at first I opened a restaurant but failed
When you open a restaurant business you must know where you put in the right place. I know that because I ever open a food business in a little scale. Yes, I just sell egg rolls which do not have much capital I must have, I just made it ready at the beginner school canteen where many children study which only have a little money in their pocket. My business is growing fast but collapsed after covid 19 when many children were schooled at home. 
Topic: Essentials to starting A business - page 2. (Read 739 times)
The most difficult step in business is starting a business, many people are confused and where to start, in my opinion the thing we have to understand is that all businesses certainly have tough competition, there is no new business so we just follow the business patterns that have already happened, and the first thing is of course determining the capital, with sufficient capital the business can run according to plan.
I have started my fair share of business' so far, not really big companies, but startup ideas, games, projects, and many other stuff, sometimes as simple as selling newspapers with a markup at places that didn't had it, sometimes more complicated like a steam alternative, and most of the time I ended up failing for one simple reason; I didn't had the discipline to keep it going even when it wasn't earning. If I see a good result then I continue doing so, but if I stop seeing a good income, then I do not want to spend time on something that is not making me profit right away. It is obvious that most business' start making money a bit down the road and not on day 1, I need to learn how to be patient as much as I can, so that I can be better on the next one.
- Good sum of capital investment.
- Perfect plan on the business.
- Backing fund to keep the business
running amidst the profit/loss - Fund allocation for promotion.
- These are all basic things. Beyond this there is
something important to be noted. Never get
into any of the business that you doesn't have
prior experience on it. When you do a business
depending on others you'll be suffering if your
employees weren't co-operative. When you're
good at something you'll be able to handle the
situation well in their absence.
There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
Alright before start a business you have a clear business idea and its goal to crucial as it sets the direction and purpose for your business. Its is important to conduct thorough market research and understand your target audience, Know Your competition and how your business solves a problem to the Users. All the above Op mentioned valid point because before starting a business include a clear business idea, a comprehensive business plan and sufficient funding, legal compliance, Your network is your networth a marketing strategy, you know marketing is every things that why a strong online presence in all social media platforms is very necessary and a capable team. Last Careful planning and preparation in these areas are very important to increase your chances of success for a new business. A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A clear marketing strategy leads you to a strong online presence. There are a lot of businesses with little or no online presence, this is absurd. We see big corporations like Google and Samsung still involved in aggressive marketing strategies so why will anybody think it's okay for his/her business to go on without good marketing, especially digital marketing?
All around us, I mean in everything we look at we will see either a company marketing its company or/and its product.
Marketing is very essential to a business. Have a clear and realistic marketing strategy and also how to track the marketing you're doing in other to know what works and what doesn't
Either it's marketing problem or the product itself , continuously make a correction and evaluation until it's setting rightly into a huge improvement.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A clear marketing strategy leads you to a strong online presence. There are a lot of businesses with little or no online presence, this is absurd. We see big corporations like Google and Samsung still involved in aggressive marketing strategies so why will anybody think it's okay for his/her business to go on without good marketing, especially digital marketing?
All around us, I mean in everything we look at we will see either a company marketing its company or/and its product.
Marketing is very essential to a business. Have a clear and realistic marketing strategy and also how to track the marketing you're doing in other to know what works and what doesn't
There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea:
A business plan:
Sufficient funding:
Legal and regulatory compliance:
A team:
Agreed, these should get you to the finish line but I feel we have so much cost going into the business even before we are fully operational which shouldn't be the case! We are a profit making business and not some nonprofit organization and costs should be minimized at all costs!A clear business idea:
A business plan:
Sufficient funding:
Legal and regulatory compliance:
A team:
Another point I would add when creating a team, sometimes let us minimize on getting family on board as they might not put 100% into the business or will misuse resources knowing very well that you have a soft spot for them and they will easily ask for forgiveness when they screw up.
A support network:
A marketing strategy:
A strong online presence:
I wonder how many of us would have gone into the crypto business as this niche is difficult to read as data isn't readily available to prepare for it...sometimes its about taking the risk.
Business is essential to earn more from your work.When you work for others,the profit will goes to the owner of the company.Incase you run a business with some investment,it’s enough to make money 4 times of your salary.Secondly you don’t have any target to compete before the date.So you can do work freely with out any deadlines.The important factor of the business is investment,you need some capital as investments to start a business.Before starting such business,you need to learn that business by practical experience.Their will some negative for each business,you should find that negative before starting the business to avoid of big loss.
There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.
A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.
Another essential is location , many businesses has been closed down not because there was no sufficient funding or strategy but due wrong positioning of the business in an area where such business services or products ain't needed. Another thing, positioning for those that are into affiliate marketing can be likened to be wrong lead, a situation where you're advertising a tennis sport ads to football lovers/fans, you don't expect them to gain interest in your ads not to talk of patronizing. A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.
A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.
Just my own little contribution.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
While talking about the teams so I think that if a person is doing an online business then there is no need of having an employ or helper but in the case of investment you have to gather information related to coin but it also don't have any need of employ so you can easily get the idea from YouTube and groups.
Maybe I'll add one more thing in starting a business, namely determination and intention. Because if our intentions and determination are only half and half (doubtful) it will make our business not go well. After we take a step then never pull our feet and come back.
Although the proper use of limited capital is very important for start-up businesses, I think it is also important here to realize that success depends on many other factors. Hiring a team at an early stage is not necessarily a mistake, but it must be done with careful consideration of the needs of the business and its ability to justify the hiring costs.
