Business is a person’s regular occupation, profession, or trade. Yes, business brings more money but it also takes a lot of determination, patience, and capital as well. There are a lot of definitions for business by different authors or economists, an institution or organization or economic system which or where goods and services are exchanged for money.
Business may be a family business and may be a start-up, for expanding your family business you must concern about the quality of product and start-up should have unique idea/product, so that a start-up can survive. Because start-up is all about idea came into your mind, doesn’t mean all ideas could be implemented, but a good one and unique get chances to launch. A start-up needs capital or funding for the production and marketing as well, funding either be yours or from investors; you don’t want loss anyhow.
Here are the 7 important points which I have learned while starting my own business from scratch.
Whether the market has potential in terms of the customer? There are many factors which matter under feasibility study. Like if you are launching a tech company then you should survey about the infrastructure facility or internet facility.
The Location should be superior and well fitted for your business as per your product or services. While hiring good location is also the problem of talent acquisition.
You must have a product which is in demand or you can bring it in. Don’t you think it is the stupid idea to sell ice in Switzerland and soil in Thar. Thinking about what product you can bring easily will take you in a tough situation if it’s not in demand.
Never go for high-profit goods or products, go for its quality whether it satisfies the customer as per demanded. The main feature of any business is profit, more you expand, more you earn. It doesn’t mean, for earning more profit you ‘play’ with the quality of the product because business depends on the product and its quality. According to Peter Ducker “quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for”. So never try to compromise with the quality to get immense profit.
If you are on the way of starting a business which doesn’t depend on the need but on desires like Cars or Jewellery then it’s best for you to search out about the customers buying strength in your area.
Monopoly means “where seller faces no competition or less competition, as he is the sole seller of goods with no close substitute”. While entering into new business venture one should understand his competitor and especially those who have the monopoly in the market.
Knowledge is a key if you want to achieve success with rapid speed. The best thing will if you have support either from the person you are taking your product or someone knows about the product.
Pic credit: bambridgeaccountants.co.uk
About Author: Vineet Aggarwal