Tips on starting your own business

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Armando Bartolome
Armando Bartolome

Having a regular job may not be enough to sustain the family's needs, especially if the children are in school. This is the most common reason why some choose to work abroad.

Overseas work may be lucrative, but professionals and skilled workers can't hold these jobs forever. The best way to secure the future is to start a business.

There may be apprehensions at first, but we must conquer these fears in order to succeed.

  • Fear of having insufficient funds

    Before you even start with business, ensure that you have enough money to sustain it. There should be a reliable source of funds.

  • Being insecure of your capabilities

    To be an entrepreneur, you need to toughen up. Being in a business entails many challenges which you should always be prepared to face. If you think that you lack the knowledge, never hesitate to take special courses, trainings, seminars or workshops.

  • Fear of failing

    Sometimes, no matter how well-planned we have made, failure just seems inevitable. But should it stop you? Failure is just a temporary phase where you are put on hold, to prepare you for the long road ahead. You have the means to improve whatever that has failed in your business.

  • Fear of responsibilities

    As the owner, you are responsible for whatever happens to your business. However, you have the option to hire people to help you manage it. You cannot do everything alone.

  • Fearing of what lies ahead

    Sure enough, you gave everything to run your business. Something good today may not be as good in the coming days. Nothing is for sure, but as an entrepreneur, you should be prepared to face adversity. An entrepreneur is being a risk-taker.

Startup tips

You may already have in mind the kind of business you want. How do you start? The following should be able to help you.

  • Create a business plan which you think you can be able to follow. Break it down into smaller goals so it can be more achievable.
  • Allow others to help you build your business. You may have the funds, but you would also need people to help you. An entrepreneur is not afraid to seek for advice, especially from experts.
  • They should always find ways how to strengthen the business by being knowledgeable and being surrounded by empowered employees.
  • Know your target market. Will your products or services be patronized where you plan to put up your business? How important are your products or services?
  • Think of reasonable rates for your products and services. Remember that you need to come up with the right price which consumers can afford while keeping your business afloat.
  • Business is not for the faint of heart. Entrepreneurs should always face challenges head on. Instead of getting envious of your competitors' success, focus on how you can make things better.
  • Once you plan something, make it happen. You will never know what will happen unless you try. You will learn from mistakes and turn them into a source of inspiration to start all over again and do better next time.

Challenges in starting a business

We go through a lot of challenges each day. Sometimes, we feel so short of ourselves that the only resolve is to give up. An entrepreneur should expect challenges and face them head-on. Money issues can be a reason to close down business but you should be able to find ways on how to save it through crowd funding or a bank loan. 

Seeing your competitor doing a lot better than your business may be disheartening. It is highly inappropriate to steal their ideas, but you may see it as an inspiration on how you can come up with your own. It is truly tough to be in business, but once you are able to hit the right buttons on how to manage it well, you will realize that the journey was all worthwhile.

(Armando Bartolome is known as the Philippines’ Franchise Guru, a business mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article was previously published on the author’s The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando "Butz" Bartolome by email:philfranchiseguru@gmail.com or on Twitter @philfranguru. His website is www.gmb.com.ph)

1 COMMENT

  1. I would also suggest that they get some kind of support, mentoring, meetups, forums or masterminds. Somewhere they can bounce ideas off their peers. We are starting a global mastermind portal and can help start ups connect with their peers. http://www.eccountability.io (How to be more accountable)

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