Even if you're rich but if you don't have any idea how to handle a specific task, then probably you will need an employee or a team. Because a single mind doesn't know what could be wrong and right without consideration of the others such as second opinion. And I agree that if you're gonna hire you'll be need a good observation because a worse person that may included in your team, could cost to your business to fall, you know what I mean. You can't just simply hire a person because he's nice, you'll need to have a standard qualification for a specific role in the business that could help it to run smoothly.
There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.
A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.
A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.
Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.
A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.
A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.
A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.
These are surely essential things to manage before starting business. And I'd like to add that strategies to hold up with rivals are so essential that this should be an extra point. Most business models become ruined not because of poor business plan but because of rivals, since every business is a structure which should be competitive enough to hold up the position, and every business idea has rivals, but some rivals seem to not exist until business is actually run (hidden at the initial point). One of the main problems with rivals is that all the employees are potential agents of rivals, so hiring is the thing that should be done properly too, hired personnel should not be in excessive use.
To find information on managing a business, of course there are lots of articles to YouTube videos, but starting a business is a difficult thing to do, I was like that at first, confused about choosing a business that had good potential and the least risk, at first I opened a restaurant but failed and now it has been running the children's clothing production business for almost a year and already has 4 employees.
I have known some people who never had a great idea to begin with but still ended up being successful because they put in the effort and the hard work. You don't have to have a solid idea, if you think it will work, just do it. There might be some other people around there that already thought of the same and are just waiting for the capital to start. If it's something that fills a very specific niche, you can charge a premium for your services or items. The most important part is knowing that your business may crumble at a moment's notice, but you have the tools to prevent it from doing so.
There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:
A clear business idea:
A business plan:
Sufficient funding:
Legal and regulatory compliance:
A support network:
A marketing strategy:
A strong online presence:
A team:
A clear business idea:
A business plan:
Sufficient funding:
Legal and regulatory compliance:
A support network:
A marketing strategy:
A strong online presence:
A team:
These are all important but the one that has major effect on the success in business is finding a business that we have strong knowledge and comfortable performing with. It is also great if we start a business that we have a strong passion so that we can't get tired of it. Most businesses failed despite of all the needed factors in hand is because of lack of passion. They get easily tired and give up when things got tough. We also need to know the right equipment in order for us to minimize cost of production and or service maintenance.
Also, it is important to know when to ask for help. Creating a business is one tough project. As a starter, we might not have enough knowledge so asking for advice is an essential part of establishing a business.
You can read more advice here: https://startups.co.uk/strategy/7-important-factors-to-consider-before-starting-a-business/
Might I just add here, Discipline.
You can have all of those things you listed down and more, but the ones who really prevail as entrepreneurs are those who have the discipline and drive to keep going and not mess their whole system up. I saw business owners shoot themselves in the foot with wacky business ideas and unsustainable business practices. I saw businesses with no right to prevail and had still succeeded because of discipline and perseverance alone. There are so many people in the entrepreneurship field, create an edge by being the last man standing
You can have all of those things you listed down and more, but the ones who really prevail as entrepreneurs are those who have the discipline and drive to keep going and not mess their whole system up. I saw business owners shoot themselves in the foot with wacky business ideas and unsustainable business practices. I saw businesses with no right to prevail and had still succeeded because of discipline and perseverance alone. There are so many people in the entrepreneurship field, create an edge by being the last man standing
the perseverance attitude is indeed needed to move forward given any unforeseen circumstances. a can-do attitude is very important for the business to survive despite of the bottlenecks. without it, even with sufficient funding, the owner can give up if he is not up to the challenges.
to grow a business is no easy task. only few people can carry such mission.
many have the will to set-up a business, but only few of them can follow thru such desire.
Might I just add here, Discipline.
You can have all of those things you listed down and more, but the ones who really prevail as entrepreneurs are those who have the discipline and drive to keep going and not mess their whole system up. I saw business owners shoot themselves in the foot with wacky business ideas and unsustainable business practices. I saw businesses with no right to prevail and had still succeeded because of discipline and perseverance alone. There are so many people in the entrepreneurship field, create an edge by being the last man standing
You can have all of those things you listed down and more, but the ones who really prevail as entrepreneurs are those who have the discipline and drive to keep going and not mess their whole system up. I saw business owners shoot themselves in the foot with wacky business ideas and unsustainable business practices. I saw businesses with no right to prevail and had still succeeded because of discipline and perseverance alone. There are so many people in the entrepreneurship field, create an edge by being the last man standing
A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.
I like your ideas on developing a business, but I want to say this. Business has a pattern that must be binding and you work with a team or individual is an endeavor, but you have to understand the business and different places have different strategies that must be applied. All the data that you enter is something that is really needed in running a business and we should also consider what business is suitable for development.For example you are trying to build a business on internet devices and if in the area where you live the internet is still quite difficult to access, then the business you are running will take a long time to develop because the infrastructure is not fully supported. It is this precision that must be paid much greater attention so that your business does not stagnate in place.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
While talking about the teams so I think that if a person is doing an online business then there is no need of having an employ or helper but in the case of investment you have to gather information related to coin but it also don't have any need of employ so you can easily get the idea from YouTube and groups.
Maybe I'll add one more thing in starting a business, namely determination and intention. Because if our intentions and determination are only half and half (doubtful) it will make our business not go well. After we take a step then never pull our feet and come back.
A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.
While talking about the teams so I think that if a person is doing an online business then there is no need of having an employ or helper but in the case of investment you have to gather information related to coin but it also don't have any need of employ so you can easily get the idea from YouTube and groups.
Maybe I'll add one more thing in starting a business, namely determination and intention. Because if our intentions and determination are only half and half (doubtful) it will make our business not go well. After we take a step then never pull our feet and come back.
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