by J.P Chenet

Created on: March 29, 2008

Starting Your Own Small Business

I was a young entrepreneur when I went into business for myself. Within four years, I had purchased a second company, amalgamated the two, acquired a manufacturing premises and the company grew to require three additional staff. Finally, the company was bought out by a larger competitor who saw the potential (or threat) the company posed.

I can tell you from personal experience there is nothing like being your own boss. The pride of watching as you're creation grows and develops into a recognized player' in the market. If given the opportunity, I would defiantly do it again, it was amazingly rewarding a real adventure.

However, if asked the whole story I must admit there where long hours involved . . . a lot of long hours. The company was set up on a shoe string budget demand for the products increased rapidly; we didn't have sufficient startup capital so the company immediately ran into cash flow issues and couldn't afford to purchase stock to fill the orders. To sidestep this issue I took on a second job, worked full time for another company, then in the evenings and weekends in my own business. Over the years I worked hard, very hard, I learned a huge amount on a diverse range of business topics, from importing to the legal aspects of business management. If asked what I would have changed the key factor would be to lay the ground work properly, something I feel I could have done better.

As an integral part of your initial business setup you need to seek out get professional help people might suggest the psychiatric type, I mean employee an accountant and lawyer. Part of the joy of owning your own business is the incredible learning curve. I learned a lot from making mistakes many costly. A smart friend took me aside and he said "Ask questions, utilize these people". He is right, make a point to learn from these specialists they know their jobs besides you are paying for the information; it is a fantastic investment and will save you from making costly mistakes. Also, use these professionals to create your business correctly. They will ensure it is registered with the right authorities, business names and importantly tax details are correctly setup; you do not want issues here. Ensure that this is done before you starting trading.

This is a suitable quote that applies here "Anybody can seek out the best and surround themselves by them . . . only the smartest will actually listen to them"

Start with a reasonable amount of capital,

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