Starting a Business

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Category: Business and Industry

Date Submitted: 05/27/2011 04:36 PM

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Starting a business is a pretty big step and should be thoroughly researched. You have to make sure all of your bases are covered. When starting a business there are three very major issues that can make or break the business: Finances, Product demand and product or service selection.

Cash flow is a very important aspect of a company; you want to make sure that you’re bringing in more than your putting out. The amount of money received from selling your merchandise in comparison against the amount of money need to run your company will directly affect the cash flow of your company. The best way to regulate your company’s money would be having some type of invoicing system in place. Having an invoking system would enable you to actually see what monies are coming in and also regulate what money needs to be paid out.

Product Demand is also a very important issue for businesses. You want to make sure that you are able to fulfill the needs of your clients regularly you want to be consistent. Your customer needs to feel that your service or product is reliable and you’re able to deliver your services on time, every time as needed. That’s how you build relationships and customer loyalty. If you stay consistently providing good merchandise on time your clients will begin referring your company to their friends and business associates this will help build your reputation and also increase your company’s revenue.

I saved the most important factor in starting a business for last, which is selecting the right product or service to offer. This factor can make or break your business almost instantly. When deciding what service or product you want to provide, you want to do your research to make sure this is a service or product is in high demand by the public. When selecting a product you should make sure it’s marketable and it is a necessity this product should need to be replaced regularly. You need to believe in the service or merchandise your selling. If...