Essentials to starting A business - page 4.

abralzain17

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

yes agree, and this is referred to as a step to develop a business that continues to stand firm. from the several points you mentioned, these are the steps that must be taken by business people so that they run as expected by business people, and all of them are correct in my opinion.
as for what we really need to pay attention to in running a business is good cooperation if we run a business with colleagues, meaning mutual trust in running the business

el kaka22

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Sufficient funding is where most people stop, because they think they can start a company for as cheap as it gets, but most of the time they can't. Let me put it this way, if you start any website at all in the world, unless you are an amazing developer and a great SEO at the same time, with a bit of marketing mind, then you are going to spend a lot of money.

Because you need a designer to design a website, you need a developer to develop a website, you need a SEO specialist to rank high, and you need marketing person to do SEM at the same time. Isn't there people in the world who can do all of that together just by himself? Sure there are, but not that many, hence you need to hire at least one other person and that costs money.

tjtonmoy

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

~snip

This post was generated by an AI model called ChatGPT. You can copy it and just paste it in ChatGPT and use the same prompt to see the result. Sharing your own knowledge is good, but copying and pasting and not giving any source is plagiarism. Which is against the rules of this forum.
There's nothing that is unique, and OP is just pretending. What can we do about it?
You could have just written this in your own words. But you choose to steal. Most likely merit farming or increasing activity.

I am tagging you here because many post from this profile is directly copied from ChatGPT AI. yahoo62278

Have a look.

Cryptomiles1

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There are some business which people venture without any value, before going into business first search around the location and vicinity to know what that particular area are really lacking of before venturing into. Doing business doesn't mean just having to create any shop or a business centre where you could start selling, there may be some people who have started selling what you are selling and have gain customers than you, so if you venture you may finds it difficulty to grow and excel in that business because there were some people who have already taken place in that line of your business.

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

You have listed some good points to start a business and following such list can be helpful. However, there is a few worthy to mention like raw materials for the business. Raw materials are important to open a business and access to it is more important. So depending on the kind of business being established, you need to open it where you can easily access your raw material. For example a mining company that deals in crude oil will need a manufacturing office close to crude deposit for easy access to it. Likewise gold mining company etc. There is a relationship between raw material and cost of transportation and that is why raw material is considered as a factor of production in economics.

ItsCrafty

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

This is most essential elements before starting any business. many business starter in my area failed because of not keeping about this element. Every body should keep extra double fund from base investment. Most of the time you have to just invest and their will be no instant profit and you have to just wait and make customer. There is possibility of failing at the start but your extra fund will give you strength to add new things in your business according to people interest and current trend. Once your business become famous and you get permanent customer then you will work less and will make big profit.

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Quote from: franky1 on April 09, 2023, 10:38:43 PM

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

by finding a niche need, means there is already a lack of competition(untapped market). and already a demand. thus when you start supplying that demand you are already ahead of the game and getting better customer flows without competition. thus many headaches avoided and less work to fight against

People that take the time to do their research, locate a market need that is not being addressed, and then develop a product or service to address that need are those who find a niche before launching a business. Being able to enter an unexplored market and avoiding competing with well-established firms in a crowded industry are advantages of doing this. A business specialty increases the likelihood of success in addition to greater consumer flows and lessened competition. Be different and special.

xSkylarx

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Starting a business is not a joke, we are always wanting to start a business but we only look for the brighter side and not how to start a business. We do have a business before an online store for kids wear and we just simply created this and not having those kinds of plans we just set up it and we have funding and we just figure it out on the way which at first it is really working profiting but after few months we got loss and we are not ready into it and turns out it closed. Planning is really the key and also you can find out the risk on your business and if it is worth to build

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Quote from: Smack That Ace on April 11, 2023, 08:38:39 AM

I'm not saying they're useless, and as I said, experience is what we need most. I believe that anyone who starts a business has thorough preparation and a near-perfect plan. But we lack experience, and experience we can only learn by ourselves and can't get from others because each person will have different circumstances, no one is the same. The same formula, but when you apply it, you may succeed, but that doesn't mean others will succeed. Like many people apply the success formulas shared by billionaires, but I have not seen anyone as successful as them.

The idea of starting business is great idea, but this business idea must suit the abilities and experience of each individual. I don't think it's good to start business without experience, let alone start new business idea that is basically the opposite of their abilities.

