Topic: Essentials to starting A business - page 6. (Read 797 times)

I agree with your statement, but of course for you to establish a business you would need to have proper planning. It includes the mission and vision of your business, the long term situation, the target audience, capital and workers. Of course you'll need to be determined in building a business since its not that easy to just simply have one. You will also need to have papers and legalisation of your business, there will be taxes if you operate a huge business. And your mind shouldn't only focused on the current situation or trends in business, you need to look forward in the future for your business to run in a long period of time.

The major things someone have to put into consideration before establishing business, the first is to have a self determination, secondly you most at least know the preamble or neither mastered the business you want to venture into before establishment, I believe that another thing important to be considered before establishing a business is to know a good site for establishment and population rate of people living in area you want to establish your business.

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.

Finding a niche is one of the basic qualities of a business that will perform well but it has some challenges. A niche is an improvement of an existing idea or offering something new or different. Customers will gladly accept such service or product but it attracts extra cost to the goods or services. A firm that sells electronics and offers free installation service will have to employ more staff. New products sometimes are not accepted by customers easily. Most times people are used to particular goods and they don't want to use or try another one. But when the firm starts succeeding it will outshine all competition.

Yes, starting a business can be a daunting task, but having the right essentials can make the process smoother and increase your chances of success. Some of the essentials for starting a business include a clear business idea, comprehensive business plan, adequate funding, legal and regulatory compliance, support network, marketing strategy, strong online presence, and a team.

By ensuring that you have these essentials in place, you can create a strong foundation for your business and set yourself up for success and I also believe that starting a business is a journey, and it takes time and effort to build a successful business.

finding unpopular niche nowadays is very hard, since mostly are already on trend while most the niche are in the online industry. IMO, most people who wants to start sidehustles or business will prefer online since the losses are manageable compared to physical businesses where you need to set-up your own shop. aside from that, like what you have said that you need to ensure that you have insurance policies just in case some problems may occur. nowadays I have heard lots of influencers talking about niche this and that, and then it ends up talking about affiliate marketing. it is pretty interesting though if you have plans to make money if you have enough followers already.

While it's true that making money is the primary goal of any business, there's more to it than simply "money in". A solid foundation, including a well-thought-out plan and a clear understanding of your target market, can make a huge difference in the success of your business.
Having a strong online presence, a well-designed logo, and effective marketing can help attract potential customers and establish credibility in the marketplace. Additionally, a supporting network can provide valuable resources and connections to help grow your business.
While it's important to take action and not get bogged down in planning paralysis, it's also important to take the time to develop a solid strategy. Rushing into a business without a plan can lead to costly mistakes and missed opportunities.

Ultimately, success in business is about finding a balance between taking action and planning ahead, and defining your own version of success.

If you're reading this to find a tip when and of how and when to start, Just start. Business is simple. Just "money In". Do something that will make you money. Making a logo won't make you money but finding a good prospect whose willing to exchange their money to the value you're offering regardless of not having an online presence, logo, marketing, or supporting network is a sound money making business. You don't need a perfect plan. A good plan executed today is greater than a best plan tomorrow. Just do it now. Business is money in. You don't need a strong foundation right away,  but you need strong character to start and continue. Some do business because they are bored, want fame, or recognition despite of not making any cents. Real business is making money. And your success depends on your own definition.

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

All the points the OP listed are very essential in starting and running a successful business. Many people start businesses they know nothing about because their main aim is to make quick gains. They fail to understand that planning is very important in business.

Recently there have been fire outbreaks in some major markets in my country. And this has led to the loss of goods worth millions of dollars. The truth is that most of these business owners will go bankrupt because none of them have any insurance policy. So I want to add to your list that every business should consider taking an insurance policy to protect the business from unforeseen circumstances. I know it is not cheap but depending on your business, an insurance policy might help to sustain businesses.

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.