Reviewing your list and sorting out your ideas according to type of business activity will help you decide which business idea you will eventually entertain. Ask yourself this question: “Do I want to manufacture a product, deliver a service, or go into trading?” o A manufacturer produces a product and sells it. Making new jewelry [&hellip
Moving a business might seem easy, but it isn’t. It requires careful planning that often starts months in advance. If you are moving your office locally, you need to be prepared — even if you’re just moving down the block. Not taking the time beforehand could cost your business significantly. So, before you start the [&hellip
Startups are tricky investment opportunities. On one hand, they offer great potential and could grow into real money-earners in the future. On the other, their limited cash-flow and high failure rate might put off many investors. However, if you’re prepared to take the dive and invest in a startup, make sure that you do it [&hellip
Figuring out when you’re making a profit is key to business success. One of the most important financial concepts you will need to learn in running your new business is the computation of gross profit. And the tool that you use to maintain gross profit is markup. The gross profit on a product sold is [&hellip
Employees who have experienced working the daily grind usually dream of having a business of their own, regardless of how small it is. Many of them long to be free from the pressure and monotony that are usually associated with corporate life. A number of them also try to save up for a planned business [&hellip
Not everyone will be blessed with a fortune to start their own business. The reality for most of us is that we need to save up for years, and work tirelessly day and night just to come up with the money to open our dream business. When that entrepreneurial dream couldn’t wait any longer, there’s [&hellip
In many entrepreneurship fora, the most frequently asked question by aspiring entrepreneurs is: “What is the best business to go into?” The standard answer they often receive is: “It depends,” which is then explained in detail in terms of the many internal and external variables on which “it” depends. Often, this answer disappoints the listeners. [&hellip
How to conduct a feasibility study? An idea for a business is not a sufficient reason to begin production straight away. It is essential to be aware of the different aspects involved in actually running the business. To reduce the risk of failure, producers should first go through the following aspects and finally develop a [&hellip
You have options to start a brand-new business from scratch. One other option is to buy an already existing business or to take a franchise on an already tried-and-tested business. Either option should be attractive to would-be entrepreneurs who think they don’t have a creative idea for new or better products and services or would [&hellip
What is a Business Plan? The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. A business plan is an essential step for any prudent entrepreneur to take, regardless of [&hellip
