Business News

Top 5 things to have to keep in Mind before Starting a New business

By Anna Paul February 23, 2021276 views

Entrepreneurship can be a tough game. Almost no college or university level education can prepare you for it. Most of the learning happens when you enter in practical life , that’s where you experience everything . here is top 5 thing you have to keep in mind before starting a new business.

1) Planning: if you don’t have a plan, make one first

Business Planning encompasses all the goals, strategies and actions that you envision taking to ensure your business survival, prosperity, and growth . Effective business planning can lead towards success. not making a plan is perhaps the most common mistake and its the troubling one too

2) Take Baby Steps and Grow:

If possible, self-fund the business idea and then go for funding when a growth story can be developed. This may force you to divide your product/service offering into smaller parts so that you can finance the early stages and get some traction and experience.

3)Carefully select your Partners and Staff

When considering business partners, the same dilemma of too much or too little is present. You can’t start a company alone in certain situations, you’ll need partners or investors. But by taking on too many employees, diluting your benefit, and confusing your plan, you can overdo it. Hopefully, the business strategy would have taken this issue into consideration, but think more on who should

4)Costumer service, before starting get to who you dealing with, provide the best service

Are you very acquainted with your client and the market? Do you know if your product or service has a demand or need for them, or if your proposed pricing makes sense? Are you planning to compete on price, quality, service, or all the above?

Get to know the business and clients. many business fail to grasp their target market, several organizations stumble. And if you’re able to extend yourself, don’t assume new costumers from different region will demand same as the previous ones and gonna have the same priorities