Building a prosperous business

[jaberwock]

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.

There is only a few business that money doesn't really matters but if you have money, especially a nice amount, you will gain more advantage. There are some who just look for a partner or run a funding campaign and ask the public to invest on them. This might be a good idea to gain funds.

Another way is to get a loan although this one seems risky because we are not sure yet if our business will be successful or not. As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore. Planning should still come first before anything. It's like our map so that we won't get lost in our destinations.

[dothebeats]

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.

There is only a few business that money doesn't really matters but if you have money, especially a nice amount, you will gain more advantage. There are some who just look for a partner or run a funding campaign and ask the public to invest on them. This might be a good idea to gain funds.

Another way is to get a loan although this one seems risky because we are not sure yet if our business will be successful or not. As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore. Planning should still come first before anything. It's like our map so that we won't get lost in our destinations.

Of course having funds is a really great advantage when you are starting a business. Not only will you have more than enough funds to set up everything your business needs, you will also be able to have marketing projects that will surely attract customers faster. There are many ways to get funds, but you need to be smart in using those funds.

[mindrust]

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

[EluguHcman]

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

Your cautiousness readiness to lost with a satisfactory priority to gain would engineers you to fit bridge the downfall of your investment.

You must stay creatively efficient and updated to the marketing skills and be endivoired to goods and services provision at all cost of demands.

Enhance and to broad your products never to settle for less with considering that most customers wants to purchase a related items in a particular unit.

[MarjorieZimmermanGinger]

Let your purpose of establishing a business be on solving a problem not just to make money.

Why hide behind words and run a business basically to create a much better income and that's how we can 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.

That's the actual process that occurs, setbacks and ups and downs in managing a business is something that usually happens when we first start out because no one can be successful without struggling through this long process. Focus, planning, strategy, promotion are parts that cannot be separated from the business we live in, when we are able to be patient and always consistent, in the end we will produce the best.

It's not easy to do all that and not everyone is able to live it, but whoever is able to be patient and stay consistent, then they will enjoy the results. It is important to see the accuracy of the business we are in and most importantly we must master the market before running the business.

[Davian144]

Of course having funds is a really great advantage when you are starting a business. Not only will you have more than enough funds to set up everything your business needs, you will also be able to have marketing projects that will surely attract customers faster. There are many ways to get funds, but you need to be smart in using those funds.

Even though there are many ways to get funding to be able to run a business along with a marketing project, I don't think everyone can have the ability to get initial funding to start their business and marketing projects. Unless some of them get help from other people in certain ways so they can have capital at first, because seeking capital from the bottom is not an easy matter for everyone even though everyone's desire is to develop a business in their life.

Actually, what you said is also true and not wrong at all, because everyone must have the ability to manage and use all the funds they need for business purposes, but this can only be done by those who have received raw funds to start with. As for those who still have to struggle from scratch, I think they still need to find fresh funds while learning how to manage it well enough so that the business can run according to the plans they made or arranged beforehand.

[blockman]

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

And it's not going to become prosperous at its beginning. Establishing it is going to take a lot of time and tests and trials. Defining it prosperous will based on how the results will be and how it's going to be stable.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

[letteredhub]

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..

When you claim to start a business without been curious about real service delivery about the area of business you want to venture in then it's natural with time you will fade away as you face the  competitive business environment having no uniqueness about your service.

A real life example is about a store across the street opposite the very building I live in. Several peoples have rented this very shop for different business purposes but either pack out within 6 months or a year after just renting. Oh business isn't moving as I expected were some of the complains that follow.

The real problem behind all these complaints could be that they just decided to jump into a particular business cause they found out someone somewhere is making so much profit from, it's not a business they had passion for, but just for the profit chase and a little challenge with profit they disappear. Same is happening to so many businesses out there.

[Minecache]

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

[khiholangkang]

Building a prosperous business is not an easy task because it is tactical requiring on what to invest on based on people's demands, how and where to invest and trade to attract and acquires and to retain customers of patronages.

