by The common denominator in looking at the history of great businessmen around the world is that they started small in the beginning. Then they have gradually grown into successful large-scale entrepreneurs with experience over a time. If you start a business with care will be ended up with a successful career. At the same time, some entrepreneurs are dying from short-term failures. The main reason for that is that businesses are started without proper understanding of the business environment and having unattainable goals in mind.
If so, there are a number of key factors that any individual should consider in order to inherit a successful business. Considering these factors, if you start with a proper business plan and proper attainable goals, you can inherit a successful business. Those factors are listed as follows,
Key Factors to start a business
1. The nature of the trade
That has to be analyzed with well-known information with your business plan. Those information are number of customers and their distribution, income level, lifestyle, the number of customers who are interested in for the business etc.
2. Competitiveness
The number of entrepreneurs involved in each alternative business and their acquired clients. As an example, if you are looking to start up with a restaurant and you have many other restaurants in area. Therefore, you should not stay away from the same. Instead of, you can think off to start with an iced coffee shop, a fruit drink shop or special other types of restaurants.
3. Raising the required capital
You need to think about what kind of machinery do you need, do they already with you, how much money you need to get them down, do you have enough savings or do you need a bank loan. If you need a bank loan, then consider the types of bank loan that are more advantages.
4. Parking facilities
It should be a place where customers can easily park their vehicles.
5. Internal business layout
When first observe from outside, and the second when customers enter to the business there should be an attractive framework for the business. Using eye-catching colours on the front, setting up a backyard garden with soothing shades, pleasant placement of glasses, cupboards, and racks etc. would give more prominent look to the customers to return again.
6. Ability to expand in the future
If the size and demand of customers increase, the possibility of expanding the premises and the building should be taken in to consideration from the very beginning.
7. Required labour
What kind of skilled workers are needed? can they be provided from family? should be inquired by yourself. If you need to hire from outside, select the most deserving and efficient employers who do not pay much attention to the starting salary.
8. Communication facilities
No matter what the business venture is, the business information should be published through online social media platforms. As most of the people use social media, the business can attract a sufficient number of customers from all over and also from advertisements, emails or phone calls.
9. Market access
That is, you need to be more careful about how you start the business and provide the service at the beginning. The following steps can be adopted,
a. Launching an intriguing pre-poster campaign
b. Meeting a large number of personally known customers and convincing them that the quality of the products and services is paramount to the heroic customer satisfaction.
c. Publishing leaflets, newspaper articles or websites
d. Get the attention of people walk around by colourful lighting arrangements, music tones etc.
e. Providing discount prices or unforgettable low-cost souvenir at the opening day.
10. Studying the legal conditions that affects
a. Obtain a prescribed application from the relevant local authority and fill it.
b. Opening of employee’s provident fund or other relevant benefit to the employees
c. If special permits are required, proper action need to be taken
d. Business registration. This can be done as sole proprietorship or as a group business.
Business plan
You can start and run your business properly by preparing a formal business plan before you start a business. You can find more information from a known person or respective governing body in your country.
Also, you have to deal with the cheque as you engage with the business. Therefore, you need to meet a manager of respective bank and present your requirement in order to have transactions with cheques.
Knowing how to start a business with care and become an entrepreneur
If you know to how to grow your business with your skills, you can become an entrepreneur with your development and having a successful career in order to provide products or services to the beloved communities where required demand is requested.
