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Many Hong Kong people may consider to start a new business for seeking new opportunities recently. However, due to the limited budget, people can build up their own business with limited funds only. If you would like to learn more about small business setup, let's take a look on this article.
All things are difficult before they are easy! Funding is very important for a new start-up, but try not to treat it as the first prerequisites. As the amount of budget can only be estimated precisely once you have decided the industry of your business. Thus, you should first consider which industry you would like to get involved in. How to select the right industry for your own business? Let's take a look at the tips below.
You may consider to start a new business in a new industry. For example, owning a business in an industry which is not related to your previous job, which may help you to stay away from comfort zone and explore further possibility. However, this may come with a higher risk due to the insufficient practical experience, which may result in a longer break-even time.
In contrast, starting your new business in an industry related to your previous job may be easier, as you do not need to start from scratch. Therefore, you should consider whether to select a new industry with higher flexibility or an industry you were involved in previously before starting a new business.
Franchising is one of the most popular options for small start-up too. With the support from franchisor, you may start the business easier. However, there is one thing you need to be aware of! A larger amount of funds may be required at the beginning stage as most of the franchising have a fixed guidelines on shop decoration, tools and operations, which may not be suitable for people with limited budget and expecting for a higher flexibility.
Once you have decided the industry of your business, the amount of budget can be estimated more easily. Given that your budget is limited, you may consider to explore various ways for acquiring funds, like joining start-up competition, looking for investors, applying personal or startup loans, in order to solve the funding problem.
If you want to have a small Start-up now, there are many free tools for you to test the waters. Is there any method to success in small Start-up easier? Launching an online shop may be a relatively easy way for small start-up nowadays. One-stop e-commerce platform is usually used to help novice. You can make good use of the trial of e-commerce platforms for getting familiar with the business process in a limited budget. Meanwhile, you can also observe the market reaction and allocate more resources in a right timing. Finally, you are on track for small Start-up!
However, you may experience some unexpected issues at the beginning stage. For example, delayed payments by customers leading to a shortage of funds, meanwhile you need to pay employees' salaries, rent, and debts to suppliers. Furthermore, the economic fluctuation may also affect your business. You may then need an urgent cash flow at these moments. You should further investigate and understand about the market before starting a new business. For example, the current industry status, development prospects, market competition and customer preferences. Once you have more understanding on the above factors, you can design and launch the right product more accurately in order to reduce loss, even the amount of initial funds is limited!
What is the biggest difficulty for small Start-up? It is the funding! When you are facing an urgent need for cash flow, the most direct solution is to find a reputable lending company. It may be a good choice for you to raise start-up funds and then pay back the loan by installments.
Promise (Hong Kong) Co., Ltd ,a reputable Japanese lending company based in Hong Kong, has been providing convenient financial services to its customers for years. No supporting documents are required, you can apply loans with your ID card and mobile phone number only#. Entrepreneurs can apply for a no-doc loan with maximum loan amount of HKD$100,000◆, flexible repayment plans are provided and interests are calculated on daily basis. PROMISE, Easy Loan, Easy Pay! PROMISE helps you to solve the financial problem of your small Start-up!
How important Personal Credit Rating in daily life is? What is Credit Rating? How to improve or enhance Personal Credit Rating? Take a look on Personal Credit Rating for Dummies at Promise website now for more details....
