business

aboood.ibrahimaboood.ibrahim subscriber Posts: 5
edited September 2016 in Business Planning
How to Start a Business? Any helpful tips about relevant topic?? thanks in advance :)

Comments

  • Ankita1234Ankita1234 subscriber Posts: 49 Bronze Level Member
    Having a business idea is good, But a an brilliant idea matters. You can find many business startup fails because of there poor market research. You have to find out what is trending as well as need people in your locality.
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. administrator Posts: 1,137 Site Admin
    Hello, aboood.ibrahim.

    Ankita pointed out that market research is an important step when launching a business. With that said, there are many things that you must consider before pulling the trigger.

    -Do you have the necessary startup capital, or can you obtain it?
    -Do you have the correct business name?
    -Do you have a branding plan in place?
    -Do you know who your competitors are?
    -Have you determined the best marketing means for your business?
    -Have you identified your target audience, and do you know the behavior trends of your potential customers?

    All of that and much more. There are so many things you have to consider. It can be intimidating at times. With that said, you'll learn as you go. You're not going to have all of the answers right away -- you do need to be thinking about them, though. You must take a risk in order to live your dream. I have linked an article below that outlines steps that need to be taken when starting a business. It will be beneficial for you to read:

    https://startupnation.com/start-your-business/start-your-own-business/?utm_source=community%20&utm_medium=12142&utm_campaign=existing-topic%20
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Jeff MarlonJeff Marlon subscriber Posts: 71 Bronze Level Member
    Make sure that you have enough amount of capital available to start a desired business. You company should be legally registered. Make sure all legal formalities must have performed by you. One more important thing is that recruit right person for the right job at accurate pay to be beneficial for you business ultimately.
  • SalesManCountsSalesManCounts subscriber Posts: 2
    First thing I would look at is viability of the market. In other words, is there a market for your product or service. With that said, I agree with above that doing your market research is key. I suggest you start with investigating or researching your competitors, ie companies who are already selling a similar product or service, check with the chamber of commerce if you can find any relevant information about there yearly turnover. This will give you an idea on what you can expect if you market like they do.

    Never copy though, you have to define your own USP (Unique Selling Proposition) and based on this prepare a marketing plan and a sales plan. Then start marketing & selling as in a test phase. You can always say that when orders are coming in that you are still in start up phase and ask if they are ok with waiting for the product or service to roll out. If not you can refer them to a competitor that you respect. But it will give you vital information on which you can build your brand and sales plan / projections. Having done this would also make it easier to arrange funding if required (ie you know your product or service sells and you have proof of this).

    Good luck!

    SalesManCounts
    SalesManCounts|Business Coaching & Consulting | Check out our 8-week online group coaching program : https://salesmancounts.mykajabi.com/offers/k3he3EWF PM me if you are interested in a (free) coaching / consultancy session.
  • OurbusinessladderOurbusinessladder subscriber Posts: 4 Member
    before starting a new business, select the particular field and learn all the pros & cons of that particular field. It will help to run a successful business.
  • sokiusokiu subscriber Posts: 2
    You have to find out what is trending as well as need people in your locality.
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  • HelparoHelparo subscriber Posts: 13
    The first step when starting a business is to decide the field in which you would like to have a company. When choosing the domain, you need to answer yourself to the following questions:
      Do I have the necessary knowledge?
      Do I want to learn more about this field?
      Will I be able to cope with different situations?

    After you have answered these questions, you should think about an idea and create a business plan. Maybe you may want to create new products or sell services. For each option, you will need a certain number of employees, business partners or collaborators. Investors are also an aspect you should consider.

    The next step focuses on a market research regarding your customers and your competition. You want to establish who your customers are and what their needs are. Be careful! Find a niche that you can exploit and focus on it. Moreover, study your competition, look at what they offer, think about what you can bring new on the market what you can do better than them.

    Moving on to the next phase represented by making your company known to your target audience. Think about different promoting methods:
      Social media
      Writing on your business blog
      Creating Facebook, Twitter, Google ads

    Last but not least, analyze your strategies and see how they are performing. Make changes where needed and always seek for success.
  • PatriciaTaylorPatriciaTaylor subscriber Posts: 28 Bronze Level Member
    Have a good business plan, determine how you're going to cover those costs, Determine your legal business structure and build your strong team. And for a good business plan, you need to do proper market research and competition analysis to ensure success of your business.
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