Simple and idle employees are always thinking of starting a profitable small business, to help them with expensive life costs.
But before we start any small profitable project, we must understand the basics of creating these projects and how we start the journey.
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| small project |
How do we know the small projects
They are projects or businesses in which no more than 25 workers are employed. Small projects are different in terms of their ability to grow. There are small projects that have distinctive and unique ideas and are rapidly expandable. There are three types of small businesses:
- micro businesses.
- family businesses.
- home businesses.
We distinguish between small projects and large projects through a set of criteria, including:
- the criterion of returns from the project.
- the criterion of the number of employees within the project,.
- the criterion of the capital that the individual has invested in his project.
- and the other criterion is the criterion of added value and also the degree of specialization in project management Finally.
- the level of technological development used in the project.
Small project characteristics
1. The small size of the project compared to the large project.
2. A small project needs a lot of space to perform its activity.
3. Combination of management and ownership.
4. Management independence.
5. It does not require much financing.
6. Low number of employees.
7. The project activity and its geographical scope are relatively limited
8. The degree of risk is low.
9. It is based on simple technology.
10. Providing goods and services directly to the local community.
11. Their ability to innovate increases due to the high ability of their owners to self-innovate in their projects.
Questions to ask yourself before starting any project
It will be a good start to do an in-depth analysis and study before starting any project, and to ask yourself some important questions that will help you launch your project:
What are your goals ?
How would you define success?
Looking for high growth or sustainability?
Are you comfortable with taking risks?
Are you ready to take on debt to finance the growth of your business, or do you prefer to live within your means?
Could you consider outside investment, or do you want full control?
The basic building block for the start of your project
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| start step project |
The goal of your project: The product you want to promote must satisfy an underlying need such as dissatisfaction or a benefit that you would meet in a different way. If you are not in the middle of this circle, it is best not to try.
Define your key success factors: Knowing your main strengths will allow you to better position yourself in the market and know your attack weapons.
Positioning: One of the first steps is always choosing your position, i.e. how you want the consumer to see you. In fact, from this choice will emanate all of your strategy as well as your tactical aspects.
Know your market: Before setting out, it is essential to study the market well. Thus, it is necessary to have an idea of their mechanisms, leaders, their history, prices charged, distribution networks as well as influential suppliers.
Strong financing plan: For your project to be viable, it is essential that you have the necessary liquidity to support expenses and investment. Thus, it is more appropriate from the outset to estimate the internal return of the project and its expected results. In fact, a project that does not break even in an average of two to three years will struggle to survive.
Surround yourself with the best: a newbie in the market with a little experience can plunge into the market with the best innovations in the world. Therefore, it is better to surround yourself with experienced and competent people who have proven themselves elsewhere.