Self- employment is like giving life to your dreams. Business is not just a way of having monetary benefits but is also a dream to many. A lot of efforts, hard work, dedication and emotions as well are put into a business. But why does it happen that not all businesses survive? Why do some businesses just fade away even after giving your full efforts and hard work?
One of the reasons for this could be lack of pre planning of business. Just an idea of business is not enough. When? Why? How? , these are to be first answered before starting your business.
Here is the list of things to be kept in mind while starting your business. Kindly note these are just general things to be kept in mind while a detailed list may vary according to your specific business needs.
1. Market study
Though it may sound a very complex term to you if you plan to have a small business. But this is the most important step. One should be aware about the demand and supply function of the product or service. If you are planning to have a unique product or service, conduct a research study of the prospective demand or need of your product in the market. You may use Google, conduct surveys on your own, and see how your product or service can resolve existing issues in the market.
2. Supply Chain
Once done with your market study, see how you can supply to maximum customers in the most cost effective way. Make sure you keep in mind the existing and coming situations in mind while deciding how to supply, as you are aware COVID 19 has changed a lot of things for doing business
3. E-commerce
Try making use of E-Commerce. E-Commerce has been a blessing to ease of doing business during these pandemic. It not only gives you a wider market range but also helps you create a global impact of your product.
4. Marketing
If customers are not aware about your products then how will they choose you? Marketing is a very important point to be kept in mind and yet is ignored most of the time. Digital marketing is the magic wand in today’s pandemic. A proper presence on digital marketing media is essential. Service industry owners should always consider Branding as it has long term benefits.
5. Your profit cost analysis
Just calculating for how much you have sold and bought is not enough for you to calculate your profits. There are many other hidden costs that are mostly ignored by entrepreneurs and they cannot even identify why their business is declining. Hidden costs like financial expenses, time value of money etc. are to be considered, you may take advice from the consultant for this.
These are the 5 pillars of basics of starting your business. Once done with this stage a detailed study is required which is specific to your business. Contact your consultants to have a better understanding.
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