7 Tips before starting a small business

Business is a professional activity which create values, solving problems in return for profit or might also be non profit.

 A lucrative small business requires patient and perseverance.
Here are some steps before starting a small business.

 "Small Business Mastery" is one of the ebooks that provide comprehensive guide on small businesses ranging from skills required to run a small business, small business networking and small business startup.

 7 Tips before starting a small business

 1. What business to start? Knowing or having an idea is a vital point because it kicks start the process of starting the business. It might be related to educational knowledge acquired from school like an accountant opening a tax firm, a nurse opening a nursing home, an engineer opening a consultant office, or a medical doctor opening a clinic. Also, it might come from a passion, someone who like cocking might open a restaurant, or someone interested in fashion can lead to opening a boutique. Finally, it might be just a side hustle to supplement the primary income.

2. Research about the business.This is a very critical point before starting a small business, it requires some level of creativity and intuition. It is advisable to ask questions to have an idea of the start-up and risk in the business, meet people even competitors in that business venture.  Getting into an unknown business might lead to a financial crash according to investment research firm Morningstar.

3. Legal registration of the business. Every small business should be legally registered with the appropriate commerce or taxation office in that particular area. Not having a registration number might lead to an official from the taxation officer shooting down the business.

4. Business plan. Considered as the heart of the business bring all the other aspects like how many tangible locations and online, target audience, critical start-up cost, forecast revenue together. Here is also where the lead generation process starts since business is about bringing products or services to customers in exchange for profit.

 5. Business capital and emergency fund. Starting a business doesn't necessarily mean breaking the bank because there are businesses with little start-up cost. Here is where the business owner should start thinking about funding, do they have the start-up cost, or do they have to get a loan from the bank. In the case of a loan, the bank will require the registration number, business plan, and some other related documents. It is also advisable to have an emergency fund kept aside before starting a small business since it is also an investment that can hold the start-up capital for some time.

 6. Marketing and sales. Also considered as one of the most valuable sectors of a small business because of the conversion of products or services into money, here is where the real lead pitching, magnet, and negotiation takes place to get revenue. There is not a single successful company without a strong marketing and sales sector.

7. Never withdraw money from the business capital. The capital of the business is the back borne, the start-up revenue and shouldn't be touched by the owner. Borrowing money from the capital simply means the owner didn't conduct the right research and probably in the wrong business venture. They should be relying on their emergency fund, or the profit,  not the capital.

 Starting a small business can be challenging,
and obviously requires some skills which can be acquired by reading books like. 
- How to Start a Business: Step-By-Step.  
- Starting a Business: All-In-one For Dummies.
- Starting a Business: QuickStart Guide