Things That Need To Consider During
Starting New Business!!
Many people want to start 🌟 their own business but they actually don't know what things need to do in the initial point. There are some other things that make business paralyzed in the future. Business is an art rather than a skill 🎿. It's success and failure depends on your experience and knowledge related to business. But, here are some points that must be consider before starting business and also some after establishment.
1. Information of related industry:
Your business comes under any industries among many like service, food industry etc. So, you must know your industry and try to acquire some knowledge related to your industries because in the coming future you will have to face many obstacles like legal obstacles for alcohol industry. Also other information which will help you to grow your business.
2. Sunrise and sunset of market:
Sunrise means growing time and sunset means saturation of any products in the market. If there is increase in demand for any product then this is sunrise for that product and vice versa. So, you must do a survey in market about it and there is need to continue development in product and so that you can do it before lunching your product. Otherwise, you will face problem of sale deficit, overstock etc and then you have to sale your product on heavy discount though you don't want it.
3. Know your target audience:
Knowing your target audience is the one of the main thing in the business. If you can identify your audience then after you can advertise your product according to them. If you randomly try to sale your product then it will increase your cost and decrease sale. Your target audience can be on the basis of profession, age, gender, demography, geography etc.
Sunrise means growing time and sunset means saturation of any products in the market. If there is increase in demand for any product then this is sunrise for that product and vice versa. So, you must do a survey in market about it and there is need to continue development in product and so that you can do it before lunching your product. Otherwise, you will face problem of sale deficit, overstock etc and then you have to sale your product on heavy discount though you don't want it.
Knowing your target audience is the one of the main thing in the business. If you can identify your audience then after you can advertise your product according to them. If you randomly try to sale your product then it will increase your cost and decrease sale. Your target audience can be on the basis of profession, age, gender, demography, geography etc.
4. Autopilot mode:
Here, autopilot mode refers to a process on which business operates without your influence. You can't say yourself a businessman unless and until your business operates without your personal influence on daily basis. Otherwise, You will be a self employed like a grossery shop which can not run without you. TATA, Ambani, Bill Gates, Jack ma etc are a businessman. So, try to make your business in a process.
5. Focus on building brand rather than earning:
Building brand is very difficult thing in any business. If you will focus on earning then your price will be decided by market because you will play in competition(red ocean) but once you will able to build a brand then you will be a price decider(blue ocean). Brand will build only if you will able to seperate from other on many basis like quality maintenance, price, cost of production ↓, etc.
Mc Donald's is a brand, TATA is a brand, Reliance is a brand etc.
6. Only customers are not a focusing point:
We all know that customers are a main influencer of any business but there are many other things which will influence your business like your employees, quality etc. Customers have need so they will come to you if you will fulfill their need but employees of your business is like bone of body and customers are like flesh and skin of body. Likewise, strong bone(hidden) makes strong body and also able to stand body, in the same way employees are hidden and capable to make or break any business. So, consider employees as a family members and try to make them happy. Example, not a single employee left TATA corporation till now.
