Essentials to starting A business

[Mpamaegbu]

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

No post could've put that point better than you succinctly did there.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

Most people just want to be in business for the sake of getting that business person tag. That's all, nothing else. They don't care if there's nothing different from the several businesses already existing. Several years ago when the GSM thing found its footing in my country, everyone who had small cash invested in setting up kiosks and stalls to run it. On every street then one could count at least three of such stalls doing that. It became so rampart that those in that business could hardly make money from it before it finally collapsed. Now, the craze has shifted to POS. There's no cut out plan to be different apart from following the crowd.

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[soramon]

Yep i think its complete. For marketing you can use digital marketing. Advertising your bussines through social media is really good right now. Channel like tiktok is one of the best because most people download and use that app.

[KingsDen]

A clear business idea:

This is indeed the first and biggest part of it and also the most important part of it.
If you originate an epileptic idea, your business will also be epileptic. It is better you spend more of your time originating and refining your idea.
Your business idea is among what franky1 explained as niche. You need to have a clear understanding of your core essence and map out the area of less competition.
When this is achieved, the business will be as nice as the idea on paper.

[ancafe]

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

In addition to several important aspects to start building a business. But the reality that we see, money is a source of certainty that we must have to start, now many people have difficulty raising money to build a business and sometimes it's not as easy as we talk. Economic conditions make many people trapped in a state of financial difficulty, so there are not many opportunities that can be taken.

Having little capital to start a business, I think it will be difficult to grow, the reality is that few people are able to develop a business with the support of small capital, unless you are engaged in a home business or on a smaller scale and the business description you mentioned in the post I don't think it's included in a home business which is much smaller in scale, so not many people are able to run the business in their current financial condition.

[Ndabagi01]

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

All of the points you've listed for a business to be successful are all valid points that any business needs to thrive in the twenty-first century. I'd like to emphasize this online presence even more. In the twenty-first century, I've seen many businesses become household names and thrive as a result of the online presence they've established for themselves. It does not imply that you are doing it, but you can employ or hire those who are skilled in that field to help your business gain the recognition and targeted audience it requires to succeed. If you have one, a good digital marketer is ideal for this.

Recently there have been fire outbreaks in some major markets in my country. And this has led to the loss of goods worth millions of dollars. The truth is that most of these business owners will go bankrupt because none of them have any insurance policy. So I want to add to your list that every business should consider taking an insurance policy to protect the business from unforeseen circumstances. I know it is not cheap but depending on your business, an insurance policy might help to sustain businesses.

Insurance is critical for any business, no matter how small or large, that is vulnerable to natural disasters. Making insurance mandatory for all business startups will help reduce the trauma associated with such incidents of property loss due to unexpected disasters.

[Dickiy]

snip
These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

That's a very good and right idea to start a business and is the main thing that really has to be done and prepared, but I think it's too perfect for some people who want to have a business with the drawbacks of the points you mentioned, I think with only having capital and core business ideas we can do it and we can fulfill other points slowly or businessmen can say it one by one or step by step to get to a healthy business, the courage to start too I think is an important point in terms of starting business because the physical factors are complete but there is no courage I think it will be a chaotic thing in the end and only on paper or wishful thinking of having a business.

[zaki12]

I agree with what you stated to start a business, there are several elements needed, such as a clear business idea,
clear vision, good business plan, sufficient capital, team, necessary skills and knowledge. However, as you said, there is no guarantee that meeting these elements will lead to success.

Many factors can affect business success, including market competition, economic conditions, changing trends and policies, and others. Therefore, it is important for business owners to prepare for challenges and failures, and improve our business strategies and tactics to take advantage of opportunities and overcome problems.

Despite that hard work, persistence and persistence are essential to achieve success in any business or career. However, it is also important to learn from failures and mistakes, and always seek ways to improve and improve. The key is to have strong motivation and passion, as well as the ability to adapt to changes and take advantage of opportunities as they arise.

