Building a prosperous business

[topbitcoin]

starting a business, try not to take loans because this is not good for future business. Very many of us want to start a business but we always think about how to get big capital. looking for big capital to rent a place, looking for big capital to buy equipment. I think the most important thing is that we have to change the mindset like that, we don't need to have big capital, but how do we use small capital to be able to make a profit? Because with the small capital that we have, we will focus on what we have to be able to get profits little by little. Because for me it is not the biggest capital to build a prosperous business. Of course, it must also be accompanied by the points conveyed by Op.

That's only if you start a brick and mortar business, like one that is either a shop or an office, because that's how it works. But when we are talking about a situation like online business, then you are not going to need much, I could probably start the first VIP under 100 dollars if you know what you want to do. A friend of mine started a dropshipping business, I know it's a cliche, for just 200 dollars, and they handled every time from start to finish within that much money.

All in all I think if you live in 2023, you shouldn't look to start a shop right away, not as a business idea, sure if you personally want that then that's fine, aim should be starting a cafe, aim shouldn't be becoming rich, if that's your aim then online is better.

I think whether it's dropshipping or selling online or opening a business offline I think it's a free variable, in building a prosperous business and increasing business expansion or valuation when you don't have a lot of money, of course borrowing/getting investment is the best choice in this situation, but before that you need to calculate the circulation of money first, because to see opportunities you need to see the flow of money, whether the business is big or small, if you see a bigger opportunity when adding capital from borrowing, of course that is the conclusion that must be taken to make a business you will be better in the future with the hope of being more prosperous.

If you only rely on the money you have, that doesn't mean you can't, but it will take quite a long time in any business aspect.

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[Fivestar4everMVP]

starting a business, try not to take loans because this is not good for future business. Very many of us want to start a business but we always think about how to get big capital. looking for big capital to rent a place, looking for big capital to buy equipment. I think the most important thing is that we have to change the mindset like that, we don't need to have big capital, but how do we use small capital to be able to make a profit? Because with the small capital that we have, we will focus on what we have to be able to get profits little by little. Because for me it is not the biggest capital to build a prosperous business. Of course, it must also be accompanied by the points conveyed by Op.

That's only if you start a brick and mortar business, like one that is either a shop or an office, because that's how it works. But when we are talking about a situation like online business, then you are not going to need much, I could probably start the first VIP under 100 dollars if you know what you want to do. A friend of mine started a dropshipping business, I know it's a cliche, for just 200 dollars, and they handled every time from start to finish within that much money.

All in all I think if you live in 2023, you shouldn't look to start a shop right away, not as a business idea, sure if you personally want that then that's fine, aim should be starting a cafe, aim shouldn't be becoming rich, if that's your aim then online is better.

I think whether it's dropshipping or selling online or opening a business offline I think it's a free variable, in building a prosperous business and increasing business expansion or valuation when you don't have a lot of money, of course borrowing/getting investment is the best choice in this situation, but before that you need to calculate the circulation of money first, because to see opportunities you need to see the flow of money, whether the business is big or small, if you see a bigger opportunity when adding capital from borrowing, of course that is the conclusion that must be taken to make a business you will be better in the future with the hope of being more prosperous.

If you only rely on the money you have, that doesn't mean you can't, but it will take quite a long time in any business aspect.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

[KingsDen]

As for me, from my experience, I can't deny that it is difficult to manage a business, because you will really spend time, physical effort, and when it comes to capital, even if the investment is small, if you know how to circulate money in the business, you will definitely be able to grow it. .

And the most difficult thing is that establishing a customer page is actually not easy, and once you can establish the customer and maintain the quality service and quality of the goods of the business, for sure the regular customers will come to your business first.

If your product does not find a niche, it will be difficult for it to prosper. The customer is the reason for the business. Having them is one thing, sustaining and satisfying them is another.
Every business owner should have a good knowledge of Customer Relationship Management (CRM). It will make a huge difference in your business.
OP, I opened the link you attached and discovered that you didn't do much work than lift and rearrange an already written article.

