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How to Start a Business and be successful?

Business

Do you plan to have a business of your own? Here are some advice on how to start a business and be successful.Many people are looking for business opportunities. Some are starting a business out of imitating others strategy. I am not against copying other strategy but I found almost all of those businesses are copycat without innovation which is not healthy to each other. Like for example if someone is selling an electronic gadget I think you can imitate selling but not the product. Look for other items to sell. Niche is very important when you are looking or planning to have a business. Nowadays, business is no longer limited on the street or public market but on the internet. You can have an online business which will cater anyone in the world.

There are many things to consider when you start a business.
Here are some of the basic things to consider:


1. First, you need to have a plan or possibility studies on your business.

2. The capital of the business. Can you cope if in three months your business has no profit?

3. What are the products or services you will be offering to your customers?

4. Who are your competitors? Are they long enough on their business?

5. Where to borrow money in case you need cash?

6. Consider managing the money, people and the business itself.

7. Location, location, location is the key to success.

8. Be familiar with accounting or cash flow.

9. Hired an honest and loyal employee or partner.

10. Study how to market your products or services.

11. Start a business which you love doing, this is the most important.

There are many ways to start a business. Franchising is one of them. Here you don’t need to start a business but to pay a sum of money to the owner of the business which you want to copy. Be sure to study the company’s background. Know what they can offer in return out of your money. Ask someone who franchised to that company if it is good or if they will give a total support to their clients. My advice is to go for the franchise if you are new in the business because you will spend a lot of money and there is no guarantee while this one has the system already.

Another business is networking or MLM as in Multi Level Marketing. This business does not need too much money for the start up. No need for a place to setup a business. All you have to do is to register and you are done. You can start MLM by studying the marketing plan, product, company and how to convince others to join your group. Having a lot of members under you is much better. You will earn more as the members of your group increases. You have to teach your downlines how to recruit people to make your group expand as your business. You have to focus on recruiting members, only 20% for selling.

Here are some considerations before joining an MLM business:

1. Study the product carefully. Is it beneficial to all? Is it cheap and marketable even if nobody will join the MLM.

2. Is the marketing plan beneficial to the members? What are the benefits?

3. Who are behind the company? Are they trustworthy? This is more important than product and marketing plan.

4. Is the company global?

5. Lastly, don’t join if you have to pay without any satisfactory product in return.

If all of the above are okay then go for it. Lastly, my advice is to study all the ins and outs of business before you start venturing. Most of all pray to God for guidance. According to survey, only 5% to 10% of all businesses survive after a year or two.
For further studies visit http://www.entrepreneur.com.ph and have fun.


1 reaction:

Lito | TheFilipinoEntrepreneur.Com said...

Again thanks for posting this article. Of all the things to consider, #7 is only applicable in a brick and mortar business and not online business. In the online world it's information, information, information is the key to success.

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