Factors to consider before starting a business!!

[coin-investor]

So far, based on the poll you created, I'm pretty sure the majority of us will pick option 1. We all want to start our own business, control our profits, have the flexibility to choose our hours, and enjoy doing what we want without a boss to deal with.
But not all of us have the money and expertise yet, so we have to work for someone else until we are capable of starting our own business.

Starting your own business   - 8 (100%)
Working for someone else forever   - 0 (0%)
Total Voters: 8

[sunsilk]

Working for someone else forever isn't a bad thing. There are people who are content with how they're being treated by their employers very well.

And so, that's why they're sticking to that. We cannot blame those people if they don't have a feeling of starting their own business.

Because the fact here is, not everyone has that entrepreneurial spirit and so, we cannot push people to start their own business when they don't even have the enthusiasm of doing it.

[demonica]

I agree with what you listed. The things I thought that are essential when starting a business are mentioned by OP already.

If you want to start a business but can't afford a physical store yet, it's really essential to invest in MARKETING. That's how small businesses can make it big—by marketing their product/service. Good thing in our generation, social media is widely used that you can focus on marketing your business online and you can gain a lot of attention. Clevel and funny marketing strategies are very popular nowadays to be viral.

But we can't just focus on marketing alone. Of course, we need to satisfy our customers with the QUALITY of what we offer. And lastly, CONSISTENCY. It order not to lose their interest and gain loyal customers. Businesses strive for a long time of they are consistent with providing their customers the quality product they needed. But we also need to take note that customers wants and needs can change rapidly so we also need to follow demands.

[bitgolden]

Starting a business is always a good plan if you don't want to be stuck at a 9 to 5 job. You can achieve financial freedom still be able to get a lot of spare time which you can spend with your family. But as easy as it sounds, comes with it's own challenges. You will need to be way more focused and money minded if you want to make some profits out of your business. Initial years might be tough as it will never be that easy to start making profits from a new business. You might even wind up in loss at the initial stage but do not get demotivated because the coming years will surely give you good profits if you stay consistent.

[Sticky Bomb]

Everyone has their own path to success, whether through business, investment, trading, or other means.
I personally really want to start a business, whether alone or with family members, but before starting a business, we must consider several factors that could potentially determine our business's future. Previously, I had worked for someone else, and little by little I tried to gain knowledge about the field I wanted, so I had the desire to start a business when I was resting after work.

You see this bolded part is twice as important as anything in starting the business of your choice. Gaining practical knowledge on the chosen field is very important, Most businesses fail not because of planning or lack of capital or others mentioned, but because the business owner does not know much about the practicality and modulus operandi of the business and this makes them make many wrong decisions and in other cases they are scammed and relieved of their hard earned capitals which makes them incur great losses and cripples the business.

[jostorres]

One thing I would add is risk management, a lot of new businesses fail not because the idea is bad, but because people underestimate how long it takes to be profitable, you need enough runway to survive slow months without panicking.

I was shocked to see OP did not add risk management to the list. Risk management will always play an important role when it comes to starting a business or even trading. Without a proper risk management, OP might still make some money but will have no idea about preserving the money for future needs when the business goes down. Yes, in business, there will be times when the growth will be quite slow but the working capital will keep rising as the team expands. Usually businesses tend to dilute equity so they can get hands on some capital which will support the business operations but they lose a chunk of your holdings which can be fatal for long run.

A proper risk management in place will save OP from diluting his company shares in future and will also keep the employees happy so this is something which needs to be added to the list before even considering to start a business.

[r_victory]

While working for other people, it can be a good opportunity to learn; being curious about how the business works can give you the knowledge you need to start your own. Some people jump from job to job and learn nothing. Not every business needs a large amount of capital to start; often the knowledge you have can be a service to be sold, and there are certainly people who will pay for it.

[salad daging]

While working for other people, it can be a good opportunity to learn; being curious about how the business works can give you the knowledge you need to start your own. Some people jump from job to job and learn nothing. Not every business needs a large amount of capital to start; often the knowledge you have can be a service to be sold, and there are certainly people who will pay for it.

It should be good when working that we seek knowledge about how the business is run and I think when working they will understand the knowledge of their work, it's just that now there are still many people comfortable working fully rather than starting their own business, most of which are afraid of failure and they can't get up again.