There are many cases where businessmen fail to develop and bankrupt because they do not have expertise in the business they are running, that is mistake that any businessman should avoid. I tend to agree that if one starts business within his or her skill set, it is more likely to achieve success in the end. I get this advice from other successful businessman, but not all ideas that differ from their expertise are doomed to failure.

isaac_clarke22

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

~

Consider also something unique. Crypto-related or not, I am already sick off milk teas being sold almost every street I walk into. It's like people think that they can earn more by blending in to the crowd of the businesses serving the same specialties and they would most likely taste the same anyway, then you would just find out that the store closed a month after and another one opened up right around the corner again. The same applies to crypto as well. There are just way too many altcoins that are just copying each other and it is getting to the point of nobody knows where to put their money into.

Smack That Ace

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Quote from: Iadegbola34 on April 10, 2023, 04:34:06 AM

Quote from: Smack That Ace on April 10, 2023, 03:59:37 AM

Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

...

Those are the elements needed to start a business, but even if you have enough of those factors, there is no guarantee that you will succeed, if success comes so easily, no one will fail. defeat at all. Life is colorful and everyone will encounter different situations, so the same formula will have winners and losers. For me, if you want to succeed, you just have to work, work, work hard, if you fail, keep getting up and never give up until you succeed.

None of what I listed is fail-proof for a business endeavour. They're only just a suggestion but you will agree with me that having a plan is better than having no plans as one is closer to failed business than the other and it's not the former.

I'm not saying they're useless, and as I said, experience is what we need most. I believe that anyone who starts a business has thorough preparation and a near-perfect plan. But we lack experience, and experience we can only learn by ourselves and can't get from others because each person will have different circumstances, no one is the same. The same formula, but when you apply it, you may succeed, but that doesn't mean others will succeed. Like many people apply the success formulas shared by billionaires, but I have not seen anyone as successful as them.

Jatiluhung

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Quote from: Pokapoka124 on April 10, 2023, 02:28:28 PM

This is going to sound like really bad advice but sometimes all you have to do is START. You don’t need to have everything planned in the beginning, if you wait for all the elements to be in place you may never start that business and when you do, you will be extremely disappointed and discouraged when things don’t work as planned. Everyone thinks they have the perfect business idea until they start, it’s not easy to be an entrepreneur and having everything on OP’s list does not guarantee success in business.

Planning everything in detail from the start is actually quite good. but it's not a must. because even we can start with only armed with capital and simple planning. but starting a business is not as easy as it is talked about. and when we start a business, of course we want to make it long term and grow. and this is where the importance of careful planning and preparation. if we do not have proper planning and preparation then it will be more prone to failure. Speculating in business is something that can bring higher risks. and this is where careful preparation and planning is carried out to minimize the risks that will be faced. doesn't mean careful planning will make everything work 100% but it only minimizes the risk of failure and maximizes the potential for success. sometimes there are people who start a business without careful planning. he started simply and let it grow slowly and his business turned out to be running smoothly and growing even faster. but the fact is not everyone experiences the same luck. so that everything still requires hard work and more effort. the same goes for starting a business.

slapper

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Quote from: DevilSlayer on April 10, 2023, 02:04:30 AM

Quote from: franky1 on April 09, 2023, 10:38:43 PM

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

by finding a niche need, means there is already a lack of competition(untapped market). and already a demand. thus when you start supplying that demand you are already ahead of the game and getting better customer flows without competition. thus many headaches avoided and less work to fight against

take the bitcoin vs crap coins for example
bitcoin became popular because there was nothing like it before it existed. and now there are thousands of crap coins THAT FAIL because they dont fill a niche. they instead just try to replicate something thats already serving the masses. but no one wants the cheap replica/counterfeit/copy. even if its offered at a 1000x discount

Niche is something you master, something you really love to do, something you really specialed and something that you are really passionate about doing it. A lot of businesses nowadays are keep failing because they keep starting business that can be considered follower the followers which means that they are creating business because it is the current trend business which they really pure copy not just the idea but everything. They are really not passionate or what they called niche in that kind of business, they just copying someone's idea because they know that it is the trend and for me it is a big problem that it can be considered as main factor why it only give them short term return and it will be a big problem in long term.

By identifying your niche, you can easily think a business that have problems and solutions that you can easily solve. For example, my niche is crypto and stock trading. The current problem that I see is a lot of people want to learn crypto and stock trading so for my solution is I will create a business mentoring program that will teach how to trade stocks and crypto in different types of person. It is a simple idea of creating business out of niche. Be creative and make sure you use your brain to think daily in order to create and start a very successful business.

You nailed it regarding the significance of pinpointing your biz niche. In fact, I've been digging around, and it turns out niche-focused ventures tend to outperform their less-focused counterparts. But I gotta disagree with you on the whole passion/expertise requirement for starting a biz. C'mon, ever heard of the Pet Rock? That idea killed it, and I doubt its creator was a rock fanatic.

