Thursday, February 19, 2009

How do I start a business?

A good business venture starts with a good idea; the more creative or unique it is, the better. Good ideas don’t need to be totally new, but it has to be different or better than existing product or service offering and offered at good value to make your venture competitive.

Conduct a competitive analysis of your market and industry, trends, specific consumer insights and needs, products/brands that address those needs (if at all or maybe partially), their pricing, quality, promotions, distribution, service. Be aware of the outside influences that affect your business. You must be able to clearly identify your target market, product differentiation, product positioning (or the unique selling proposition) why the market should buy your product, your projected sales volume and revenues, your distribution channels, your costings, sources of materials, labor, capital, your expected profits, and project this year-by-year. Many good ideas fail as businesses because aspiring entrepreneurs overlook the nitty-gritty of starting a business.

Having a business that truly interests you is a plus. Like having a job, having a business you’re not interested in will easily wear you out when problems arise. Make sure that you have a passion for owning a business and for the particular business you’re planning.

If you’re really interested, willing and able to start a business, but you can’t come up with a good idea, franchising is an option. Franchising is a business model where a person buys the license to do business under an existing business’ trademark and methods in exchange of a royalty fee. You can contact reputable franchising groups like the Association of Filipino Franchisers and the Philippine Franchise Association.


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