[pusaka]

While working for other people, it can be a good opportunity to learn; being curious about how the business works can give you the knowledge you need to start your own. Some people jump from job to job and learn nothing. Not every business needs a large amount of capital to start; often the knowledge you have can be a service to be sold, and there are certainly people who will pay for it.

There are 2 types of people in my opinion when working, there are those who really aim to learn and there are those who just work aimlessly, besides. Now in my opinion we should avoid the first type of person, because wherever we are or work it would be better if we try to take lessons that we can apply to ourselves. There are many things we can learn, starting from how to manage company finances, how to develop a business, marketing and so on.

Maybe when we work we will not feel the benefits, because our mindset must be “the company that is progressing is also someone else's company”. But we will feel the benefits when we start building our own business.

[Emitdama]

Starting a business is always a good plan if you don't want to be stuck at a 9 to 5 job. You can achieve financial freedom still be able to get a lot of spare time which you can spend with your family. But as easy as it sounds, comes with it's own challenges. You will need to be way more focused and money minded if you want to make some profits out of your business. Initial years might be tough as it will never be that easy to start making profits from a new business. You might even wind up in loss at the initial stage but do not get demotivated because the coming years will surely give you good profits if you stay consistent.

Yeah, I would also not suggest anyone start a business with any of their family members. I have seen families drift apart just because they could not match the mentality or want their share increased eventually. You can always find potential business partners who posses the skills and are able to give ample amount of time setting up this business. Setting up a business must be a dedicated work so it requires lots of analysis well in advance before starting.

I am in plan to start a business with bitcoin payment with my neighbourhood. I will accept payments in local fiat and online as well. With bitcoin payments, we planned a small discount and we believe this may encourage people to adapt bitcoin for spending in my business.

[Cheema02]

The number one is the most important thing among all. A business plan is necessary in all successful business. And if any business fall to get a successful business plan, that business will definitely fall. In the plan you will state the little amount you are using to start the business and the budgeting of the things to buy. And another thing is the marketing strategy. Is it online or offline. In either ways you will spend some amount of money. When the business has been established, and everything is set and you are making progress, you develop the business by expanding it.

Play
Yes, Your point is realistic about business. A successful business has many components and the first and most important component of a business is a proper business plan. If we want to start a business and have a very high budget a well known staff but if we don't have a proper business plan and do not have recovery knowledge, there is maximum chances of failure instead of a huge amount and qualified staff. In business plans many factors are involved like initial investment, expected expense and profit margin etc. Once we start and establish the business the other important thing is how to grow our business so we have also plans about how to expand our business. So the learning lesson is that if you have a positive business plan there are less chances of loss and its help to ensure long term success.

[Japinat]

I think it's pretty obvious that we don't want to work or be a slave in the corporate world. So it's better to really start your own business and be a entrepreneur. But it's not going to be easy as you have laid down factors that we need to consider.

We can't stressed it enough, but for me the intangibles are the mindset. You really need to see yourself as already a successful business. Yeah, it might sound like something that is not right, but with a positive mindset and then you see yourself in 5 years down the line being one of the best and making money money and your business becoming huge. I have seen this from those who have started from nothing but they have one goal in mind and motivated to reach in whatever way they can. So as they say, "dream big".

Everyone aims to become big in the future, and that will only be possible if you decide to start your own business, if you motivate yourself that you can do it, knowing others have successfully made it too.

The key to a successful business is not just an intelligent mind and a good starting capital. What we need the most is trust and faith in ourselves, without doubt and hesitation that after some tough challenges while starting, there's always a good and sweet harvest, as everything have come to paid off.

Consistency also matters a lot. You can't succeed in your attempt if there's no will to continue every time you fail on your business.

[Makus]

Doing research is very important, a lot of people start up a business without doing proper research about the type of businesses that can work. one thing you must do as someone that understands business is to make sure that what you are offering is something that's of high demand but a low service or supply in order not to have too many competitors.  Doing your findings to know what's needed in your location is very important. Another thing you must consider before starting a business is making sure that your capital is enough

[Jatiluhung]

Everyone wants to be their own boss. And everyone wants to start their own business. Except for a few people whose reasoning we cannot understand if they don't want to have their own business. And I see in the voting that everyone even chooses to start their own business. However, not everyone is ready for that. Because starting your own business means being prepared for risks that can be greater and challenges that may make us more tired. But when a personal business runs well, I am sure that happiness and comfort in life will truly be ours. Especially when we already have someone trustworthy to handle our business, and we can just go on vacation while continuing to earn from the business we own, whose management we can entrust to that person we trust. And building your own business will even bring us closer to financial freedom.