[tabas]

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

I think these two can be merged as one and it means that you truly understand the business that you're setting up. What's wrong with the businessmen that I saw that's trying to build something, they're starting from scratches and have no idea of what they're going in. I mean, that's not a problem to them but they need to have at least know what they're doing and they won't start from scratches if it's just about the business idea or concept that they're starting to put.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.
an increase your chances of success and build a strong foundation for your new venture.

Another wrong strategy that I've seen with those that have startups, they're quick in launching their VCs knowing that they're just starting and haven't proved anything yet. Yes, as in with zero results and yet they're very optimistic with the idea and business that they've set up. It's not wrong to be that positive in the business or startup that you're making but come on, investors want realistic results first and what you've achieved and why you want to expand. There should be the foundation already and the business is already in operation. I just saw a group of startup people that are doing like that, no results but seeking investors to fund them. That's why I admire more those startup owners that pulls money out of their own pocket and even uses their other assets for collateral.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

This is a must, another thing that I've noticed. Those that are starting, they're like making a trial and error. If the business booms, that's the time they'll register and have permits but if it fails, that cost them no money from taking permits. But whether it will fail or not, businesses should be registered.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

There are countries that have this good connection to their friends and relatives that they support when someone started a business, they're all there to buy your stuff and that just shows how supportive they are. However, not all countries do have this culture of supporting each other, they're even jealous or not feeling they're required to support you.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

It's where most budget is going but don't lessen the quality because that's gonna lose the brand if you settle mostly for marketing but not strengthening and increasing quality of products/services you offer.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

This is the result of marketing.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

Don't cut them on a budget or else, they'll won't give you the quality work so give them what they deserve even if you're on a budget.

[Pokapoka124]

This is going to sound like really bad advice but sometimes all you have to do is START. You don’t need to have everything planned in the beginning, if you wait for all the elements to be in place you may never start that business and when you do, you will be extremely disappointed and discouraged when things don’t work as planned. Everyone thinks they have the perfect business idea until they start, it’s not easy to be an entrepreneur and having everything on OP’s list does not guarantee success in business.

[franky1]

This is going to sound like really bad advice but sometimes all you have to do is START. You don’t need to have everything planned in the beginning, if you wait for all the elements to be in place you may never start that business and when you do, you will be extremely disappointed and discouraged when things don’t work as planned. Everyone thinks they have the perfect business idea until they start, it’s not easy to be an entrepreneur and having everything on OP’s list does not guarantee success in business.

i see it as a 4 phase process

1. find a problem/create the niche
2. roll with it as a side job/hustle/hobby to see market reactions
3, listen to trial feedback/critique. tweak/tune the idea to meet needs better
4. formalise/expand it by starting a business

[coupable]

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

All of the elements could be included in the second element of the quotation, "A comprehensive business plan". It is not possible to start any business without a clear vision of the goals. The business plan is the means through which the project promoter can study the suitability of his capabilities with the reality of the market, how much time he will need, and how much he will earn. According to the business plan, it will be easy to develop a roadmap in which all the steps that need to be taken are identified.
Not all entrepreneurs have the skills to create a business plan, which is why there are companies that provide services. It is important for every entrepreneur to study and approve the business plan even if he does not know how to make it himself.

[Fortify]

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

I'd say that knowing how to evaluate failure is an important part of business. Most businesses tend to fail within the first 3 years, but you can often get a feeling for whether something is going to be successful after the first 6-12 months. That being said it is an acquired knowledge that you might only learn over time. There is a very fine line to walk between perseverance and acknowledging that it's not working. It's important because it may just require a few tweaks or it may require a whole new idea to be successful. Ignoring these things can be much worse in the long run, in the worst circumstances you end up supporting a zombie business or even lead yourself into debt out of denial.

