Start up! More Business Tips for SMEs

By Carina Roncesvalles

The most difficult part of a task is always the start, especially when several options come to mind and the final choice is far from sight. In an attempt to analyze the available business options, the problem of getting started gets complicated with the clutter of information from all forms of media: print, television, radio and online.

The information clutter is mirrored by the endless possibilities in the world of small and medium enterprises (SMEs). This makes analyzing options difficult and setting foot to establish business territory risky.

But the back to basics approach may prove to be handy in starting a business. Sometimes, the attempt to be complex and sophisticated gets in the way and hamper what could have been a smooth start. The following basic steps may be helpful in putting up a small business:

Read education materials and news on the latest trends in micro businesses. There are various online sites readily available via the search engines. To limit your search to the relevant information, it may be wise to choose information materials coming from the Philippines. This way, the information is trimmed down to those applicable to the local market.

Remain abreast on the latest developments in your locality where you are likely to put up your own small enterprise.

Keep in mind that the business you are about to start will require your utmost attention. So make sure that the business is in your own field of interest. This will keep your interest on the business strong. This will also inspire you to continue improving your business since you are in love with what you are doing.

If you think that starting a business will enable you to escape a 9 to 6 job, you are right but not entirely so. Businessmen advice budding entrepreneurs that running a small business will require more time, almost a long 24-hour day.

Be on the lookout for the best location. The success of an enterprise especially those in the consumer line, is determined by the location. High-traffic locations are the key but it is also important to study the buying power of the pedestrian traffic.

Grip your finances really well. Short-term businesses have faulted complacency and overconfidence on the hefty return on investments right away for their unsuccessful venture. Just like a child transferring to a new school, it takes time to adjust to the new environment. For a new business, it takes a while before consumers realize their curiosity and try the product, and be regular patrons of the new offerings.

Be extra patient in making your employees embrace the same commitment to your small business, and to the customers who may have questions and even premature complaints on the products and services that you offer.

Be polite in addressing customers and remain honest in your dealings.

Plan ahead the possible improvements in your products, services and store. Put premium on what the customers may have to say on your business. After all, you are in the business for them

Be passionate about being the best for your market.

Be creative in improving your products and services, and eventually in expanding your store. Do not be contented in being "in the market". Always strive to be a "key player" in the highly competitive business.

Remain excited to your business, no matter how small. After all, this is the culmination of your hard work as an entrepreneur.

And the last but the most important tip is to start now. There are many days in a year and putting the plans to start a business to a later date might mean that would never get started at all.

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