[AmaGold70]

I'm a business person and before I started my business I didn't do any research and it was tough but one thing I had in mind was to start a business that would invite everyone into my shop and that was my saving grace and I also got to understand that no customer wants a frowning seller to attend to them so I made sure to put on a smiley at every time even when I get provoke by a customer, another thing is to always be available in your shop because you wouldn't want to disappoint your customers because I have had a complaint from my customers when I started newly that I wasn't consistent as my shop was always locked when they needed me urgently to purchase goods so I stopped that habit and became more available for my customers because if I'm not available I might lose them to other competition

[Achalugo BTC]

Working for someone else forever isn't a bad thing. There are people who are content with how they're being treated by their employers very well.

And so, that's why they're sticking to that. We cannot blame those people if they don't have a feeling of starting their own business.

Because the fact here is, not everyone has that entrepreneurial spirit and so, we cannot push people to start their own business when they don't even have the enthusiasm of doing it.

Exactly, people can make decision or take action on what they believed its good and right for them and people shouldn't blame anyone for making any decision of their choice, because not everyone has the capacity of handling or managing a business, which might be the reason of why they prefer to work for other people forever rather than starting or owning their own business.
Which is also essential for people to know that they should do what they feel its beneficial to them both mentally, financially or in all area of their lives. So that they will not take action on what they will later feel bad about or which might ruined their investment.

[Questat]

Target customer is also important when planning to startup a business, that will help you have focus to stay outstanding from your competitors.

I don't like the aspect of taking a loan to start a business when you don't have a means to pay back the loan because what if the business fail. You have put yourself into a double mess. You can save money and start with the little you have so that, you will be able to manage and grow it at the initial stage.

I think targeting customers, that already falls down on marketing as you can't market your business to the wrong people, but only within your target customers.

However, I have known some people who took a loan first so they can start their business, and they eventually succeed. Taking a loan is not really that bad if you know the potentials of your business that will definitely succeed, and if you have a reliable source of income that will regularly pay your loan, as no lending company would approve your loan if you have no sufficient collateral, or no stable source of income.

[trendcoin]

My father has three brothers, two of whom are very wealthy, while my father and one uncle belong to the middle or lower income levels. When I compare my uncles and my father, I don't see a huge difference in intelligence or talent between them. I asked myself this question for a long time. Why isn't my father as wealthy as my other two uncles? I'm not entirely sure, but I finally came to this conclusion. My two very wealthy uncles probably started their businesses during periods of monetary expansion, and when they used the money they earned for their businesses, it also coincided with periods of monetary expansion. My father and my other uncle probably did the exact opposite. I'm sure none of my father or uncles did this knowingly. It was just fate that affected their lives this way... :)

[Darker45]

Working for someone else forever isn't a bad thing. There are people who are content with how they're being treated by their employers very well.

And so, that's why they're sticking to that. We cannot blame those people if they don't have a feeling of starting their own business.

Because the fact here is, not everyone has that entrepreneurial spirit and so, we cannot push people to start their own business when they don't even have the enthusiasm of doing it.

I agree. Starting or running your own business has a list of prerequisites. If you don't have the necessary qualities, it's better to find other options. But it doesn't have to be working for somebody else, though. The business options are quite wide. It's possible you let a trusted family member run it for you. You can provide the capital. There are different arrangements. You could get into a partnership and divide the tasks accordingly.

But it's also an option to just be an employee provided you're happy and fulfilled with it. I've known successful people who chose the path of working for somebody than being their own boss. Certainly, however, if the only reason to start your own business is that you don't want somebody else to tell you what to do, I'm afraid it's not enough.

[Cgrexp]

An important thing in business is to have a plan. Because planning helps in starting a business step by step. Here, by planning I mean financial planning, management planning, supply planning. And through these, a businessman can think about what he needs to do from product procurement to delivery. It is best to gain at least some basic experience and skills before starting a business. If there is neither sufficient skills nor capital, then taking steps is risky and the chances of failure are high. One of the strong fundamentals of a business is to have a realistic business idea.