[Unbunplease]

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

Unfortunately, a person who has ideas has no money to start a business, and a person who has money has few ideas about how to use that money competently. Therefore, borrowed funds are still a way out of the situation - but for this you need to have a clear business plan, as well as understand the essence of the business.

[Quidat]

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

Unfortunately, a person who has ideas has no money to start a business, and a person who has money has few ideas about how to use that money competently. Therefore, borrowed funds are still a way out of the situation - but for this you need to have a clear business plan, as well as understand the essence of the business.

And thats the reality that we do have on this world on which to those who do have brilliant ideas but having no funds to start with will really be ending up on having that idle mode on which there's no way that you would be able to progress or make those ideas in fruition if you are really that not making any step forwards like taking up some loan to build that business or idea you do have.Yes, its a risky thing to be done but for you to be able to make yourself that progress then you should really be needing up that kind of step which is something that would be depending on a certain individual,
not all would really be risk takers and would really be just playing on the safer side but ending up on having no progress into their lives when it comes to financial.

It is really just a matter of choice on which you would really be taking, some would really be that mindful and some wouldnt really be just minding about those stuffs and contented on what
they do currently have now.

[Casdinyard]

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.

Lol OP right here gathering second-hand obvious and basic tasteless information about starting your business when they never even thought of setting up one. It's these kinds of posts that irks me cause I know they are at some levels useful, but at the same time you know it's insincere and baseless when their whole thing is to actually actuate what they are talking about and use the experience as a response. Oh well, that's life in bitcointalk for you.

In any case, and this one's not exactly from mine but from my aunt's varied attempts at setting his own meat shop in our neighborhood. During the height of the pandemic, they chose to set up a business using loans they took from our government-backed insurance company and from there, they started their own business. You would think this is some form of success story but it's not, cause just a few short months in the loans bit them back in the ass and they weren't able to turn a profit, let alone a return on the capital which lead them to stop with the business altogether. Quite sad if you'll ask me but at the same time this is a spitting evidence that there's caveats to taking up a loan for that business idea you have.

[Dr.Bitcoin_Strange]

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.

Well, yeah, money is always involved in the maintenance of a healthy business. For instance, some people set up businesses, and they think that it's only that idea that they have managed to gather and set up that can guide them through the lifetime of the business, but no, the fact that you are not the only one doing such business means that one should always be prepared and open to learning more about how to manage the business effectively and win more customers. Some people who have very successful companies today are usually Investing in themselves in terms of paying for some business and economics courses both online and offline, and they are usually busy taking those courses as long as it's something that will help them become more knowledgeable on how to handle every aspect of their business. Some so-called entrepreneurs don't know how to manage a good customer relationship; some don't also care about customer satisfaction; and some don't know how to tackle competitors. In a situation where one doesn't know all of that, one will have to pay to learn.

[lixer]

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.

I do agree with most of your points and they are obviously important for someone thinking to start a business, but there are a couple of points that I don't really agree with. The first point that I don't agree with is one shouldn't quit their day job before starting their own business, it might be possible in some of the cases where the business is handled by someone else at the beginning until it starts working but it doesn't work all the time because most of the times, a person starts a business individually.

The second points that I don't think is important for a business is to have a business partner, and I say that because most of the times, a business where there are more than one partners will start having issues after the business starts getting successful because people start thinking of getting more profits shares than others and that is when it starts creating issues in the business.

[dothebeats]

As for me, from my experience, I can't deny that it is difficult to manage a business, because you will really spend time, physical effort, and when it comes to capital, even if the investment is small, if you know how to circulate money in the business, you will definitely be able to grow it. .

And the most difficult thing is that establishing a customer page is actually not easy, and once you can establish the customer and maintain the quality service and quality of the goods of the business, for sure the regular customers will come to your business first.

If your product does not find a niche, it will be difficult for it to prosper. The customer is the reason for the business. Having them is one thing, sustaining and satisfying them is another.
Every business owner should have a good knowledge of Customer Relationship Management (CRM). It will make a huge difference in your business.
OP, I opened the link you attached and discovered that you didn't do much work than lift and rearrange an already written article.

