Building a prosperous business

[odunybiz]

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people.

👉👉Telecommunication company came to solve communication problem.

👉👉Generator came to solve electricity issues especially among most developing countries where electricity is an issue.

👉👉POS was introduced to help banking sector reduce bank queue arising from people who want to make deposit and withdraw.

👉👉Solar system was introduced has well to reduce the cost of fuelling your generator to get power supply.

These are some keys that may guide you after a business idea has been gotten

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately an idea is been gotten. Another person may have thesame idea you have just gotten in mind. Getting into market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. Idea may look great to friends and families but this doesn’t guarantee that actual customers will actually love it. You need to determine if there is anyone clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea quitting ones job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit in order to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This should be individuals with same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when business isn't bring good profit at start.

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to being discouraged about the business and may lead to the end of the business. Don't be discourage, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.


CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to creat a business is to make money, you may get discourage within months if good profit weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.


Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

[lovesmayfamilis]

OP, you could just link to the article where you got all your ideas from. Why decorate your post if you do not own your own experience?
I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.
But, yes, my family has a small rental business in my area. Partners have found excellent suppliers who supply them with a wide variety of bakery products, and since our store is located next to a residential area, it is convenient for residents. But I would not call it big business, since taxation works far from favoring the seller.

[Poker Player]

Well, that's an article written by this guy:

Content Marketing Specialist at Palo Alto Software and runs editorial for both LivePlan and Bplans, working with various freelance specialists and in-house writers. A graduate of the University of Oregon, he specializes in SEO research, content writing, and branding.

In general, I think he has made a good compilation of ideas, what happens is but he doesn't seem to be someone who has a lot of experience building up successful businesses, but rather gathering and structuring information, which chatGPT can do for you today.

This reminds me of those finance youtubers and influencers, who actually get rich by selling you a course on how to get rich, they weren't rich before.

[coin-investor]

Op need not post the content of the whole article he just has to extract a part of the article and then make a reference to the article

This reminds me of those finance youtubers and influencers, who actually get rich by selling you a course on how to get rich, they weren't rich before.

This is so popular in social media, especially on Tiktok and Youtube, there is a big demand for courses about how to get rich if we check these influencers they have many followers and they have many shares and likes, they are making money from teaching money how to get rich this is probably the best way to get rich, you do not only get rich and you've also become popular.

[Faisal2202]

You have made a good post here, according to previous members (you had not shared any of your personal experience) Because personal experience is more valuable here as we all know data that you have shared must be available on the internet. So what makes it more unique than those ones? I suggest you to add your experience too.

Coming to the points you wrote, they are 100% true, as I had not started a single physical business yet instead I only started Bloggin which is also a business but to some extent only. Well, even i don't have a physical business running experience but i do have the knowledge and a little experience that I gained from other's businesses. Like my uncles and my relatives.

And i really value these points you have mentioned. But i am a little confused here, You used examples of Solar panels, Generators, etc. as if they are businesses, i think they are not businesses instead they were inventions that are sold by sellers. For a long time.

Your post needs clarification for the ones who wanted to launch their own product which had not been launched by anyone else yet (personally i have 4 plans in my mind and i am working on them). Or for those who wanted to start businesses with existing products.

[Accardo]

Building a business doesn't have static rules like Op listed. Celebrating failure is also a way to boost a business, but people rarely abide by it or teach about it. Business changes and we should try lots of ideas, right he stated it, but it's always difficult to multi task without having a team. Tried it and felt completely exhausted, having proficient team members is a good method to strive for success in any industry. In addition, expanding a business real fast can negatively affect the growth of the business, we should always endeavor to focus mainly on the things or tools we need to work and neglect other irrelevant things like renting a big apartment for offices, on the long run it'll cost the company or business lots of capital that could have been used to run Ads or pay workers.

[Fiatless]

Starting a business may seem easy but this comes with a lot of challenges which includes the ability to survive after being established.

I came across statistics by the US Bureau of Labor Statistics (BLS) that stated that 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Starting a business is not the problem but the main issue is to sustain it until it matures. https://www.investopedia.com/terms/b/bls.asp

🗝️🗝️Be passionate about your business idea🗝️🗝️
.

