Skip to main content

3 Major Steps in Starting a Business









The best way to make money is to start a business. But business is not a simple thing. You have to take a huge risk according to the investment and success rate of that business.

For starting a business, a person doesn’t need high education qualification, even money.

First, you have to develop an outstanding business idea. If your idea is best, the chance of success is high and a lot of investors will take initiative to help you with this business. Most of the successful entrepreneurs started their business journey with zero investment.

Even college dropouts started the start-ups and succeed in business.
The best quality of an entrepreneur is, to find out the problem and solve it by their innovative ideas that become a good business plan.

Starting a business is a hurdle to everyone. Fear of failure, lack of confidence, negative attitude changed the mind to withhold their business plans. Few people start their business, which has high confidence but lack of knowledge in business leads to failure.
In this article, I am explaining 3 major steps in business which prevents your business from failure.

Market Analysis

This is one of the important steps which should an entrepreneur check while planning a business. We have to check our business plan. You can check it by SWOT analysis and check whether it is acceptable by the public or not.

Next important step is to study the competitors. We have to deeply analyse the marketing strategies and tactics of competitors before formulating your business plan. Your business plan can make a good effect on the market.
Some products survive in the market because of low competition. You can break their autonomy in the market by introducing good quality customer-friendly product.

 Next, we have to consider buying behaviour of the customers. We can understand that customers may not be satisfied by their currently using product or services and they always expect more. You can understand the customers by surveys or other mediums and design or improve the product and services according to the customer’s wish.


Creating a Business plan

Next step is to create an effective business plan which can beat your competitors. Always remember that, do it aftermarket analysis. I saw a lot of small entrepreneurs started their business without a proper understanding of the market, which leads

to failure.


We get a lot of relevant information from market study. By that, we can prepare an effective business plan. Your product will be advanced than your competitor's product.

We have to consider-

·      Buying behaviour of customers
·       Suitable market
·       Investors
·       Production
·       Transportation
·       Marketing strategies


We have to consider these factors and prepare an effective business plan.



Money Management


Business is not like a bank deposit, which gives you interest without any risks. We have to take the risk on investment and never expect a high result on your investment.

We should not spend huge amount of money when you are starting a business. 

You should check the scope of your business plan and then spend wisely.
For starting a business you have not to need your own money, I already told that in the previous paragraph. You can depend on own money, loans and partnerships.

We should take the necessary precautions when taking an industrial loan. We have to compare the loan rates of different banks and choose the best one.









Comments

Post a Comment

Popular posts from this blog

Powerful Words For Marketing, Which Boosts Sales!

There are various methods adopted by marketers to increase the sales of the products. 
Sometimes we can do marketing effectively by promotions and sometimes it may fail due to lack of attractive ideas and words to aware of the product and attract customers.
Now I am sharing a few powerful words which are very effective for marketing.

YOU
The word you have much importance in marketing, because it denotes the customer. 
We noticed in advertisements that, they are using the word ‘you’ several times. We never say, ‘we’ or ‘our’ in marketing because we only giving importance to customers and customers is most important to a business.
When we using the word ‘you’, we only target the customer and explain the benefits of purchasing that particular product. When we using the term ‘you’, we are giving special consideration to each and every customers buying that product.

FREE!!!
The term ‘free’  may create a great impact on customer’s purchasing decisions and it also helps in marketing a product. The t…

Transformation of Business In India

Transformation of Business In India 
We noticed that the Indian market is going through a stagnant situation. There are low sales in the market And I explained about it my last articles. But we forgot to check the growing sectors in Indian business.

There are a lot of changes happened in Indian business, we can call it as a business transformation because of the failure of business results from another business related to that same business. Are you confused!!!?

I will explain!!!                                   


In this modern world, [I can call it as modern because we all like to  change!]


Lifestyles of the customers had been changed. In olden days, we have to depend on shops for purchasing products, but everything is available on a phone call or a few clicks on the internet. And the product may reach within hours.


Let’s check the factors which changed the purchasing decisions of consumers in India.  Let’s check the market



Sales of vehicles declined-Online taxis grew up
We can see that there…

Why Google Pay is Better ? [ Facts About Google Pay]

We can see a lot of payment applications in app stores on our mobile.we are confused about the reliability of those applications.

I can suggest google pay, which is owned by one of the trusted brands in the world. 

If saying a few words about google pay, it is one of the best online digital wallet platform in the world. it is developed by Google and used by millions of users whole over the world.


Google denotes it as " a simple and secure payments app"

It is available in android devices and ensures quick pay with high security. 

It was earlier known as Android Pay. it is a unified version of google wallet and android pay, which google used advanced system for easy transferring of funds with high security.

It helps to pay store, peer to peer and online services.



Google pay India


Google pay supports unified payments interface [UPI] to transfer money to the receiver. User must link their bank accounts to the google pay for transferring funds.


How google pay works?
Google Pay works with N…