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Challenges in setting up and running the Business

Posted by infopsr on October 2, 2012 at 11:50 AM

Nowadays getting a job is a big challenge, and retaining it is an even bigger challenge. You are either being crushed by nepotism or any of the thousand and one reasons (which can't be explained).

Going through the process of registering business is like 1-2-3 but challenges arise when you actually enter the game.

To setup and start a business, the first & most important step is for you to decide what you want to do; whether you have a related skill or not (it's always good to have some experience in the field).

When I decided what I wanted to do, the first thing I did before registering the business was to go and meet with the people at Score. This is a free Business Relation Service group of nationwide volunteers who have been in different industries or have their own business. They guide you right from your decision of a particular business to how to register and discuss what could be the pitfalls or good ideas. You can call them, set up an appointment and ask them any questions you may have. They will advise you on marketing, finances and other government or private sector business-related queries. But remember one things, its your business and you will be responsible for all the decisions you will take.

Next you should have a Business Plan; another very important aspect of any business. It helps you to see what your goal is, helps you to focus

how can you work towards it. You can make Business Plan yourself or you can search for free, online templates, etc. Basically, the Business Plan will  help you analyze your financial situation. It‟s a key thing when you start a small business. keep your expenses minimized,only spend on what is necessary for the business. For example, registering the business will incur a necessary fee but getting a paid email address will not be a good idea (since you can get a free one). You don't want to spend extra before you start generating any revenue.

If you have a particular ethnicity or you are a woman, register your business in the minority category. Being a minority business, you will have many advantages. Here in the US, local and minority businesses are given preference in some areas, and, by law, firms are obligated to set aside contracts for small and minority businesses. It would give you a chance to compete against a smaller number of businesses.

Now that you have set up your business, you need clients. This is where Marketing comes into play. You can do cold calling,

leaflets, advertisement and word of mouth, etc. However, the best bet would be "Networking" and “PR” (public relations). If you are in

the food or fashion industry, you might have a place or shop. People would stop there and buy the stuff. Other businesses like Construction and Service Industry, businesses need a lot of Networking, PR and word of mouth. Some forms of Marketing can be used in all kinds of businesses but basically, your business type will determine which kind of marketing would work for you.

Now we come to the Second most important part: actually getting the business.

(A real eye opener) You have set up your business properly and you have everything in place. You go to a big company to get some contract and the first blow you get from them would be, “Sorry, you have no previous experience.” Now your immediate reply would be, “How can I get experience without work?” and the answer would be, “Yes, that is a very difficult and a tricky situation but you see we already have contractors who are giving us good services. Why don‟t you get such-and-such certificate, and then we will see what we can do about it, or maybe go to second tier or third tier companies.     

This is the reality on the ground. Most of the big companies who talk about promoting small local businesses or minority businesses will treat you like that, but you have to be persistent. Don‟t give up, keep asking them. It takes time but the reward is so much greater than the effort you put in! Once you get even a small break, consider it as if you have hit the Jackpot because that will open the doors to success for you.




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