TRANSFORMING A SMALL BUSINESS
With the current economic down turn and most especially job losses, the number one way to be gainfully employed is entrepreneurship. An entrepreneur is a man or woman who does the overall running of a business or accompany. Every big business today started with a man or a woman as the pioneer or even a group or brothers.
The truth about it is that any big establishment started small with little or enough capital. For you to transform your business into a big one there must be the following; capital, plan, idea, a niche or a hobby, good management and passion. The capital has to do with the funding of the project while the plan has to do with the rules, goals, time frame.
The idea has to do with the necessity. The niche would the kind of project to embark on. Good management would be the needed hands and brains for a good continuity.
Below are some of the things an owner of a business should know before starting up a business.
BUSINESS PLAN a plan defines your business and identifies your goal and serves as your firms resume. The plan should include an income statement, a balance sheet showing the capital assets and the creditors etc it helps allocate resources properly. It provides organized information about your company; it should also contain the product or service you offer.
CAPITAL after writing a good business plan it is ideal to source for fund to start your business, some people have raised capital from family and friends, some have taken loan from micro finance banks. But note it is good to know how much you need to start up so as not to make an insufficient budget. It is the capital that provides for the smooth running of the business daily.
REMUNERATION it is ideal that before starting your business you can conveniently pay the salaries of your staff for at least 3months so that they can work effectively. If the staff can be paid in 3months or more managing them would be a lot easier because they would be compelled to carry out their tasks.
ADVERTISING this depends on the kind of business you do, it is good to advertise in a way that suites your business. Without creating awareness your company is not known for its product or services and also it is better to do outdoor advertising if it is a small business, because it is cheaper to conduct. The advert costs should be well taken care of.
BOARD MEETINGS it is a good way of transforming a new business, when you as the founder can hold discussions with your staff about the company’s progress and short comings, how well the company has faired and the way forward

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