STARTING A BUSINESS AND STAYING IN BUSINESS
Starting a Business and staying in Business is not an easy task, there are too many factors involved that you need to understand very well.
In short, I would like to mention some of the important factors, which I think are very crucial in deciding and running what kind of business you need to get involved in, and the best way to manage that and grow it gradually and steadily.
When deciding to enter the business markets , or running a business, some of the important factors that you need to have in mind and need to be studied carefully are:
– Have a good reasonable and possible business plan. It is best to write and understand your own business plan considering all the major factors and the numbers associated with it, like what is the business you are trying to build, to run, your mission and how you are going to accomplish that.
If you are new to this, you can use the help of business plan softwares that are available online, or use the services of some websites that offer that freely. Take your time doing that, study it thoroughly and adjust it according to your needs, wants, requirements and market conditions.
Make sure your targets are reachable within a reasonable time and the your plan is sound enough and good to have success all the time. A good strategy is to tackle each factor and see how it will work with the other factors to have the best results possible.
Always remember that these numbers will not work in all market conditions 100%, but it is a good indication for you to how your business plan and your vision can and will work.
– It is best to start something that you have specialized knowledge about it.if you do not have deep knowledge in it, At least understand the important basics and grow your knowledge about it all the time. Make sure you like what you are doing all the time, it is a very important factor in succeeding in what you are doing.
– The first thing you need to choose,is, what kind of product/products or services you are planning to offer to the public. To reach a good decision for that, it is better to have a good knowledge about the market or the markets you are planning to do business with, their market history for that and the present conditions for that.
It is best to choose a product or a service that has a good appeal to the general public at a reasonable price with good margin for profit all the time to cover your costs, services, and has the ability to compete fairly in all market conditions while maintaining quality, quantity and the support for it all the time.
It is also a good idea to study and have general knowledge in other markets too that are usually or can be associated with your market directly or indirectly. Usually good and stable markets depends on and connected to each other, and it is a good idea to know the infrastructure of your product/products or your service/services, understanding what is the best, most stable, and the most attractive environment for you, having all the factors involved in mind, so you can succeed all the time, compete fairly and grow steadily.
Having in mind that markets can sometimes shift unexpectedly, depending on unexpected circumstances or new conditions, for example; new product/products in the market that has a complete infrastructure than yours, where sometimes it is hard to compete fairly or it will take you time to adjust to that. Always make sure that your product/products are according to specifications in your market, and it is best not to depend on one product or one source. Variety is always good.
– Second, You need to have a good plan for marketing and how you are going to reach your target markets and build your customers base, Usually it is best to have a good budget for that, and start testing your advertising campaigns with small amounts using several marketing strategies and marketing methods offline and online, and build your strategy for that depending on the best results you are achieving. It is also always a good idea to have a good factor of safety financially and in the resources available.
It is best to have more than one method all the time, and always remember that word of mouth is always the best all the time in whatever you are doing.
– The Next step is to estimate the cost of the best business location and the cost of running the business from that location. Choosing the location is one of the most important factors in your business life. It is best to choose a location with minimum steadily cost and low rent that will not increase on you suddenly.
Also, choose a locaion that has an ease of access for the general public, have enough parking space, and it is a good environement for your customers and for your business.It is also a good idea to have it where you can expand in the future,if needed, or can move somewhere close to it, if you need to move from that location. This a good idea that will minimize the loss of customers on the long run and will minimize your cost.
Location is very important and can make you, or break you; if you make a bad choice for that location of your business which will not fit the type of business you are trying to build, or faced with unexpected or unforeseen factors.
– The next major important factor is management and support. It is always best to understand the best ways to manage and support your business. it is always best to supervise your business with reasonable effort and cost. it is best to run it with good quality all the time and outsource the resources to qualified and trusted resources if needed. Good organizing and bookkeeping are needed all the time. it is best to use a good software all the time to analyze the numbers, markets, costs, profits and how the business is going through different times to see the best ways to improve it all the time in all conditions.
a good important factor is to have a good management all the time, without loosing that in all conditions, and the ability to handle any situation, expected or unexpected. Always have a good factor of safety for all your plans, and understand risk management of all factors involved all the time and have a backup plan all the time if possible.
Your business reputation depends on several important factors that need to be studied and reviewed all the time to keep it in the best conditions possible.
Customer service and time management are very important all the time. Understand your ability and the best ways to grow and manage your business in all conditions without losing quality and the growth rate all the time.
It is always best to be ready for unexpected circumstances, and have a good positive environment all the time. It is best to be able to adjust your plans if the existing plans are not working, and it is always best to adjust it as fast as possible after giving it enough time, testings and effort.
Always remember that word of mouth is important all the time, and the qualities you are providing at reasonable prices are important all the time; are your biggest asset all the time.
– Another major important factor is Human Resources and Team Work. You need to understand that to build a business the right way, you need to maintain the quality of your team all the time in all aspects.
Business values are very important all the time. Trust, ease of communication, sincerity, having a good positive environment and the ability to deal with all kind situation all the time in the best ways possible are very important all the time. The integrity of your business depends on that.
Knowledge of what you are doing and having the updated resources all the time, are very important too.
– When you understand the above and have the ability to deal with that the right way, then you will have a better chance in figuring out your financial budget for your business. it is always best to have a good budget all time, good cash flow and an emergency fund if needed.
If you are starting a business, it is best to have funds to cover the first six months to be able to build it the right way and adjust your plans according to market conditions if needed.
Figuring out your Financial Plan is very important to decide what is the best resources for your business that will fit your needs, wants, and requirements.
– Setting up the business environment is a very important factor too, it is always best to keep a relaxed environment and a very attractive one to the general public. It is very important to keep it maintained all the time, and have good appeal all the time.
I believe that those are some of the important factors, and of course, each factor has it’s own sub-factors, and you need to have the ability to see the whole and complete picture of it all the time to succeed, and adjust it according to your needs, when needed.
Always do your best to provide the best products and services, and the best support possible all the time.
A good website that has good resources is http://www.bplans.com ,you can build your business plan using it too with their software.
Wish you all the Best and Good Luck all the time.