by Adekunle Adeyemo

Created on: May 23, 2009

Before and after taking a decision to set up a small business, some factors have to be put into consideration. Some of these factors are listed below.

Step 1: Weigh your options

When you weigh your options you will consider the advantages and disadvantages of your decision. Every decision to start a small business has a plus and a minus depending on the nature of the business in comparison to your present work. You will consider what you have to gain, and what you have to lose. State your options down in black and white. It is like putting it on a scale and determining the direction that pays you more. Eliminate all the influences of emotions on this process, be as objective as you can be.

Step 2: Gather information

Gather as much information as you can get on your chosen business. State down these information, and determine your strategies. Choose the best strategy. Check and double check your strategy to confirm that all the information gathered are applicable to the business, seek expert's opinions where necessary. Write down your agenda.

Step 3: Start with a trial run

Make sure you start small, don't put all your resources into the business just like that. There is need to test run it, to see how viable the business can actually be in practice. For every beginner there is always this anxiety or euphoria that prompts the mind to jump into the business without starting with a trial run. A potentially successful business person doesn't allow these emotions to control his or her actions, He or She only works with facts and figures. Use the slow and steady strategy in this stage. Be objective in your judgment, master all the rules and develop your strategy until it is steady and accurate. Check all the methods and compare it with the laid down strategies you stated down in black and white, confirm if there is any variation and correct your strategies to correlate with what you have in practice. Concentrate on your strategies and master all your moves. Project from your trial and make accurate calculations on the possibilities of expansion.

Check all the possible obstacles that might hinder you from achieving your target. Look for different ways of overcoming these obstacles that might be encountered in the course of the actual practice of your proposed expansion. Make more inquiries from the experts that are already in the business. If it is a new business seek advice from entrepreneurs of similar business (conceal your intentions to avoid him or

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