Are you planning to start a business. Not everyone who starts a business becomes successful, but it is not impossible. Here are some tips from Randel Tiongson on how you should start and plan your business.
Success in business depends on many things. It is of course essential that you know very well the kind of business you are planning to open. Observe, learn, and research , most of the time your skills are the best capital you could have.
When acquiring capital, it is best to avoid borrowing of funds or loan, instead save and work for your it. Another option is to look for partner who can finance your business. Through this you can avoid interest expense.
Just like in building something, you needed to plan very well how you will manage your business, who will help you in managing it, your target market, and many more.
Discipline is also important, and proper management of your resources. Never use your capital for personal use. Roll over the profit, this will increase your capital, expand your business and result in increase in profit over time.
It is also necessary make your business legal no matter how small it may be. Acquire the necessary permits and licenses.
But most of all, it is your character and determination that will define your success. Never lose hope and be teachable.