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Established in 1974

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Start Your Own Business Articles

 

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What are the different types of businesses?
There are at least six different types of business you could choose to start. When you start out in business, most often you use your own money to fund the venture. However, as you start to grow, you may need to find funding elsewhere. When this happens you may want or need to enter into another kind of business model.

How easy is it to start your own business?
This will depend on the complexity of the business, your existing skills, your willingness to work hard and what kind of business you intend to start.
 

What to do first when starting your own business!
The first, and most important, task you should carry out when you’ve decided on what business you’d like to start is to complete a business plan. A business plan allows you to pay attention to all the important aspects of your business. 

Why a business plan is essential when starting out
According to the Small Business Administration (SBA)* research, only half of all new small businesses survive for at least five years. That means that, sadly, the other half fail. One of the reasons that businesses fail is a lack of planning, which highlights how important it is to plan if you want your business to succeed.

Where do I find ideas for a business?
Most people who decide to become their own boss already have an idea of what kind of business they’d like to set up. However, if you don’t, there are several different ways of approaching the problem. 

Who should start a business?
Starting Your Own Business is about finding a great product or service to fill a gap in the market. But that is only half of what’s needed, the other half is you. If you want your business to be successful you’ll need certain skills and attributes.

How do I work out how much money I need to start my own business?
In order to find out how much money you’ll require to start your own business you’ll need to create a comprehensive business plan. Once you’ve worked your way through this process you should have an idea as to how much the different aspects of your business are likely to cost.

Locating the ideal premises for your business
When planned well, finding a new location for your business can be an exciting and challenging prospect. If left to chance, it can become a nightmare. So, you need to prepare yourself well and we can help with that.

Learning to price your products so that you make a profit
This may seem like an easy thing to do, but actually, it’s a careful balancing act. You have to make sure that you price your product so that you don’t make a loss. After all, the aim of any company is to make a profit and, if you don’t, you’ll soon be out of business.

Is it better to buy large equipment or lease it?
The question posed by the title of this article may seem strange, but it’s one you should really take time to consider. And, when you are starting out, it’s more than likely that you’ll not have huge amounts of money to play with, so whether to lease or buy the essential equipment you need is something you need to think about carefully.

Why ensuring a steady cash flow is important in your business
It’s simple! Cash is the lifeblood of your business. If you fail to ensure you have a steady cash flow your business is at risk of failing. And, contrary to popular belief, it is possible for your business to be making a profit, but still fail if there’s not enough cash available to pay the bills, staff wages, suppliers and the like.

  

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Dahlia Ewers“I would recommend the Business English course to anyone who wants to improve their English, learn more about the business world or to widen their management techniques"

Dahlia Ewers, USA

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Felix Mwasuka“After obtaining my Business English with Spoken English Certificate, I found a new job as a personal assistant and my salary doubled. Later, upon obtaining my Advanced Business English Diploma, I secured another new job as shop manager. My salary has increased four-fold with numerous allowances to make my work easier.”


Felix Mwasuka, Zambia

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European Association for Distance Learning Institute of Training and Occupational Learning

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