practice to establish if there is a market for your product before buying expensive equipment. For this reason, it is vital to do research and to prepare a business plan.
Renting manufacturing equipment for this purpose may be a solution. Once the business is up and running you can then consider buying your own machines.
Buying outright can result in a huge drain on cash in the first year of business.