And it's not going to become prosperous at its beginning. Establishing it is going to take a lot of time and tests and trials. Defining it prosperous will based on how the results will be and how it's going to be stable.

Of course it will not be easy and will not prosper at first, to achieve a prosperous business requires a relatively very long time, prosperity can be interpreted as getting active profits every month and can be said to be running well and stable at its peak, but before that it will definitely there are many problems and failed plans and there will be lots of evaluations in the first two years of being in business.

Before investing you should have an aside finance that would help you with some personal essential needs and don't believe you would so quick going to prosper budgeting your income to solve your problems at your kickstart.

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

[blockman]

I agree, those that are into investing should have other support so that if ever their made investment will fail, there's another source which it can help to survive. That's how you do investment so that if you've got an investment that you're believing and it's not doing good and needs some refinancing, you've got its back through your other business/investment.

This might be a good strategy to have active income to meet basic needs, and to be a back up fund when you encounter a failure, but when it comes to investment I don't understand what assumptions I should classify in this side income, because it certainly requires investment with a certain amount of funds. which is great for earning an income that can cover this need.

You only cover the other business or investment you have from your other source when that other is profitable. Of course, you'll have to support it with your other source that's been prosperous as well. But if you're going to support it with another bankrupt or losing investment or business then that doesn't make sense to support the business that you're establishing.

And it would be nice if you already get income from the business you open, even if it's small, if the position has a side job, it's better to stop and focus on the business you're building so you can concentrate more.

You have to make profit from any business that you open. But if you're starting out with that new business of yours, much better not to expect a lot from it because you're still trying to take some tests and taste of the business that you've just built. Most likely that it's not going to do well.

[Wapfika]

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

It’s hard if you don’t have enough management skills to run your own business. Maybe you didn’t do feasibility study on your location that result to your failure. This is sometimes the mistake of many failed business owners, They become excited on running their own business without considering how feasible their business is.

Business is like trading. You need to choose the perfect coin before you start pouring money on it. It’s really hard but once you have a better study, You can be successful.

[slapper]

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..

When you claim to start a business without been curious about real service delivery about the area of business you want to venture in then it's natural with time you will fade away as you face the  competitive business environment having no uniqueness about your service.

A real life example is about a store across the street opposite the very building I live in. Several peoples have rented this very shop for different business purposes but either pack out within 6 months or a year after just renting. Oh business isn't moving as I expected were some of the complains that follow.

The real problem behind all these complaints could be that they just decided to jump into a particular business cause they found out someone somewhere is making so much profit from, it's not a business they had passion for, but just for the profit chase and a little challenge with profit they disappear. Same is happening to so many businesses out there.

Picture a bot that doesn't know anything about the cryptocurrency market trying to make trades. Trading on price fluctuations is all it knows how to do. It's like shooting in the dark if you don't know anything about the market, the news, or the technology behind the coins you're investing in. The same logic applies to business, right? Now picture the same bot improving over time as it takes in feedback and adjusts to new circumstances. That is to say, changing with time. Retailers here in the UK: Capable of the Same? adjusted what they're selling, took feedback into account, and shifted their approach? Putting enthusiasm to one side, wouldn't you agree that business success is largely a matter of tenacity and flexibility? The owners of the store across the street may still be in business today if they had been more flexible and less focused on making a quick buck.

[dunfida]

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

It’s hard if you don’t have enough management skills to run your own business. Maybe you didn’t do feasibility study on your location that result to your failure. This is sometimes the mistake of many failed business owners, They become excited on running their own business without considering how feasible their business is.

Business is like trading. You need to choose the perfect coin before you start pouring money on it. It’s really hard but once you have a better study, You can be successful.

When running a business then of course it would really be just common sense that you would really be needing to follow up those common ideas and recommendations which we know that they are really that indeed pretty basic but applying it out on the time that you are the ones who had been handling your business then it would really be a huge challenge.We know that each business doesnt really end up on being successful or being positive on which it would really be varying or depending on some factors if we do speak about those things which is something that would be a deciding factor whether you would succeed or not and some mix of luck.
Somewhat you cant really be able to find yourself on knowing the outcome unless you do try.This is why into those people who had been deciding on running a business then its good to have that aggressive approach
when it comes to marketing, although it wont really be an assurance for you to have that good outcome but at least you have tried on what are the things that supposed to be done when running a business.
You cant really just make yourself that idle or passive on this way.