I noticed that as well, OP should've just shared the written article.

But, yes you're right. The customers will be the biggest foundation of an business. No matter how good the product or service is if the customer feedback is negative due to other factors like attitude of the staff, the cleaniliness of the establishment and so on.

[posi]

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.

I do agree with most of your points and they are obviously important for someone thinking to start a business, but there are a couple of points that I don't really agree with. The first point that I don't agree with is one shouldn't quit their day job before starting their own business, it might be possible in some of the cases where the business is handled by someone else at the beginning until it starts working but it doesn't work all the time because most of the times, a person starts a business individually.

The second points that I don't think is important for a business is to have a business partner, and I say that because most of the times, a business where there are more than one partners will start having issues after the business starts getting successful because people start thinking of getting more profits shares than others and that is when it starts creating issues in the business.

I agree with your 2nd point, but I will disagree with your first point. How can you leave your business to someone else to manage while still going to your old job? It shows that you are not prepared well and are not ready to give up everything to start a business. I won't believe anyone can run a business better than me because that's my idea, and I am the one who decides the success or failure of my business. If you can't quit your current job, meaning you're not ready to start and build your own business, you're not serious about being your own boss.

[topbitcoin]

I think whether it's dropshipping or selling online or opening a business offline I think it's a free variable, in building a prosperous business and increasing business expansion or valuation when you don't have a lot of money, of course borrowing/getting investment is the best choice in this situation, but before that you need to calculate the circulation of money first, because to see opportunities you need to see the flow of money, whether the business is big or small, if you see a bigger opportunity when adding capital from borrowing, of course that is the conclusion that must be taken to make a business you will be better in the future with the hope of being more prosperous.

If you only rely on the money you have, that doesn't mean you can't, but it will take quite a long time in any business aspect.

As much as you are right, i still have to state that the number one killer of a good business idea most of the time is running such business on borrowed funds, borrowing to start a business at the very initial stage is such a very bad idea to be honest with you, it is much better to borrow to expand a/the business than borrow to start it up, this is because at the initial stage of starting a business, there are many uncertainties, like not being sure how the business will do, like not being sure if the business will really sell in the area where it is, this is enough to worry about already, having to also worry about how to repay a borrowed money is just making matter worst.

So its way better to start your business with your own personal fund, have peace of mind even if the business is not doing as expected in that initial stage, in the future when things become far better than the beginning, you can borrow to expand the business if expanding becomes really important.

If in this case starting a business using borrowed money is certainly not recommended, and that is quite a dangerous action in the future because we cannot measure how much profit will be obtained or see what direction the business is moving because there is no evaluation and review material, but if someone who already has a business and has calculations and has had a lot of good studies from money circulation, business movement, of course taking a loan is something that might be more feasible in this situation.
But to borrow in the early stages is not prosperity that will be obtained but failure.

[Bananington]

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.

Find out if business is really for you or not because not everyone should be in business and not everyone should start a business. You can have a great business idea that will work, but for it to work, you do not always have to be the manager. If you try to manage a business with your poor business skills, you will fail in the business even if it is a great idea of a business to start. Apart from having the idea for a business, know if you can handle it well or if you should pass that responsibility to someone else so the business can work.

[DeathAngel]

Creating a prosperous business is tough, so many try & fail. It requires careful planning and execution. Start by identifying a profitable niche and conducting market research to understand your target audience's needs and preferences.

Think about how to develop a solid business plan that outlines your goals, strategies, and financial projections. Build a strong team with skilled and motivated employees who share your vision.

Focus on delivering exceptional products or services and continuously seek feedback to improve. Invest in marketing and advertising to create brand awareness and attract customers. Maintain a strong financial management system and adapt to changing market trends. Finally, nurture customer relationships and strive for continuous innovation to ensure long-term success.

[Wakate]

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.

Find out if business is really for you or not because not everyone should be in business and not everyone should start a business. You can have a great business idea that will work, but for it to work, you do not always have to be the manager. If you try to manage a business with your poor business skills, you will fail in the business even if it is a great idea of a business to start. Apart from having the idea for a business, know if you can handle it well or if you should pass that responsibility to someone else so the business can work.

