Topic: Building a prosperous business - page 8. (Read 1102 times)

I came across statistics by the US Bureau of Labor Statistics (BLS) that stated that 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Starting a business is not the problem but the main issue is to sustain it until it matures. https://www.investopedia.com/terms/b/bls.asp
Passion drives the owner of a business to put in more effort but it should be backed up with necessary skills and expertise. I have seen many passionate business owners fail because they have passion but know little or nothing about the business.
Starting a business without projected customers is useless. You should always ensure that there are people that need your goods or services before establishing the business.
Business takes some time before it starts making a profit. Business owners should wait until they can earn enough to take care of their needs. Quitting a job because you just started a business is a big mistake. The business should be part-time until it matures. You can hire people to run the business while you do your job.
This should be the number one after the identification of a need or a problem. The business must first start on paper before starting physically. The business plan is the roadmap that guides the business, therefore it's important.
This point depends on the nature of the business. If you can run the business alone, you don't need partners.
But if you need assistance and collaboration, then it is important to seek a viable partnership.

Building a business doesn't have static rules like Op listed. Celebrating failure is also a way to boost a business, but people rarely abide by it or teach about it. Business changes and we should try lots of ideas, right he stated it, but it's always difficult to multi task without having a team. Tried it and felt completely exhausted, having proficient team members is a good method to strive for success in any industry. In addition, expanding a business real fast can negatively affect the growth of the business, we should always endeavor to focus mainly on the things or tools we need to work and neglect other irrelevant things like renting a big apartment for offices, on the long run it'll cost the company or business lots of capital that could have been used to run Ads or pay workers.

You have made a good post here, according to previous members (you had not shared any of your personal experience) Because personal experience is more valuable here as we all know data that you have shared must be available on the internet. So what makes it more unique than those ones? I suggest you to add your experience too.

Coming to the points you wrote, they are 100% true, as I had not started a single physical business yet instead I only started Bloggin which is also a business but to some extent only. Well, even i don't have a physical business running experience but i do have the knowledge and a little experience that I gained from other's businesses. Like my uncles and my relatives.

And i really value these points you have mentioned. But i am a little confused here, You used examples of Solar panels, Generators, etc. as if they are businesses, i think they are not businesses instead they were inventions that are sold by sellers. For a long time.

Your post needs clarification for the ones who wanted to launch their own product which had not been launched by anyone else yet (personally i have 4 plans in my mind and i am working on them). Or for those who wanted to start businesses with existing products.

Op need not post the content of the whole article he just has to extract a part of the article and then make a reference to the article


This is so popular in social media, especially on Tiktok and Youtube, there is a big demand for courses about how to get rich if we check these influencers they have many followers and they have many shares and likes, they are making money from teaching money how to get rich this is probably the best way to get rich, you do not only get rich and you've also become popular.

Well, that's an article written by this guy:


In general, I think he has made a good compilation of ideas, what happens is but he doesn't seem to be someone who has a lot of experience building up successful businesses, but rather gathering and structuring information, which chatGPT can do for you today.

This reminds me of those finance youtubers and influencers, who actually get rich by selling you a course on how to get rich, they weren't rich before.

OP, you could just link to the article where you got all your ideas from. Why decorate your post if you do not own your own experience?
I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.
But, yes, my family has a small rental business in my area. Partners have found excellent suppliers who supply them with a wide variety of bakery products, and since our store is located next to a residential area, it is convenient for residents. But I would not call it big business, since taxation works far from favoring the seller.

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.

👉👉Telecommunication company came to solve communication problem.

👉👉Generator came to solve electricity issues especially among most developing countries where electricity is an issue.

👉👉POS was introduced to help banking sector reduce bank queue arising from people who want to make deposit and withdraw.

👉👉Solar system was introduced has well to reduce the cost of fuelling your generator to get power supply.

These are some keys that may guide you after a business idea has been gotten

🗝️🗝️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/