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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.


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