A Small Company. This is a Case Study on How to Make Dreams Come True
All of us have a dream and all dreams have possibilities to come true. When a certain age is reached many dreams are so specific that some steps can be fulfilled. A big dream to have a personal company is probably one of the most desired dreams. Thousands of dreamers already know that with an effort and correct advice it is not a big deal. And remember that behind everything big is always something small.
All big things start with motivation and passion, if to these qualities some professional aid is added the final result is easier to achieve. There are some services like , for instance MBA admissions consulting services, that help to guide you through the world of entrepreneurship. Nevertheless before starting something new some steps should be followed. Here are some tips to consider.
- Make a thorough investigation of the market. What was actual in the last decades might have exhausted its limits. Think about what are the needs of the market, how your idea can be effective and consider the demand. The existence of similar companies should not desanimate you because the demand of the products is so high nowadays that one more business dedicating itself to something that hundreds of others do does not mean that there will be no demand. If you consider to have similar or higher quality you will have benefits for sure.
- Make a short term and long term to do lists. This list must be doable, in order to advance step by step. Obviously, some challenges will only add positivity to your projects, but procure to make your ideas clear and practical. Invert your passion into the planification of the project.
- Write a business plan. Start with making a detailed list of your ideas, like brainstorming, then relate similar points with each other. Delete repeated steps and make sure to introduce some globalized ideas. After the brainstorming is finished make a clear plan of what are the most important points and which are secondary. After a thorough market analysis, you will already have an idea of the product line you are going to launch, so you can start with management and organization plans. It is always a good point to consider the help of professionals. Once your company profile is created, a strategic marketing plan is inserted you can start making it adaptable to your audience.
- Start creating the webpage. Nowadays, having online access to companies is essential. If your company does not have any online platform it will be perceived as not ceriouse or even cause doubts. Moreover, the 21st century is widely online shopping or service offering era, do not be marginated from it. This is a starting point also for your future growth.
- Contact people and companies. In the world of business relationships are the basis of success.Contact new people and new companies similar to yours. An email is a good means to do that.
- Ask for professional help. One person cannot have all the abilities to do everything while starting a new business. Make sure you have high quality professional assistance. It can be a professional preparation for you to access some studies or it can be hiring specialists to deal with the subject. There are MBA admissions consulting companies that offer a wide variety of services and preparations for a Master degree, or MiM, or a degree in business analytics. Having a professional qualification can affect positively on the growth of your company.
Starting a new business one should be acquainted with business tax termes. There are several types of taxes to pay while running a business. Sometimes the wrong perception that “All I win is my income” can bring to a collapse of the company. Spending all the money earned without considering that in a while some taxes should be paid can cause the dissolution of your business. Here are some taxes that are pain:
- Income Taxes – paid annually
- Estimated Taxes – small businesses that estimate to have at least 1.000 euros in taxes should pay quarterly taxes
- Employment Taxes – for a self employed person self-employment taxes should be paid, this includes Social Security and Medicare Taxes. If you also have an employer you should pay employment taxes that include Social Security, Federal Income Tax and more. The taxes may differ depending on in which country you run your business.
ADVANTAGES OF OWNING A SMALL BUSINESS
There are plenty of advantages of owning a small business.
- Independance – this is the central point of the desire to have a small business. Being your own boss, designing and creating your own ideas and putting them into practice is very satisfying.
- Financial reward – having created your own business gives you a high probability of earning a good amount of money, more than you could earn working for another company as an employer. Therefore, there is always a financial risk.
- Learning – being involved actively in the life of your company you learn every day. Constant changes in the world of entrepreneurship will make you observe, investigate and learn.
- Freedom and creativity – having a creative freedom is very satisfying. You can make your imagination fly high. There are no limits of freedom.
DISADVANTAGES OF OWNING A SMALL BUSINESS
- Financial risk – One of the disadvantages of owning a small business is the financial risk. This issue is especially important when for the creation of the company you have inverted not only your personal ownings (intelligence, time, money) but also have acceded to some extra financial help.
- Stress – Being the owner of your own business is satisfying but very stressful. Everyday pressures, constantly changing markets, sometimes low resources can cause depression and some health issues. It is not always beneficial and satisfying to run a business. You should maintain cold reasoning during the process of creating, guiding and even during up and downs. Sometimes patience can be a solution to lots of problems.
- Commitment – Starting a business requires a time commitment. The freedom of working on your own time and having your own lifestyle is there but it is often sacrificed to ensure the business’ success. If working for another company you have your timetable and when you are done the rest of the day is yours, in this case does not work. It is clear that owning your own company means that you can decide your timetable, however, to have success sometimes your schedule is more than the hours that a day has. You might need extra time to solve some issues or advance in something. This is a really challenging aspect of owning a small business. In the case of big businesses the issue can not be so sharp, because there you have some moving margins, meanwhile in a small business you do not have enough income to contract professionals to deal with the company problems.
If you have decided to start a small business do it cleverly and passionately. Consider all the advantages and disadvantages of the issue and make sure you do not abandon your dream. Dreams always come true if you want them to.