Business starting and business managament learning

krisskriss subscriber Posts: 1 Member

Hello,

I am close to setting up my own company to process fish products.

I would like to ask for advice on which startup strategy is best to choose:

start with a small assortment of products

or

to go "to the full bank" and offer the largest possible selection of products from the very beginning of the company's operation?


Choose to start with 1 category products, 2 categories, or 4 categories?


I've heard a lot that it's better to start with a small assortment and gradually move to a large one. But I am frightened by the fact that I will initially invest a lot in marketing and a potential customer will come to my online store, but will be disappointed because they did not find the necessary fish product. When I offer this product, the customer will be sure that it is not available in my store and will never return.

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Bonus question:

I am a person who does not like to study while sitting on a school bench. I may have trouble perceiving information in such an environment. I learn the necessary substance at home at the computer.

I would like to hear some suggestions on what would be a suitable internet resource for me to learn the necessary information for the management of this company.


Thanks for reading. I will be mega grateful for suggestions.

Best Answer

  • Tuah BaoTuah Bao subscriber Posts: 176 Silver Level Member
    Accepted Answer

    Hi @kriss

    Before choosing how many categories, you need to answer yourself a question "How much risk are you willing to take?"

    The above question should lead you to the next question, "how long can you last without zero income?"

    I would say your capital should at least enough to cover all your operating expenditures for at least 6 months (preferably 1 year). If you are operating an online business then it shouldn't cost you a lot, but I am not sure what other fixed expenditures you got.

    Marketing - you should always focus on certain keywords to target certain group of customers. Example: instead of choosing "clothes" as your keywords for ad, you should choose "T-shirt", "coats", "jacket"...etc. To have a more specific targeted keywords for your ad. So, I believe the same goes to your fish product. Therefore, I believe it is okay to start from small. Anyway, the decision is yours. Good Luck!

    Tuah Bao
    100+ done for you courses to immediately start running your own profitable e-learning business
    https://www.courseserious.com/


Answers

  • Tuah BaoTuah Bao subscriber Posts: 176 Silver Level Member

    Hi @kriss

    Google is your best friend, try search information over the information. If you do not like to read. Then, other useful resources are Youtube channel and other learning platform like Udemy, SkillShare, Coursera...etc where you can find both free and paid courses.

    ***My personal opinion*** You should eager about what you are doing (like starting up a new business), if you are not interested to find out more what you are about to do (like reading relevant information) then I don't think you are ready and fully committed to the business or the business seems not interesting enough for you. Therefore, do you still want to carry on with the plan? Think again. Hope that helps.

    Tuah Bao
    100+ done for you courses to immediately start running your own profitable e-learning business
    https://www.courseserious.com/


  • groverhemantgroverhemant USAsubscriber Posts: 6 Member

    After a successful launch, startups often find themselves ill-equipped to move ahead to the next phase. In such a situation, leaders need to adopt scaling alternatives and steps to grow the startup into a high-performing company.

    Try these steps to never face any problem in your startup:

    1. Plan for the future, not immediacy
    2. Ensure you're ready and geared up for growth
    3. Know your competitors that have successfully grown
    4. Safeguard your business principles
    5. Assemble a good team
    6. Have rules for your employees
    7. Get external expertise when required
    8. Do not compromise on quality or consistency
  • nikzynikzy subscriber Posts: 2 Member

    One of the best tip for me is to separate your personal interest from your business interest. Separate your payment in terms of you don't have to use your personal fund to pay for your business. Just pay one time for your business and let your management do the work. Invest on software property since it will really help you in the long run.

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