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Asides from being personally ready, you have to consider the basic operational aspects of your business –
the foundation that will keep your operations running smoothly.
Are you ready operationally? Here are a few questions:
1. Do you have a MARKET for your product or service?
Is there a group out there who REALLY has a need for your product or service?
What are their buying patterns – who, what, when, where, why, how do they buy?
Have you tried “testing” the market – offering to relatives, friends, and local community – and are the results positive?
There are two things you need to take note of –
the number of clients (yung dami ng bibili ng produkto or serbisyo mo), and
their buying frequency (kung gaano sila kadalas bumili at kung gaano katagal sila bibili, para tuloy tuloy ang kita).
2. Do you have the necessary HELP and SUPPORT from people?
Do you have the right mentors to help you with your business (you need to learn from their experiences)?
Do you have the right staff or colleagues to help you?
Will your family help you – kahit moral support lang?
Do you have the RIGHT business partners?
3. Do you have the CAPITAL or RESOURCES to support your business?
Do you have enough money to start your own business – hindi yung uutangin mo yung buong puhunan mo?
If you don’t have enough money, do you have the current resources to fill-up the gaps?
Old appliances, furniture, extra space in your home, special relationships with possible suppliers, online skills to help you sell – any other possible FREE resource can be tapped for your business in lieu of money.
4. Do you have a PLAN?
As mentioned above, your plan should be based on the who, what, where, when, how, and why of your business.
Your plan would provide you the necessary direction that you have to take to start-up your business systematically.
Your plan would also help you cover all the possible operational aspects that you need to consider – financial, marketing, sales, production, administration, human resources, among other things, even if it is just a small business.
Also, your plan would be the best reference point when facing challenges – it would be your guideline in making decisions, particularly when faced with issues and you have to make a tough call.
A lot of small businesses fail due to lack of preparation or readiness to face the numerous responsibilities of having a business. But don’t be discouraged!
Even if you said no to a few of the questions mentioned above, allot time to address your weaknesses or to garner the resources you need to compensate for that weakness.
For us, starting a business would be an avenue to making our dreams come true.
If you have a big reason, your big “Why”, enough to armor you with the courage to face all challenges that will be coming your way, then your business would be a great way to finally achieve your goals.
Share your experiences with us when you started your own business. It would definitely help other readers too!
DP sources and inspiration: *U.B.E., gonegosyo, and feastalabang talks
*U.B.E. – DP’s Universal Bank of Experience