Topic: Some things to consider before starting a business - page 19. (Read 3793 times)
Planning is the first thing must do in starting business. Think what kind of business you want. It should be the business that you really want so you won't hesitate in this. Then act. Search a good location. Know where the market is higher. Study it very well. You must know everything about it. Every angle, even if in smallest things.
A lot of things need to be consider before starting a business. Such as these, you, as the owner the suppliers you'll need and the target markets, your customers. You'll need to have a firm objective for your business to last and clear and concise plan before you start. Research throughly to avoid scammers most specially in choosing suppliers. Being creative and having unique ideas may catch the eyes of your target consumers.
The thing to watch before doing business is to recognize products and markets. we should be able to assess competitors how to market their products. For the next in need of uniqueness or new innovation and the main is mental because we must always think positive and courageous in making decisions.
Yes it is true because when I will start any business I will search on the Google that what is the most demanded product in the market now. So after that I will check my saving because without enough money I will not be able to invest good amount in the business and I will not be able to make profit with it so after that I will go for the paper formalities and will start my business with some trust worthy people not with the scam.
-snip-
All you have listed are practically what every business by default knows but at the same time, while some succeeds some others fail and stop existing. Either way, one basic thing to have is understand the need you want to fill as a business inclined individual and clearly state your target market because without these every other thing becomes impracticable.
Of the 100% of businesses, only 5% remains successful as the remaining 95% have already given up and chose to just close shop. The key thing is to first know if there's a demand for such a service/product before starting to build one. That's basically what's wrong with those who closed shop: they haven't researched too much on their target market that's why they ended up in a flop. Also, from what I'm seeing on today's markets, one product goes in trend and many shops market the same product without innovation. That will greatly saturate the market ending up in great competition, so the best possible thing to do is to think of something unique before setting up your own shop. Innovation is a big edge in creating a business, as people would be curious in your product and end up trying it and *might* like it.
First all study and analyze market for feasibility of your business.
Then start focus on the things that are most important.
Advertise your business.
Find new things to compete others in business.
Make your decisions wisely and patiently.
Before starting a business, be clear about the business whether it is service oriented or something related to trading. Later calculate the capital affordability. Then keep half the investment as an backing and invest the half. The reason is that we're not sure about the outcome. If loss happens we need can make alternate plans with what we have in hands.
Before you venture into any business you most be prepared to study every information about that business and also trying to develop your skills about the venture you want to embark. I am making a living online currently because I learn about forex trading since 2009 and transfer my knowledge to bitcoin and cryptocurrency this year. Your skill is your business future and I will also advise you to focus your mind on cryptocurrency business related.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as applications and data storage with cloud technology are very cheap and make small companies able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
You have elaborated all the necessary points in a very good way. I will definitely agree to what all you have said. I think before doing up anything or starting any business, you need to have a good knowledge about that business. Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as applications and data storage with cloud technology are very cheap and make small companies able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
Look out for Product, People, Price and Place. All these things will be affecting the most and this will decide how much profit you will get.
I am agree. That 4 P`s are very important when putting up a business. Nowadays, online business is really a trend. Bitcoin is one of the online businesses, so there are also many competitors and many other digital currency outsourcing.The key to starting a new business is to be organized. So many people are driven and have great ideas.
1. Do not invest your own money
Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as applications and data storage with cloud technology are very cheap and make small companies able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
You have elaborated all the necessary points in a very good way. I will definitely agree to what all you have said. I think before doing up anything or starting any business, you need to have a good knowledge about that business. Since most businesses are risky, seek partners. So, if things do not go all the way, you will not go bankrupt because of the start-up funds, and not pursued debt.
2. Work hard
If you are not willing to work hard, overtime, forget personal gain and health, then entrepreneurship is not for you. At first, you definitely will not be able to pay employees, even if the employees are cheap. So, your employees are your own.
3. Use the latest technology
New technologies such as applications and data storage with cloud technology are very cheap and make small companies able to compete with large companies. Take advantage of low cost technologies on the market.
4. Respect the time
Rate the money in your time, for example Rp20 thousand per hour. This will help when you have to make a decision: If a store charges Rp10 thousand for shipping every week, and it takes you 2 hours to go to the store itself, then pay for the postage from the company, because it is cheaper.
5. Realistic
When creating a business model, look around and look for a successful example of the business model you want, then learn. If you can not find, whether you are an incredible genius, or your business model will not work in the real world.
6. Sell excess, not price
You start a business, you are naturally frustrated marketing it. But, if you compete on the price, you will end up selling at barely or even under capital. Master the skills of communicating with customers, to explain that your product price is higher because it has a better value
Look out for Product, People, Price and Place. All these things will be affecting the most and this will decide how much profit you will get.
The thing to watch before doing business is to recognize products and markets. we should be able to assess competitors how to market their products. For the next in need of uniqueness or new innovation and the main is mental because we must always think positive and courageous in making decisions.
Yes it is true because when I will start any business I will search on the Google that what is the most demanded product in the market now. So after that I will check my saving because without enough money I will not be able to invest good amount in the business and I will not be able to make profit with it so after that I will go for the paper formalities and will start my business with some trust worthy people not with the scam. 1. to know your target customers, the demographics of a certain location can help you pick what type of business is really needed
2. your location must be surrounded with a lot of people
3. budget- i think it'll be better to start with a small capital then if its a success you can gradually make your business bigger (low risk)
4. you must have a unique concept-- a selling point
and although its not necessary, open a business where there are fewer rivals
To start new business you must have working capital because its easy to plant new machinery but then you will in great need of working capital2. your location must be surrounded with a lot of people
3. budget- i think it'll be better to start with a small capital then if its a success you can gradually make your business bigger (low risk)
4. you must have a unique concept-- a selling point
and although its not necessary, open a business where there are fewer rivals
For my own opinion ,when you starting a business you should know the main idea to improve your business and the important is you have a limitations followed. The things that you don't need to do and the things that you need to do as a business man/woman .And for more additional information,the best techniques is you will ask some of your family or friends that have a long experience about of your business to learn more how your business run very well,and also your friends that you'd ask will guide you to learn and they will help you to improve your business..