Everyone is meant to have there own business if I'm not mistaking but the challenge is that the fund might not be there to start a business since the inflation is making more people to be poor than what we are seeing now. If we want to invest in a business, we need to have a proper plan before even deciding whether we have what it takes to do that kind of business.

There are some business that need a particular location for it to be successful and if we make a mistake not going for the right location for the kind of business we want to do, we could end up not having the kind of customers that we are looking for making the business to crumble.

[Bitcoin_people]

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.

Of course, it must be recognized that funding is essential before any business venture can be consulted. When a person makes a plan to start a business he must first raise money, and plan afterwards. of course, you are right, basically in business, it is never possible to go ahead with a loan from the bank, many times it poses a huge danger. However, in the first case, if he does business with money from a specific fund instead of taking money from the bank, then it is possible to move forward in the future. and moving forward step by step must depend on something good, so before starting the business, various plans must be made seriously.

[Yamifoud]

To start a business is quite easy but to become successful and prosperous, that is something we need to work hard. Because I would say that business is not just all about having money or capital but having good management and plan had played an important role. Unfortunately, many business starters had missed this thing - with the lack of preparation, knowledge, and ideas, I can say it only fail. That is why I'd see some business owners hire someone to manage their business because they know that they are not capable enough to do it on their own.

[m2017]

OP, do you have experience in building a prosperous business? A personal case could be a really valuable source of knowledge, but in this case, it's basically a copy-paste with some rewriting.

~snip

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.

The goal of any business is to make money, otherwise, it is not a business, but charity. Making money comes from solving problems, that is, the first follows from the second, and not vice versa. If you don't get a good profit (within a few months? why not weeks? - do you want to earn too fast? ) and you are disappointed, then this is only an indicator of your inept actions as a business leader, and not because of an erroneously chosen goal (to earn money instead of solving problems, as you say).

It is impossible to prepare for a business in advance: in the process, there will still be problems trying to undermine success, which will have to be eliminated as they arise.

[Mauser]

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.

I agree with you, running a company with the only purpose of making money is not going to succeed in the same way a company that has a vision. When people only work for money their motivation is not sufficient to survive longer periods of hardship, whereas people that work for a common goal will be more motivated and work harder. Creating our own company is hard work and requires a lot of sacrifice. Longer working hours and less pay during the startup phase are a big obstacle and there is no guarantee that our company will succeed. In case we are only looking for ways to make more money it might be better to stay working as an employee. With more free time and a regular paycheck we can focus on other things, like investing our money and building a crypto portfolio. There are more ways to become rich than by running our own business.

[michellee]

To start a business is quite easy but to become successful and prosperous, that is something we need to work hard. Because I would say that business is not just all about having money or capital but having good management and plan had played an important role. Unfortunately, many business starters had missed this thing - with the lack of preparation, knowledge, and ideas, I can say it only fail. That is why I'd see some business owners hire someone to manage their business because they know that they are not capable enough to do it on their own.

And most business owners open a business just following the trends around them. They don't think about how their business can continue even though the trend has changed. Only a few of them can survive the competition and the changing trends.

The business owner can hire someone to help him manage the business but the business owner must know everything from start to finish so that there is no possibility that his employees can do something that is not according to his wishes. But most business owners leave everything to their employees for granted. And that's what makes most businesses unable to survive because the business is losing money.

And before starting a business, business owners should have a plan for what they want to achieve, starting everything gradually and knowing the ins and outs of the business so they can think of ways to promote and grow their business. And it takes hard work, focus, faith and more.

[BenCodie]

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.

I don't think anyone thinks that starting a business is easy, at least speaking locally. I don't see anyone trying to start one of their day job, or preparing to take a leap of faith. I think that the reality is that people are scared to start a business, and those who think it is easy and do so without a plan are just idiots, destined to fail and learn from their mistakes (maybe, for the better, maybe not).

🗝️🗝️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/

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