Small Business Ideas For First Time Business Entrepreneurs

Small Business Ideas for First Time Business Entrepreneurs
By Jan Smith

If you have recently become unemployed during this current financial hiatus, you may be thinking of starting your own small business and are looking around for some viable ideas. Life in the commercial world is considerably different to living life as an employee and just because you are currently unemployed is not a good reason to start your own business.

To be a successful commercial enterprise requires an entrepreneurial outlook combined with vision and a burning desire to succeed. This burning desire to succeed is balanced by reaching self-imposed goals based on profits or losses in a balance sheet. It is these profits or loss figures that will determine success or failure of your endeavours.

If your commercial endeavors are either a success or a failure, it will impact on your life far more than anyone realises. If you succeed in commercial life and make heaps of money, your life will change. If your commercial enterprise loses money, it will impact your life far more than anyone will usually tell you. Commerce is a gamble on which you can control the odds more in your favour if you are resourceful, punctilious and cautious. It is a balancing act and is not for everyone.

Franchise

Starting a commercial enterprise today can be fast-tracked by buying into a franchise. This method for a start-up small business is very popular today because it comes with a mentoring side from any good franchise offer.

The mentoring side means that the franchisor (that is, the person who owns the franchise) is supposed to work with you, often supply the necessary supplies for the enterprise and to teach you the things that you need to know.

The reality of this type of business model is often very different to what actually happens. I have worked with many small businesses over the years and the percentage of happy franchisees (that is, the people who have bought into this commercial model) is very different to what actually happens. Many franchisers don't live up to their contractual agreements.

If you are considering this type of popular business model as a start-up for an occupation it can be one that is not the one I would personally recommend.

My Recommendation

My recommendation for you if you are looking for a small business as a first time entrepreneur would be to start something very small - like a 'fish and chip' shop or a convenience store. Start something that is needed in an area that doesn't have one but has the population to use your service as a convenience.

I also recommend learning how to do your own accounting books through night-school while you study the location that you want to set-up your small business in. And talk to people about your proposed idea because it is their feedback that will guide you in assessing your idea for a popular and profitable enterprise.

The best Small business ideas can be found by looking to see what people need and then servicing that need ethically. Honesty and perseverance combined with hard work and diligence will ensure success. For more business advice please visit http://smallbusinessadvice365.com today.

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Tips For The First-Time Small Business Entrepreneur

Tips For The First-Time Small Business Entrepreneur
By Chase Crawford

Are you a first-time small business entrepreneur? You have probably already realized that it is not such an easy thing to start a business even if you have spent months or even years planning it. There will always be some things that you will miss or not expect. To help you a little bit with your endeavor, I have written here some tips and suggestions.

Unless you came from a family that has been running a business for years, your first hand experience with managing a business might be very limited. That is why any help that comes your way should be very much appreciated. This is because not even an MBA degree will be enough to ensure your success right away.

So before I ramble on and get into off topics, here are some entrepreneur tips for every beginning small business owner.

Find a hungry market and satisfy its needs or wants.

Keep in mind that often the success of a business does not lie on how unique or novel a product is but how well it solves the problems of a specific market. For example if your market is the owners of purebred dogs that have long and flowing coat, then one business that you can get into is pet grooming for this kind of dogs. The key is to find a market that has a defined need and then create a product or service that will satisfy that need. You do that and I guarantee your business will soar.

Find a mentor or a business coach.

Look for someone who has been through what you are just about to get into and have become a great success story. This way you will be guided accordingly, allowing you to commit only very small mistakes and avoid the disasters which many other unguided entrepreneurs might experience. While usually you will have to pay for the services of a business coach, it will surely be money well spent. Just think of it as an investment in part of your own business.

Learn to focus.

As much as possible be laser focused when it comes to your business. This is because it is a common fact that a typical small business entrepreneur would jump from one opportunity to another. The problem with this is that they do not get to finish a project. They are seldom able to push through a business into completion because they are distracted with the promise of success with another new opportunity. Avoid doing this if you want to really experience a successful business.

Get ready to get a loan.

Unless you are born rich or you only need very little capital to start your dream business, you might have to apply for some business loans. Just be extra careful when you are getting a loan especially if you have to provide collateral, which is a normal requirement for most loans. You do not want to get more than what you know you will be able to pay.

There you have it. These are just some of the important tips that any small business entrepreneur should know about even before he actually starts on his business. Just learn first all that you can about starting a business and get all the help that you can get just to make sure you can make it even on your first try.

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