1. to know your target customers, the demographics of a certain location can help you pick what type of business is really needed
2. your location must be surrounded with a lot of people
3. budget- i think it'll be better to start with a small capital then if its a success you can gradually make your business bigger (low risk)
4. you must have a unique concept-- a selling point
and although its not necessary, open a business where there are fewer rivals
To start new business you must have working capital because its easy to plant new machinery but then you will in great need of working capital2. your location must be surrounded with a lot of people
3. budget- i think it'll be better to start with a small capital then if its a success you can gradually make your business bigger (low risk)
4. you must have a unique concept-- a selling point
and although its not necessary, open a business where there are fewer rivals
I started a offline business about 2 years ago and most of the post here are the things that I considered before putting it up. I don't have a problem with the demand, because it was really the people around me who have gave me the idea to start my business. So from the very beginning, I don't have any problem with the customers. The only problem I initially went through was capital, the demand is high but since I started from small capital, sometimes my items went out of stock. But since I found bitcoin, it gave me additional cash flow so that issue has been solved in my end. Another issue I've face in the items I'm selling. Sometimes even my supplier went out of stock so I learn m lessons not to rely on only 1 supplier. So business in my end is doing doing, and partly because of bitcoin that really help me stretch out my capital.
The failure of a business is working capital and that's what most entrepreneur fail to understand and even large businesses still borrow money to meet their working capital needs because without that the business will sink in no distant time. As a business coming in, the first issue I see a little bit technical is that working capital and it goes beyond ability to sell or having clients to sell to.
The thing to watch before doing business is to recognize products and markets. we should be able to assess competitors how to market their products. For the next in need of uniqueness or new innovation and the main is mental because we must always think positive and courageous in making decisions.
Now we can see a lot of business opportunities that exist around us, be it pure online business or offline business that is go online. However, the number of business opportunities does not necessarily allow us to choose and run the business we want.
There are a few things we need to consider and start preparing the business prepares capital, the second prepares the workforce, the third is the provision of raw materials as well as the techniques in running the business, marketing the business optimally, then profit a business, risk a business, concerning business competition and pay attention to the latest business management is the facility and the fringe
There are a few things we need to consider and start preparing the business prepares capital, the second prepares the workforce, the third is the provision of raw materials as well as the techniques in running the business, marketing the business optimally, then profit a business, risk a business, concerning business competition and pay attention to the latest business management is the facility and the fringe
Some things to
Consider before starting a business is being able yo lanage it. Whatever grand scheme you have if you dont have a realistic plan o. How to lanage t the. It would fail. Also it is very important to note that every business should start with a study first if it would bloom or if the market is ripe to start that business there otherwise it is just another expensive idea put into construction and destined to fail.
I started a offline business about 2 years ago and most of the post here are the things that I considered before putting it up. I don't have a problem with the demand, because it was really the people around me who have gave me the idea to start my business. So from the very beginning, I don't have any problem with the customers. The only problem I initially went through was capital, the demand is high but since I started from small capital, sometimes my items went out of stock. But since I found bitcoin, it gave me additional cash flow so that issue has been solved in my end. Another issue I've face in the items I'm selling. Sometimes even my supplier went out of stock so I learn m lessons not to rely on only 1 supplier. So business in my end is doing doing, and partly because of bitcoin that really help me stretch out my capital.
1.You should consider your target market and the product that you are offering.
2The location of the business should also be taken into account
3. The promotion of your product must be catchy which makes people grab their attention.
4. Consider the price of your product.
2The location of the business should also be taken into account
3. The promotion of your product must be catchy which makes people grab their attention.
4. Consider the price of your product.
Many things we have to prepare before full total in business mainly is capital and of course business analysis far ahead. besides, test market and know the market condition is very important to do.
-snip-
All you have listed are practically what every business by default knows but at the same time, while some succeeds some others fail and stop existing. Either way, one basic thing to have is understand the need you want to fill as a business inclined individual and clearly state your target market because without these every other thing becomes impracticable.
Of the 100% of businesses, only 5% remains successful as the remaining 95% have already given up and chose to just close shop. The key thing is to first know if there's a demand for such a service/product before starting to build one. That's basically what's wrong with those who closed shop: they haven't researched too much on their target market that's why they ended up in a flop. Also, from what I'm seeing on today's markets, one product goes in trend and many shops market the same product without innovation. That will greatly saturate the market ending up in great competition, so the best possible thing to do is to think of something unique before setting up your own shop. Innovation is a big edge in creating a business, as people would be curious in your product and end up trying it and *might* like it.
First all study and analyze market for feasibility of your business.
Then start focus on the things that are most important.
Advertise your business.
Find new things to compete others in business.
Make your decisions wisely and patiently.
I think it's important to learn a lot about the market, about the environment. Especially in the cryptocurrencies environment, which is quite complex, with so many coins, assets, and things to handle properly.
before starting something we should collect fine information about that thing as if we are going to invest in bitcoin and you wants to take it as a business then! You will have to search about it on Google and should discuss about it with the people who are using bitcoin. The price of the bitcoin is not predictable so you need to gain information about the present price and after that just go for investment fearlessly Jump to: