Topic: Building a prosperous business - page 5. (Read 1116 times)

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

Of course having funds is a really great advantage when you are starting a business. Not only will you have more than enough funds to set up everything your business needs, you will also be able to have marketing projects that will surely attract customers faster. There are many ways to get funds, but you need to be smart in using those funds.

Let your purpose of establishing a business be on solving a problem not just to make money.

If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

There is only a few business that money doesn't really matters but if you have money, especially a nice amount, you will gain more advantage. There are some who just look for a partner or run a funding campaign and ask the public to invest on them. This might be a good idea to gain funds.

Another way is to get a loan although this one seems risky because we are not sure yet if our business will be successful or not. As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore. Planning should still come first before anything. It's like our map so that we won't get lost in our destinations.

Of course, it must be recognized that funding is essential before any business venture can be consulted. When a person makes a plan to start a business he must first raise money, and plan afterwards. of course, you are right, basically in business, it is never possible to go ahead with a loan from the bank, many times it poses a huge danger. However, in the first case, if he does business with money from a specific fund instead of taking money from the bank, then it is possible to move forward in the future. and moving forward step by step must depend on something good, so before starting the business, various plans must be made seriously.

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people.

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately an idea is been gotten. Another person may have thesame idea you have just gotten in mind. Getting into market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. Idea may look great to friends and families but this doesn’t guarantee that actual customers will actually love it. You need to determine if there is anyone clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea quitting ones job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit in order to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This should be individuals with same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when business isn't bring good profit at start.

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to being discouraged about the business and may lead to the end of the business. Don't be discourage, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

To start a business is quite easy but to become successful and prosperous, that is something we need to work hard. Because I would say that business is not just all about having money or capital but having good management and plan had played an important role. Unfortunately, many business starters had missed this thing - with the lack of preparation, knowledge, and ideas, I can say it only fail. That is why I'd see some business owners hire someone to manage their business because they know that they are not capable enough to do it on their own.

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

~snip

CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

Even before getting into it and start following the above points one should have basic component at their hands called as “funding”. Depending on the nature of business one needs to decide funding prior to planning an idea to make it reality. This is important because adjusting funds after getting into funds could be disaster or in other words it could bring unwanted struggles on our way. I have seen this example very closely with relatives. It’s another fact that they managed to pick up a speed after bank approvals went through and they had money to spare. Rest is obviously what you mentioned in the article is all about step by step workflow to successful business.

Find out if business is really for you or not because not everyone should be in business and not everyone should start a business. You can have a great business idea that will work, but for it to work, you do not always have to be the manager. If you try to manage a business with your poor business skills, you will fail in the business even if it is a great idea of a business to start. Apart from having the idea for a business, know if you can handle it well or if you should pass that responsibility to someone else so the business can work.

If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

I do agree with most of your points and they are obviously important for someone thinking to start a business, but there are a couple of points that I don't really agree with. The first point that I don't agree with is one shouldn't quit their day job before starting their own business, it might be possible in some of the cases where the business is handled by someone else at the beginning until it starts working but it doesn't work all the time because most of the times, a person starts a business individually.

The second points that I don't think is important for a business is to have a business partner, and I say that because most of the times, a business where there are more than one partners will start having issues after the business starts getting successful because people start thinking of getting more profits shares than others and that is when it starts creating issues in the business.

If your product does not find a niche, it will be difficult for it to prosper. The customer is the reason for the business. Having them is one thing, sustaining and satisfying them is another.
Every business owner should have a good knowledge of Customer Relationship Management (CRM). It will make a huge difference in your business.

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OP, I opened the link you attached and discovered that you didn't do much work than lift and rearrange an already written article.

Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.