[serjent05]

I can tell you that owning your own business feels amazing. I know it because I own a business which prints money. It gets tiresome sometimes but at the end of the day nothing beats it when I pop a cold beer while counting my profits… Ok maybe having fun with girls in the middle of the ocean beats it but let’s just say this is the second best feeling a man can experience. Working for somebody else is a dead end. Always start your own if can.

It's definitely a great feeling because there's no better job than being your own boss. But business is not easy and not everyone can do it like you. I once opened a small restaurant and I suffered a huge failure and a huge debt afterwards. It can be said that it was an unpleasant experience for me and it took me another 2 years to pay off the debt due to a loss in business. Business is not for the masses and to be successful requires many factors, not just applying the empty theories rampant on the internet today.

I am sorry to hear your story but it looks like food industry is not for you or probably you missed something important.  I also tired to set-up a business and I also failed since I don't managed the business personally and let my friend take it over.  One thing I learned on this experience is that rarely people will be concerned on the business if they are not theirs.  Most of them will just enjoy the salary and don't care if the business will get bankrupt or not.

So it is best to be hands with the business, learn and educate oneself about the left and right of the business and study the trend and competition while implementing financial management.  It is quite a hard task but if we get familiar with it, it will be easier as time pass by.

[chrisculanag]

Everything stated can be said to be very effective in doing business whether the investment is small or big capital. This steps can help a lot in business management because they are ways to avoid losses or mistakes in building a business. Many entrepreneurs don't pay attention to the simple methods mentioned by OP so most of them end up losing money or business bankrupt. If it is applied correctly, it will surely have good results for them and those who intend to do business.

[Wimex]

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/

🗝️🗝️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.

Persistence is the key to success, many people say it and I myself can say that I have experienced it, when you believe that a venture can go far, what remains is not to give up and find a way to meet the objectives that are expected or set, and it does not only apply to business ideas, but also to other areas of life, such as wanting to travel or improve your economic status, simple things that with perseverance can be achieved. Of course, everything you want has its sacrifices, so when the determination to fulfill a dream is solidified, it is easier to establish those limitations and strategies that you mention..

[harapan]

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore.

This is true, not because the start ups and small businesses don't need loans or don't apply for loans but because the banks and other financial institutions give loan to people they believe will be able to pay back with interest within the agreed period. They're in the business of making profit and some times they feel it's not worth it to take unnecessary risk on unestablished businesses.

[dothebeats]

Try to be up to date with what goes on in your industry. We know how the world changes regularly and if you're stuck on something others have moved past it might affect the growth of your business. It doesn't matter the industry you are in, be updated.

As on what I've noticed, only those business who are already big are the ones who take a loan but for me, I think it's not necessary anymore.

This is true, not because the start ups and small businesses don't need loans or don't apply for loans but because the banks and other financial institutions give loan to people they believe will be able to pay back with interest within the agreed period. They're in the business of making profit and some times they feel it's not worth it to take unnecessary risk on unestablished businesses.

This also goes for investors. They normally will only invest to a business that either already made a name for itself or they know will do so and make it big in the industry. As much as supporting small businesses is a great way to do, investors and lenders are in the business to make profits and therefore it is expected and understandable as to why they put most of their attention to big businesses instead.

[Fuso.hp]

If you want to build a business yourself, you must think a lot about that business. I thought that I decided to go into business in that case, we will never be successful in business. Generally, there are many business sectors in the world, from these many business sectors, we have to choose any business sector according to our convenience. You usually try to do related business which you understand well. You have to build your own business with your own qualifications. Seeing that someone else has succeeded in another business, I also started that business, but there is no guarantee that I will be successful. So you can't try to build a business company by looking at someone, you should always rely on yourself and build a business company related to the subject that you know more about.