Passion drives the owner of a business to put in more effort but it should be backed up with necessary skills and expertise. I have seen many passionate business owners fail because they have passion but know little or nothing about the business.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️

Starting a business without projected customers is useless. You should always ensure that there are people that need your goods or services before establishing the business.

🗝️🗝️Don’t quit your day job🗝️🗝️

Business takes some time before it starts making a profit. Business owners should wait until they can earn enough to take care of their needs. Quitting a job because you just started a business is a big mistake. The business should be part-time until it matures. You can hire people to run the business while you do your job.

🗝️🗝️Prepare a business plan🗝️🗝️

This should be the number one after the identification of a need or a problem. The business must first start on paper before starting physically. The business plan is the roadmap that guides the business, therefore it's important.

🗝️🗝️Find the right partners🗝️🗝️

This point depends on the nature of the business. If you can run the business alone, you don't need partners.
But if you need assistance and collaboration, then it is important to seek a viable partnership.

[bangjoe]

It is a big enough planning plan, you need to detect your finances and planning first before examining into another step, if someone who reads this is a beginner this will be very heavy because this is thought too broad, at least if you want Applying this someone already has sufficient experience and finances to compensate for some conditions outside of predictions, and this is not as easy as we read the theory, this will be useful for some people who already have a business or have a business that is run and that is a picture Good op.

I think for the presentation of this article you need to rearrange it because if you pay attention to point of point is messy or not arranged according to the stages.
What is in the article is only an outline, and we often encounter in the forum, without any actual process of the process that occurs in the field which is the reason why a business goes well.

[boyptc]

Majority of the businessmen are doing it for profit and even at the start of what they do, it's all about profit. But focusing on that at the beginning isn't what the successful businessmen does. Yes, they solve problems and at the same time they provide quality services and products to their customers.

Depending on what they have started, you can't remove the fact that a businessman establish a business mainly for profit.

Starting slow and from a small one depending on how you're able to scale up and from there, the demand will depend also on where you're doing your business and your target customers.

[yhiaali3]

Good hints for new investors who want to start their own business, but of course these are theoretical ideas that need a lot of work to turn into useful practical experience.

When we start applying theoretical ideas, we will face many practical problems that appear during the project stages, so we have to face these difficulties and overcome them.

In general, I see that the biggest problem facing new investors is the great desire to obtain immediate results. This causes a loss of patience, burning stages, and perhaps rapid failure.

[Doan9269]

What we have to consider in building a prosperous business idea is the future elasticity it has with every potential for the business to always remain relevance, but the good idea here is that people keep making new developments to ensure they solves daily human needs and tackle the arising problems also, it takes a lot of research and demands for inventing something new to solve every arising challenges in life but the way we've gone far in making a provisional offer in seing this problems solved depends on how longer they will remain of value to men and the economy, especially on instances were the economy sole depends on things we invented.

[flyingcarpet]

Good hints for new investors who want to start their own business, but of course these are theoretical ideas that need a lot of work to turn into useful practical experience.

When we start applying theoretical ideas, we will face many practical problems that appear during the project stages, so we have to face these difficulties and overcome them.

In general, I see that the biggest problem facing new investors is the great desire to obtain immediate results. This causes a loss of patience, burning stages, and perhaps rapid failure.

As you said, useful information in theory, but we cannot solve the problems that will arise when we start working with the information here. Work itself is a situation involving the unknown. Even if you do everything perfectly, sometimes you may not be able to generate income or the business may not achieve its purpose. There are many different factors here and we cannot find these factors in theoretical knowledge.

The investor aims to reach his goal as soon as possible or within the time he has planned. If he does not get what he wants in this time, he will face different problems.

We may always encounter difficulties, but we must be able to move forward in a planned and careful way. Sometimes, even if everything is perfect, the results may not satisfy us. Before we start work, we must prepare ourselves for such a negative outcome.

[CryptocurencyKing]

Building a business doesn't have static rules like Op listed.