[samcoin]

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

Starting a business is a big responsibility that has the ability to change lives for the better or the worse, depending on the many factors. Actually, you have mentioned some important factors, but you didn't mention the most important one, which is to have experience in the field you are joining. Idea, fund, and marketing aren't enough in my opinion, because all these criteria can't do anything if the business owner doesn't have experience in the field he's joining. The reason is that many unknown problems and hurdles could arise and cause additional costs or additional efforts to overcome, so the owner should have worked for a similar business before, which makes them aware of everything related to what he's doing.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

Marketing and especially digital marketing is the most important among the points you have mentioned, in my opinion. For example, many products have very low quality and, at the same time, are the best sellers, and that's due to their marketing team or marketing strategy. Therefore, marketing is the science of this age as everything is going digital, and most of the world population will be available on the internet within a few years.

[Lanatsa]

A business plan
Sufficient funding

This two would really be that something that you should focus but in overall those things listed on OP are crucial things to be considered or something that you would really be needing in balance.
This is how business should really be handled out because if one of them are really that in out of focus then you would really be having that imbalance which
might really be that in result on having negative on your business.

[Smartvirus]

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

A niche is some place to start for sure but, there is always some room for competition and that makes offering the same service or having similar commodity ain't so bad. You've just got to have a different approach as to how you offer them. Perhaps in smaller quantity or bits and price difference. Though, you mustn't reduce the quality.

Before all that, going into the world of business could be a whole new idea for one and even, the niche for which you've chosen which means, you've got to sort out informations on what makes the field and how its been managed or operates. This could bring about your success or failure in business and your chosen niche.

[Cryptomultiplier]

Besides all the points aforementioned by OP, one point omitted or rather left out in detail and of which I find most essential is that of 'passion'.
You got to love the process even more than the idea of the business itself.
I have seen people who have done well in fulfilling the points clearly stated by OP, but lack the passion to keep up when they encounter several ups and downs as would be the case. It's not easy to start a business. it is even harder to keep up after the stress and disappointment start weighing in.
One thing I however love about starting a business is the freedom at which one expresses himself/herself creatively both on social media, during one on one conversation and even during presentations.
Be passionate more than anything and apply creative thinking.  See how things will fall in line when difficulties arise.

[DrBeer]

There are several key things you should have in place before starting a business to increase your chances of success. Here are some suggestions:

A clear business idea: Your business idea should be well-defined and specific. You should have a good understanding of your target audience, competition, and the problem your business solves.

A business plan: A comprehensive business plan can help you identify potential obstacles and create a roadmap for success. Your plan should include a market analysis, financial projections, and a marketing strategy.

Sufficient funding: You'll need enough money to cover startup costs, ongoing expenses, and to keep the business running until it starts making a profit.

Legal and regulatory compliance: Make sure you're aware of any licenses, permits, or certifications required to operate your business legally. You should also consult with a lawyer to ensure you have all the necessary legal documents in place.

A support network: Starting a business can be stressful, so it's important to have a support network of family, friends, or mentors who can offer advice and encouragement.

A marketing strategy: A solid marketing strategy can help you attract customers and establish your brand. You should identify your target audience, research your competition, and choose the most effective marketing channels for your business.

A strong online presence: In today's digital age, having a strong online presence is critical. You should have a professional website, social media accounts, and other digital marketing strategies in place.

A team: You may need to hire employees, contractors, or consultants to help you run your business. Make sure you have a plan for finding and retaining the best talent.

These are just a few of the key things you should have in place before starting a business. By taking the time to plan and prepare, you can increase your chances of success and build a strong foundation for your new venture.

Ideal rules - and you can't argue!
But there are nuances - what you listed is a classic scheme for building a business. But there are situational nuances. For example, from a real situation. Permission is being introduced, for example, for the use of software fiscal registrars. And situational solution providers appear instantly. And if you are not a relative or friend of the creator of this law, you are unlikely to build a business according to the specified rules! But if you have the potential and the opportunity - you can "jump into a passing train" and situationally build a very good business!

