A Great Start Requires a Great Plan! 7 Things You Need to Know Before Starting a Business
Starting a business is like stepping into a highly competitive field, where proper preparation is crucial for new entrepreneurs. To ensure your business’s stability and achieve your desired returns, meticulous planning and preparation are essential before taking the plunge.
7 Things to Know Before Starting a Business:
For those about to start a business, you might have heard the famous quote from the U.S. Small Business Administration (SBA): “95% of new businesses fail.” This statement highlights the challenges and acts as a reminder that owning a business is not easy. If you are unsure where to begin, we are here to help you plan comprehensively.
1. Know Yourself: Assess Your Skills and Interests
The first thing you need to ask yourself before starting a business is finding out your skills and interests; knowing what you enjoy or are passionate about is crucial for long-term business success. Merely focusing on profit isn't enough. Starting with something you love will help you stay committed for longer, and when challenges arise, your passion will help you persevere rather than be discouraged.
2. Understand Your Customers: Identify Your Target Audience
Understanding your “customers” is key to the success of any business; you need to know who your target audience is, their behavior, and their interests. The more clearly your target group is defined, the better you can plan your marketing strategy. For example, for a fashion business targeting teenagers and young professionals, your store should be located near offices, schools, or universities.
3. Study the Market: Analyse Strengths and Weaknesses
When preparing to start a business, you need to comprehensively analyse the market, particularly in industries where market share is competitive. You should thoroughly understand the market you plan to enter, including the strengths and weaknesses of your competitors, while also developing your own strengths and improving your weaknesses, both in terms of service and products.
4. Develop Your Own Business Plan
Before starting a business, you need to develop a business plan that provides a comprehensive overview of your business, allowing a clearer direction from the beginning to lead you to success. A business plan helps you to prioritise goals and strategies, ensuring your business operates efficiently and minimises potential errors.
5. Test the Market: Adapt and Improve
This step is where you turn your ideas and plans into reality. Actual experience with real problems is the best way to learn. No matter how well thought-out your plan is, results are unpredictable until you put your plans into action. If you’re selling products, start with a small production to gauge the market and customer behaviour, then use the data to further develop your products.
6. Build a Strong Team for Effective Results
As your business grows, building a good team of people who share the same vision and goals is crucial. Having a strong team with experts in various fields is the key to running a business effectively and successfully.
7. Prepare Investment and Comprehensive Financial Management
Financial planning is vital when preparing to start a business. Carefully design your financial plan from the start to manage risks and create a contingency plan for potential financial emergencies. By having a well-maintained set of financial records, you will know where your revenue, direct and indirect costs, and hidden expenses come from, as well as how to effectively track daily sales.
To support you as you leap into the world of entrepreneurship, let GHL assist in managing your store’s finances with ease. Our comprehensive payment solutions cover all needs, allowing you to generate daily sales summaries quickly to further grow your business effectively.
Interested in GHL’s services? Contact us today!
Call: 0-2440-0111
Click: https://th.nttdatapay.com/contact