I agree with you that there isn't ay static rules in building a business but, there are surely principles that governs the business environment, principles that could in a way be regarded as rules and one of those would be,
Treating your business as a separate entity, distinct from yourself otherwise you would find yourself using business money to solve private and family issues and in most cases, its not returned which eventually makes the business to suffer.

Even without static rules, some guidance still applies and those aren't far from what is listed in OP.

[so98nn]

Great share. After long time it was needed to boost my small scale business of Pencil Carving. It’s more or less artwork selling but yeah I am grabbing an opportunity to turn it into a business. It’s small and the size is very limited. Many of them like but some of them go and buy it. But your article does mention how ideas can be generated and turned into big businesses. A simple strategy that I follow is keeping up with my social accounts, interacting with the clients both old one and upcoming one. This forms the best two way communication leading to proper conversion of the sell. It happens to be time consuming but it is the way to make a solid base and keep up with the smart work. To all those who doing a business out there, do follow the OP ideas; it does help.

[TimeTeller]

What we have to consider in building a prosperous business idea is the future elasticity it has with every potential for the business to always remain relevance, but the good idea here is that people keep making new developments to ensure they solves daily human needs and tackle the arising problems also, it takes a lot of research and demands for inventing something new to solve every arising challenges in life but the way we've gone far in making a provisional offer in seing this problems solved depends on how longer they will remain of value to men and the economy, especially on instances were the economy sole depends on things we invented.

And you will immediately know if your idea will survive once it is selling in the market.
It can thrive if people will continue to buy such service or product. But if it won't survive in the market, you will easily see that as well.
There are no concrete guidelines that you can follow on this, but sometimes common sense is more than enough not to go bankrupt.
Also, as a business owner, you should be open to change, or new innovations, be relevant within your market to keep up with the competition.
This is why there's no defined path for every business, one should always be on the lookout for modifications, for the business to thrive.

[odunybiz]

Why decorate your post if you do not own your own experience?

I did the just like that to make it attractive to the readers.

I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.

Learning is a continuous process. No one knows everything. If you think I'm an amateur, all well and good but all I know is I have been using these tips for my agro- business and it has been working well for me. Although is a small farm but I plan to grow big one day.

[Becassine]

Why decorate your post if you do not own your own experience?

I did the just like that to make it attractive to the readers.

I see your effort, but apart from the fact that you simply paraphrased with the addition of the source, you could not tell anything about yourself. In fact, without experience, you are just an amateur talking about theory.

Learning is a continuous process. No one knows everything. If you think I'm an amateur, all well and good but all I know is I have been using these tips for my agro- business and it has been working well for me. Although is a small farm but I plan to grow big one day.

If you have animals, do like Tom and mine bitcoin, while being self-sufficient in electricity 

https://www.youtube.com/watch?v=xkVOJAWP688

[el kaka22]

From what I have seen so far in the crypto world, or any other world for that matter, loving what you do is always the key point to this. I am not saying that it is not going to be a big deal, of course it is going to be a big deal, but it is going to be a bit different in the end.

I feel like there is some type of situation where it is going to be a bit different situation and we should be considering that as a big deal. Like if you really really really love your job, then you are going to probably make money, or at least even if you don't, you are going to be happier than anyone. I know a painter who paints for houses to hang it up, like regular paintings, but he does it on commission based, and he makes very little money and yet he is one of the happiest persons I know.

[dothebeats]

I agree. A lot of people who wants to venture into having their own business thinks that as long as they are making profit then they are already doing well. What they fail to consider is that the profit at the beginning of the business will slowly go away if you only focus on that. Much like yourself, you have to learn how to grow with your business and be ready for various things. Of course building a business is about money but it should be keep in mind that there are various factors that goes with it.

[Flexystar]

Even before getting into it and start following the above points one should have basic component at their hands called as “funding”. Depending on the nature of business one needs to decide funding prior to planning an idea to make it reality. This is important because adjusting funds after getting into funds could be disaster or in other words it could bring unwanted struggles on our way. I have seen this example very closely with relatives. It’s another fact that they managed to pick up a speed after bank approvals went through and they had money to spare. Rest is obviously what you mentioned in the article is all about step by step workflow to successful business.