[Oceat]

by finding a niche need, means there is already a lack of competition(untapped market). and already a demand. thus when you start supplying that demand you are already ahead of the game and getting better customer flows without competition. thus many headaches avoided and less work to fight against

This is what should people do if they want to start their own business it's just simply finding the demand then you supply it. Thus, you easily gain profit and the right people for your product. What the OP defined may be essential for creating a company for a business but if the demand is not met then all of it is useless. It's like you are selling new type of bread in a country where there's too much bakery almost everywhere.

I think it's best to conduct a survey first on what are the people wants and needs so that you can easily give it to them. That's why there's a lot of store owner riding with the trend because that is where the demand goes.

[slapper]

they key very first thing is this

finding a niche
this is where you know something is needed by many people. then you come up with an idea/solution to fill that need.

there is no point having a business that just does the same thing thats already very popular because its already being served and needs already met(saturated market).

by finding a niche need, means there is already a lack of competition(untapped market). and already a demand. thus when you start supplying that demand you are already ahead of the game and getting better customer flows without competition. thus many headaches avoided and less work to fight against

take the bitcoin vs crap coins for example
bitcoin became popular because there was nothing like it before it existed. and now there are thousands of crap coins THAT FAIL because they dont fill a niche. they instead just try to replicate something thats already serving the masses. but no one wants the cheap replica/counterfeit/copy. even if its offered at a 1000x discount

Niche is something you master, something you really love to do, something you really specialed and something that you are really passionate about doing it. A lot of businesses nowadays are keep failing because they keep starting business that can be considered follower the followers which means that they are creating business because it is the current trend business which they really pure copy not just the idea but everything. They are really not passionate or what they called niche in that kind of business, they just copying someone's idea because they know that it is the trend and for me it is a big problem that it can be considered as main factor why it only give them short term return and it will be a big problem in long term.

By identifying your niche, you can easily think a business that have problems and solutions that you can easily solve. For example, my niche is crypto and stock trading. The current problem that I see is a lot of people want to learn crypto and stock trading so for my solution is I will create a business mentoring program that will teach how to trade stocks and crypto in different types of person. It is a simple idea of creating business out of niche. Be creative and make sure you use your brain to think daily in order to create and start a very successful business.

You nailed it regarding the significance of pinpointing your biz niche. In fact, I've been digging around, and it turns out niche-focused ventures tend to outperform their less-focused counterparts. But I gotta disagree with you on the whole passion/expertise requirement for starting a biz. C'mon, ever heard of the Pet Rock? That idea killed it, and I doubt its creator was a rock fanatic.

Regarding your crypto and stock trading mentorship plan, it's a brilliant idea! There must be a ton of folks eager to learn about those domains. But let me offer a suggestion: why not establish a business mentoring program for passion-fueled, niche-centric entrepreneurs? Name it "Niche Masters" or "Passion Payouts." It's bound to be a crowd-pleaser!

[Jatiluhung]

This is going to sound like really bad advice but sometimes all you have to do is START. You don’t need to have everything planned in the beginning, if you wait for all the elements to be in place you may never start that business and when you do, you will be extremely disappointed and discouraged when things don’t work as planned. Everyone thinks they have the perfect business idea until they start, it’s not easy to be an entrepreneur and having everything on OP’s list does not guarantee success in business.

Planning everything in detail from the start is actually quite good. but it's not a must. because even we can start with only armed with capital and simple planning. but starting a business is not as easy as it is talked about. and when we start a business, of course we want to make it long term and grow. and this is where the importance of careful planning and preparation. if we do not have proper planning and preparation then it will be more prone to failure. Speculating in business is something that can bring higher risks. and this is where careful preparation and planning is carried out to minimize the risks that will be faced. doesn't mean careful planning will make everything work 100% but it only minimizes the risk of failure and maximizes the potential for success. sometimes there are people who start a business without careful planning. he started simply and let it grow slowly and his business turned out to be running smoothly and growing even faster. but the fact is not everyone experiences the same luck. so that everything still requires hard work and more effort. the same goes for starting a business.