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For many, starting a business is a dream. There are a lot of obstacles and challenges to overcome before you can start your own business. There are also more challenges to face once the business is off the ground. The good news is, the current economy is perfect for starting a business of your own.
There have been a lot of ups and downs in recent years, but entrepreneurs now have the perfect environment in which to establish a successful business.
For starters, small businesses can now compete with larger corporations thanks to technology, particularly cloud computing. Elements of essential business process are being offered as services and they are readily available in the cloud.
It doesn’t stop there either. According to an infographic, researched and designed by Elena from the CSBgroup, the amount of start-up capital required by small business owners is around $10,000. On top of that, it takes an average of 10 days to get funding. Add the fact that small business loans are more widely available than ever, and there is no need to worry about starting capital at all. At the same time, customers are more receptive than ever to new products.
The same research also suggests that small businesses, particularly non-employers (home businesses with the business owner as the only employee), generated a whopping $989.6 billion in revenue in 2011. That revenue share has continued to grow rapidly in recent years.
Starting a small business is something you can do in a few simple steps. You begin by developing a product or a business idea, transform that idea into products or services that customers can buy, and then establish a business around it.
However the most important aspect of the process is pitching your idea and convincing investors to pour cash into your business. You can use newer instruments such as internet marketing and social media to quickly connect with the customers too.
Before you jump into the market head first, however, be sure to do sufficient market research. Knowing the market and understanding your customers is essential if you want your small business to succeed; understanding the market, in today’s economy, is half the battle.
The 25 surprising statistics about small businesses infographic mentioned below is the perfect place to start your journey into the world of entrepreneurship.
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