Featurette

Business Basics

There comes a time when almost everyone has said to themselves; "I should start my own business?" Although you never know if you're really the type of person who can, indeed, run your own business, you'll never know until you try.

Most people start their business from home and grow into a storefront or building of some sort. While others start out with a medium to large investment of money, buy whatever they think the business will need, and hope the venture will build itself. Either way, the purpose of being in business is to make money.

You will earn your money by providing a product or service you will trade for money. What product or service you choose to sell is entirely up to you. But first, there are a few basic building blocks which all businesses have as their foundation.

The name is one of these first building blocks and choosing a name for your business can be as simple as using a name that will convey to others what you wish to sell, such as: "Diapers O Plenty" You can simply use your own name and include a line of text to describe your service, such as: Margaret Genner - "The cleaning lady with the pink mop"

The next thing to give thought to is an address. Not every business will necessarily use their own address, for any number of reasons. Perhaps they don't want to bring business into their home at this point in time, they are not sure if they will continue a current lease, or they are co-tenants with a conflicting business.

However, people need the reassurance of dealing with an established operation. At the very least, any one starting out should avail themselves of a post office box. It's the cheapest rent in town.

Next, how are people interested in your product or service going to contact you and how and when are you going to respond? You probably already have a phone, answering machine, and beeper. The more ways a potential client can contact you, the more chances you have of making a sale. Let them know what days and hours you will be available. When you do get a call, respond as quickly as possible, even if you have to use a pay phone.

Now for the tough one. Finding the customer and /or having them find you! The first thing is to tell everyone you know or have ever met what you're doing. Get the smallest amount of business cards made, to keep your initial outlay as low as possible. Give one to anyone and everyone that will take one.

You can also make up a flyer describing your product or service, and leave them everywhere (always ask for permission), so that people can see or visualize what you are selling and how it may benefit them. If you have a price in mind, put it down on that same flyer, it can save a lot of time on the phone trying to sell something that people can't or won't spend money on ordinarily or it MAY be the best price they ever saw and they will want to do business with you.

Another advertising possibility: the Internet. The latest thing in advertising is this Internet thing. Yes, Virginia it does work! It takes an average of three to four months to realize that your business is getting a boost from it, but I have to say, it is the most inexpensive advertising medium around hands down. Look into it.

I hope what little I've written helps you make the move you've only been thinking about until now. Come on in, the waters fine! When you finally do make the move, Good Luck to you!

If you would like a more in-depth article or articles on this subject, let the folks at BronxWorld know.

Regards,

David S., M.B.A.