Eric Dalius on Some Indispensable Pointers to Consider While Planning a Business

To begin a business is likely to be motivating, particularly for the first timers or those who work from 8 am to 5 pm. Starting a business can be encouraging, thinking about the freedom not to work for 9 long hours within a confined space, no requirement for reporting to the boss, and above all, the chances of endless profit. Though to start something on your own can be the right decision, it can be challenging and stressful. This is no simple job as this appears to be.

Eric Dalius’s Guide on How to Start a Business

Below are some indispensable pointers that every businessman should consider while planning to start a business,

  • Nature/Type of Business- First and foremost, you need to decide on the nature or type of business that you wish to offer. You need to choose between manufacturing, merchandising, or service.
  • Manufacturing- mixing raw materials, use of equipment and labor, then turn the same into a saleable product. Some examples include manufacturers of gadgets, cars, daily essentials, bags, clothing, and others.
  • Merchandising- also known as distribution, trading, wholesale, or retail. It is basically the buying and selling of goods. Some examples include online resellers, retail outlets, department stores, grocery, and others.
  • Service- this can be either expertise and selling time like marketing, IT, event organizers, professionals, and others, or this can include spa, salon, transportation, food kiosks, restaurants, and others.
  • The balance between Life and Business- To begin a business will be something one does for enriching their life and taking pleasure. This does not mean replacing their life. There should always be the right to balance life and business. Doing business does not mean spending countless hours within the walls of the business or on the road, not having any social life or time for family and friends, as there are chances that one’s business may fail to survive. This is fine if their loved ones are with them, yet a disaster if they are left on their own for picking up the pieces. On the contrary, if the business turns successful, they will have all the people around for sharing success with them. When there is a balance between business and work, this will result in a win-win situation. Getting support from loved ones will increase one’s chance to succeed in business significantly.
  • Expertise or Knowledge- After deciding what business one desires to start, they will require gaining the needed expertise and knowledge to begin the business. It may need ample research and planning, yet in the end, these efforts and hard work will make sure that they have all things in place for getting their business concept off the ground. At this stage, having a good business plan will be beneficial. It will tell them whether their business will stay in the market as well as whether the concept will be profitable or worth proceeding with. When one has knowledge, they can construct one by themselves. If not, they can consult a business consultant for doing it for them. They will, in the meantime, require continuing with their research to keep their knowledge up-to-date.
  • Staff- One’s staff or employees are those who can break or do their business. In the absence of efficient manpower, a business will never succeed, says Eric Dalius. This said an effective staffing strategy requires being in place to cut down on staff replacement expenses. One can hire a recruitment firm’s services or use different recruitment tools for filling in their positions with the appropriate talent. Along with hiring good staff, one also needs to consider the training. It will make sure their staff is in the correct position to handle their responsibilities and cater to the expectations they have set for the staff. Last but not least, they will require thinking regarding their perks and salaries for keeping them motivated at work.
  • Location- One’s business location is a vital constituent prior to beginning a business. This location is usually determined by the demographic, the area’s population, the distance amid one’s business and area of residence, the presence of the same business in that area, and one’s residence. Each of these factors plays an imperative part in determining the business’s failure or success.
  • Start-up Capital- One does not think of starting a business and decides to borrow money hastily and begin the business. To begin, a business needs good capital, thinking that something unexpected may crop up with time. Few choices that one may take into consideration would be borrowing money from dear ones, getting a willing investor, or taking loans from banks. However, all these plans may not work every time, particularly when huge amounts are needed. During that time, they should not feel discouraged. The best idea is to begin small and slowly expand when profits start to flow. The business’s success may be a convincing factor for a bank to provide a loan.
  • Online Presence- Today, just about everything is performed online right from the commencement of the business to the growth. Prior to starting a venture, one must have plans to develop a blog or a business website, create an account on different social media platforms, and more. They are the key areas through which people will know regarding their business. One can also use such channels for speaking and chatting to their clients directly. Creating a website for one’s business will serve as the business’s face. Through this site, clients will be able to view what one offers at once and leave comments or questions.

A business is likely to face failure, although this is something that most people are looking ahead to begin a business will wish to hear. Any business is made to be unsuccessful or successful. One needs to be prepared equally for both these situations. In case of loss, one should be capable of picking up and soldering right ahead. This may also indicate that one has missed some steps. Thus, they should use this as a lesson in order to discover where they went wrong.

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