Regarding your crypto and stock trading mentorship plan, it's a brilliant idea! There must be a ton of folks eager to learn about those domains. But let me offer a suggestion: why not establish a business mentoring program for passion-fueled, niche-centric entrepreneurs? Name it "Niche Masters" or "Passion Payouts." It's bound to be a crowd-pleaser!

Oceat

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Quote from: franky1 on April 09, 2023, 10:38:43 PM

by finding a niche need, means there is already a lack of competition(untapped market). and already a demand. thus when you start supplying that demand you are already ahead of the game and getting better customer flows without competition. thus many headaches avoided and less work to fight against

This is what should people do if they want to start their own business it's just simply finding the demand then you supply it. Thus, you easily gain profit and the right people for your product. What the OP defined may be essential for creating a company for a business but if the demand is not met then all of it is useless. It's like you are selling new type of bread in a country where there's too much bakery almost everywhere.

I think it's best to conduct a survey first on what are the people wants and needs so that you can easily give it to them. That's why there's a lot of store owner riding with the trend because that is where the demand goes.

DrBeer

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

Ideal rules - and you can't argue!
But there are nuances - what you listed is a classic scheme for building a business. But there are situational nuances. For example, from a real situation. Permission is being introduced, for example, for the use of software fiscal registrars. And situational solution providers appear instantly. And if you are not a relative or friend of the creator of this law, you are unlikely to build a business according to the specified rules! But if you have the potential and the opportunity - you can "jump into a passing train" and situationally build a very good business!

Cryptomultiplier

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Besides all the points aforementioned by OP, one point omitted or rather left out in detail and of which I find most essential is that of 'passion'.
You got to love the process even more than the idea of the business itself.
I have seen people who have done well in fulfilling the points clearly stated by OP, but lack the passion to keep up when they encounter several ups and downs as would be the case. It's not easy to start a business. it is even harder to keep up after the stress and disappointment start weighing in.
One thing I however love about starting a business is the freedom at which one expresses himself/herself creatively both on social media, during one on one conversation and even during presentations.
Be passionate more than anything and apply creative thinking. See how things will fall in line when difficulties arise.

Smartvirus

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Quote from: franky1 on April 09, 2023, 10:38:43 PM

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

A niche is some place to start for sure but, there is always some room for competition and that makes offering the same service or having similar commodity ain't so bad. You've just got to have a different approach as to how you offer them. Perhaps in smaller quantity or bits and price difference. Though, you mustn't reduce the quality.

Before all that, going into the world of business could be a whole new idea for one and even, the niche for which you've chosen which means, you've got to sort out informations on what makes the field and how its been managed or operates. This could bring about your success or failure in business and your chosen niche.

Lanatsa

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A business plan
Sufficient funding

This two would really be that something that you should focus but in overall those things listed on OP are crucial things to be considered or something that you would really be needing in balance.
This is how business should really be handled out because if one of them are really that in out of focus then you would really be having that imbalance which
might really be that in result on having negative on your business.

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

Starting a business is a big responsibility that has the ability to change lives for the better or the worse, depending on the many factors. Actually, you have mentioned some important factors, but you didn't mention the most important one, which is to have experience in the field you are joining. Idea, fund, and marketing aren't enough in my opinion, because all these criteria can't do anything if the business owner doesn't have experience in the field he's joining. The reason is that many unknown problems and hurdles could arise and cause additional costs or additional efforts to overcome, so the owner should have worked for a similar business before, which makes them aware of everything related to what he's doing.

Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

Marketing and especially digital marketing is the most important among the points you have mentioned, in my opinion. For example, many products have very low quality and, at the same time, are the best sellers, and that's due to their marketing team or marketing strategy. Therefore, marketing is the science of this age as everything is going digital, and most of the world population will be available on the internet within a few years.

Fortify

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Quote from: Iadegbola34 on April 09, 2023, 04:47:52 PM

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.

I'd say that knowing how to evaluate failure is an important part of business. Most businesses tend to fail within the first 3 years, but you can often get a feeling for whether something is going to be successful after the first 6-12 months. That being said it is an acquired knowledge that you might only learn over time. There is a very fine line to walk between perseverance and acknowledging that it's not working. It's important because it may just require a few tweaks or it may require a whole new idea to be successful. Ignoring these things can be much worse in the long run, in the worst circumstances you end up supporting a zombie business or even lead yourself into debt out of denial.

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