Women Lifestyle, Fashion, Health, Beauty and Personality

Running your own business is a dream for many people. So if you have a good idea and the persistence to persevere when the going gets tough, there’s no need to stay one of the dreamers – you’ll be joining an increasing number of women who have made the same move. In fact, women now make up 35 percent of small business operators and the growth rate for women’s business start-ups is three times that of men.

However, much about surviving and prospering in small business will depend solely on your own wit and will. You will need to recognise that there will be good times and bad, and plan accordingly. The government offers a range of services designed to promote and support small business start-ups. You should contact your local office of small business or the state small business centre for a list of grants and other assistance on offer, including practical workshops.

Here are things to consider before taking the plunge:

??? Do your homework – know your market, your competition and your product or service thoroughly.
??? Prepare a business plan – set out how and where the business will operate, the equipment and supplies required and how much they will cost.
??? Make sure you have enough back-up capital, be it through savings, borrowing or taking on a partner. Cash flow can be a real hurdle in the first year or two. You need to be able to weather this period and have money to expand.
??? Remain open to new ways of keeping costs under control and dealing professionally with suppliers. If you are not confident about your financial expertise, take a course or seek professional advice.
??? Don’t go too far too fast by moving into luxury offices or buying the most expensive gadgets in town.
??? If you work from home, keep regular office hours. Use properly designated stationery and business cards.
??? Be realistic about the need to take on staff and recognise the responsibilities that this entails.
??? Never allow your business to jeopardise your other assets. Never sign anything you don’t understand, never hope for the best or take anyone’s word for it.