When living in a world that has seen so many technological changes in a short period of a few decades. Many great opportunities have been exploited by those who weren’t sleeping when the world decided to embrace technology such as the internet and social media. But after a bit of technological saturation, it now seems like everyone who plays right the business, they all have a chance to stand out as winners and as rich too. But in order to have the strength to break through all walls of business challenges, there are few things to keep in mind (I call them Business Essentials). And such things include:
1: BUSINESS PLANNING
This is a very important stage and special in its own way because the plan is built upon the business concept or idea of the entrepreneur or founder. Jumping this stage into implementation may result in having a business model that doesn’t align well with daily life changes. It is necessary to have a business model that is developed from a proper analysis of several research data which is in relation to the idea of the particular business. Such critical information will simplify the smooth implementation of the business plan in use. For example, do you plan to have a restaurant business? Then, your business plan must be able to answer the following questions: Where is the location you will establish your business?, What is the demographic of your customers? Students or Employees? What capital amount can you invest? Will you the business alone or hire a number of people? These kinds of questions will help you understand your stand, and chances you have to succeed way before you spend a cent to establish your business. So, if you really desire to see positive results of your business idea? It will be wise not to stop only on having ideas but also to develop a good plan that will guide your actions to properly succeed all that you intend to achieve.
2: LAWS AND REGULATION
It is important to have an early and proper understanding of your country’s laws and global laws for any international business. Do your best to understand where the authority stands concerning matters in relation to your business model. This will help you to know the tools and support which has been made available for you by the authority. There are different laws and regulations that guide all business sectors, either government or private. It will be terrible that you succeed to open a business that ends up shut down by the authority just because you were not careful to get the right permit before you started your business. There is a load of procedures, laws, and regulations to understand and follow at this stage. If it all seems too much, that is true, and it will be wise to find someone, an expert specialized in kind of career to help you.
3: THE FLOW OF CAPITAL
Achievements of any business depend greatly on proper cash-flow and money management within the firm. You might have an incredible business plan and a load of capital funds, but without proper money management skills, your business won’t stand up for a long time. In all businesses, it is necessary to be able to measure everything about incoming money and money spent on different expenses. Cash-flow means more than just buying and selling. If a business spends most of its capital on non-profitable assets, then in the end, very little will be left to generate any decent amount of profit for the business.
4: MARKET AUTHORITY
There is a familiar saying;
Business Markets are built on top of fierce competion, and enterpreneur
“YOU JUST OPEN YOUR BUSINESS, AND THEY WILL ALL COME TO BUY”
who doesn’t attract customers to themselves, they are not hungry for success
This saying might be true if you are the only person doing business at your location or you are the only doing business of selling products or services not sold by anyone else. But think about this example; If you are selling groceries such as vegetables, and next to your store, there are other people who sell the same kind of products. If there are three customers who need to buy vegetables, then there is a great chance that one seller won’t have any customers to buy from them. For this reason, creativity is a great competitor’s tool to stand out of the crowd when you are doing business that seems familiar and similar to other businesses.
Include in your plan a working strategy on how your potential customers can be informed about your business, Using social media platform can help to make your business popular among many people interested in the value you can give. This way, you can grow your business having great success that exceeds expectations.
5: CONDITIONS OF YOUR WORKPLACE
Having a great business location is as important as having a great business plan. Globalized internet infrastructure makes it possible for business operations to take place anywhere. But if your business is location-based, then try to find the best possible location for your business. The following questions can help you to understand what I’m trying to make you understand;
- What is the right age demographic for your business? If your business caters to satisfy young generations, then you need to find an area with a great number of youths like near universities and other schools.
- What is the lifestyle of an ideal place? It will you to understand if the location’s daily living expenses are friendly for a new business or not.
I hope this was a helpful article. If you have any comments, questions or ideas. Please do not hesitate to share them in the comment section below.