Sunday, June 25, 2006

Step1: Start a small business

Welcome Back!!!

I am assuming that you've read my previous post and that you are a person in the working class and not a businessman already. I am sure many of you would be in an impression that if you want to start a business, one can get some bank loans. To get the loan you should have enough money or asset to prove them that you are trustworthy.

"IN ORDER TO GET A LOAN, YOU MUST FIRST PROVE YOU DON'T NEED IT" - Murphy's Law

So dont get lost if you didn't get a loan from a bank or any institution. Try to borrow money from your friends and relatives ( if your business really needs a considerable sum). Or better try to manage your business within your limits by borrowing from yourself. Once you start your business, never mix your personal and business funds. It is dangerous.

There are a lot people who have started their businesses swiping their credit cards. You must have heard about YouTube.com. Its the most popular video site. It had 20 million visitors in May '06, which is almost twice the number of visitors to its nearest competitor MSN video in the same period (MSN video had 11.1 million visitors). The founders of YouTube Mr. Chad Hurley and Mr. Steve Chen started their website from a small garage in 1999 by using Mr. Chen's credit card. His credit card was maxed out soon. But before that they got their website publicized (by word of mouth), got recognized in the industry and funds started flowing in. They are now planning to offer an IPO.

You might not be a computer savvy like Mr. Hurley or Mr. Chen. In that case you would want to try investing small amounts in shares of companies which would give you a big margin in a small time. You will have to research on which companies to invest in and how many shares to buy in each of them. Try to diversify as much as possible so that the loss in one would be compensated by the others. I would talk more about investing in stocks in a separate post.

If you are not willing to take these risks, there are a lot of other options. But you might want to spend a lot of time and the returns will be slow too. For example one can start making and selling hand-made knit-wears or crafts. Here your investments are meagre and have a very low risk. On the other hand if you have some sufficient amount but would not like to take risk, you can try for some franchisee.

I'll keep posting about the various ways of investing with different capitals and risk factors.

2 Comments:

At Sun Aug 06, 02:35:00 AM CDT, Blogger DRAVIDIAN said...

i liked this post.reason being i have same views of gettin into business some tmie later.besides ur post gives an optimistic view about starting business.

n thanx for ur comments on my blog.i will find who u r from my friends.

 
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