7 THINGS/STEPS TO CONSIDER BEFORE STARTING A NEW BUSINESS
Starting up a new business either in your knowledge or out of your knowledge can be alot challenging. Its not about waking up in the morning and start setting up a business plan without proper guide.
It is not about having a huge capital to invest, but how to manage the investment with the capital.
There are so many that have lost millions of dollars on either investment or starting up a new business while there are still others that made the same millions with as little as they have.
Its not all about the huge capital but the guide to it
It will be revealed to you what you Dont wanna get involve with and what you should get involved with. Yes of course there are Do's and don'ts to know.
You wanna be among the successful ones in business??
Great, you will know it all here. Being successful is every aim of a new business. Nobody wanna get his/ her money wasted for nothing good as seeing his / her results positive.
That's right!
Apply these steps before starting your new business
1) THINK TWICE
This is the very first step to take.. You wanna get your new business to a successful level? Then think twice.
What is your business gonna made of?
Have you make enquiries pertaining the choice of your business?
How about competitors in the business? Many?leave it
is the business common? Leave it!
Its all about knowing deeply of the choice you are about to make..
That's it be carefull with this step, you don't wanna regret later!
Be properly guided here, Dont walk out of paths towards your Succes.
2)CAPITAL:
Well, that's the second measure you should be aware of. Enough capital with wise investment or business (good choice) can be a great success.
Capital is like a fuel that keeps an engine of a vehicle steady.
It is very essential in the business startup. No capital , no business. Yes that's the fact there and it's inevitable.
Capital can go for long miles in business venturing. Even ones knowledge and skills requires capital to manifest it.
capital consideration means the ability to put in place the exact fund required for the new business. You can't start up big business with the little capital you have unless you are gonna start it small. But its still the same issue here,, about capital consideration.
Another roadblock to talk of here is,
Poor capital management and usage.
Unless you manage your capital well you will succeed in that new business.
You Dont wanna be a lot extravagant and a fool investor just Because you already had that millions to be used.
Fool investor? Yea,, it is investing randomly without knowing your stand, you are not even sure if it will yield something at all. Dont fall in to that aspect. At first you will be hoping, at last you will see all hope is lost when it failed you. Invest right! Ask questions.
Invest well, and right in any business or else you regret later!
3)PLAN
You got the money? You have thought about the business idea?
Then plan comes in.
Planning requires you to carry your action with a guide. Not just jumping in and starting the business,but taking different actions for places required. Planning Is a wise decision you can make as a new business beginner.
You plan the type of business to selectYou plan the type of advertising medium to be used when marketing.If the business is only investment, then plan to know if you can meet up to certain amount of income you desired.You plan for the Inflation and deflation factors and how it can affect your business in the country or other countries if you are going for multinational business.Its important to write down everything you planned for and keep it safe.
4)GETTING KNOWLEDGE
Fourth factor after planning is getting personal knowledge on the business or investment.
In every hard life, Succes , business etc there are many people that passed through it successfully. Meet people,
Get information
Attend seminars on your business field
Conference is alright... You can as well apply for private training through digital means or physical means...
You are not only doing this to help grow your business but also you are doing it to improve or develop your self. In future, other business newbies of your field can also approach you to learn, and this time you have something to offer .
Getting a knowledge on your business field can be a lot helpful for growing your business.. Be sure you meet the right people that can give you what you need.
The right ones are the successful ones in that area.
5) CHOICE OF LOCATION(OFFLINE ONLY)
The choice of your Business location is important if you are going offline. Location matters a lot if you are starting a business.
Where you should locate your business and why
Locating your business in the city:
If your business requires massive attention from people and that people can relate to.
it could be mass media, Commercial banks, super markets etc can be of a good example. If your business is based on food, finance,media,education, fashion and beauty etc. Then go for the city.
Locating your business off the city:
This can be considered if your business requires a factory production of large quantities of items.
Examples:
Electronics, building materials e.g cement etc, oil sectors, chemical industries etc
You can choose off city for this type of business and can distribute the products later in the city for sales. The city still remains best place to market your business even after production. Be careful of the location for your business. If industrial, processing and manufacturing then locate it outside the city you don't want to endanger peoples health from the pollutions..
6)HIRE WORKERS(OPTIONAL)
The next step to take after locating your business is hiring workers.
You should hire workers if your business requires large scale production. But if not you can manage it alone.
Worker's are essential if you are looking for a faster means of making sales.. More workers, more sales that's it.
Even most internet personal popular blogs, Facebook etc still have thousands of workers despite the fact that some of this networks are being owned by individuals..
No business that you can't afford to hire workers unless if the business is not genuine and that you are scared of getting caught.
Nothing much to talk about here... It's well explained
7) ADVERTISEMENT
This is the last step to be also considered while starting your business. Be mindful of advertising your business later. It helps promoting your new business. Your business can go popular through this means.
You may not have an idea what advertisements does to your business. At first it may look like its not gonna have any effects but later you will see results
Good places to advertise can be the following
Online adverts (placing your banner adverts on popular website and blogs were people can see and click to have Access to your business.
Media e.g radio, TV station, etc
Bill boards can also serve, general awareness can be helpful. Be sure to have this at the back of your mind while starting your business.
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