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1 year ago
Start Small and still profit
A micro-business is different from your average small business venture. This form of business doesn’t use a lot of start-up capital. Some micro-businesses were able to get started with less than $100 in start-up capital.
If you’re out of job, have a profitable hobby or skill and thinking of starting a business, a micro-business may be a good fit. There are some things that you need to remember while trying to earn from micro-business. You’ll realize that it’s not that easy as it looks even though you’re not using a lot of capital.
• Use what you already have – good micro-businesses use the available tools at home. If you’re good at programming or web design,for example, all you need is your current computer. Some have found success with their hobbies because they were able to start with what they already owned.
• Use what you know – If you have a skill or are very knowledgeable in an area, you’ll be able to start a decent micro-business. Use what you know so that you can offer services in your area with a minimal start-up capital.
• Use who you know – networking in micro-businesses is also a possibility. Through networking, you can connect to the right supplier or free assistance on setting up your small business. Networking is also a good source of start-up capital since you just need a small amount to start your business.
• Focus on single purpose – define your business and stick to that definition. Because of your small start-up capital, you have to focus on a single service or product so that you don’t end up overspending.
• Specific niche – a good way to ensure your business will pick up as soon as you start would be to focus on a niche. Your niche doesn’t have to be totally unique; you just have to create something different in an established industry.
• Be smart on marketing – marketing is one of the biggest difficulties for micro-businesses. Don’t spend anything on marketing. Focus instead of creating contacts by talking to individuals or businesses that might need your expertise or products.
• No employees – this practice just common sense for micro-businesses since an additional employee will only mean salaries. If you’re really looking for some assistance, ask your family to give a hand on your small business.
• Monitoring cash flow – It is important to write everything that goes out and in of your pocket. Once you’ve set the capital, write down your expenses and earnings to easily monitor progress.
• Focus on performance – there is a possibility that you’ll have a competitor in your area. This might sound bad for business but this should not threaten you. Focus on improving your service to your clients so that you can keep them coming.
• Save – Keep a portion of your earnings so that you’ll slowly expand through additional equipments, more services and eventually, additional employees.
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