What are the best strategy to Open a business in this our dying economy?

[Pikiboy]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

[Doan9269]

Discover on a specific human daily needs and try to find a strategic location for the business to operate in, this is very important because we have to understand the nature of what we do and where to make it sell fast, while the administrative and management aspect is also very important, lastly, we have to also take into consideration the route to advertise for it and the budget we also have on meeting to this target.

[Richbased]

Human wants are insatiable so no matter the amount you are earning, you will still work for more. Have you seen anyone that stopped working simply because he has got a lot of money? Whether you are a salary earner or a business owner, you should learn how to manage yourself in such a way that your expenses will balance within the range of your income. The reason why most people fail is not because they are not earning enough but they lack proper financial management. You will see a low income earner managing himself with his little salary but as soon as his salary increases, he begins to live and spend above his income.

Many people have weak mentality when it comes to managing finances. I want to tell you a secret that can lead to financial success no matter how much you earn and that secret is to discipline yourself within the early stages of your income such that you can save enough money for yourself and make sure you avoid borrowing, just live within your income till you have built up a certain huge amount of money. There is this confidence when you know that you still have a huge amount of money that you kept somewhere even if you are not earning enough but you will certainly be happy with yourself.

[Hewlet]

When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected

You don't just go on to open a business just because you see other doing it and being profitable at it. Before you start a business, you should have proper understanding of the business as that will help you know how to deal with the risk and gains that's associated with the business.

At the foundation of every business, profit doesn't come so cheaply and so, while planning for the business, be ready to use the early phase of the business to understand the business real well and reach out to more audience. This is part of the reason why it's always best to start your business a bit small so as to understand the business real well and in the long run, you can then expand the business to whatever level you want to.

[btc78]

it’s a bit weird that your friend has opened what i think are lucrative businesses like oil gas industry and even water factories those are necessities and aren’t just ‘trends’ so i don’t understand why it has failed maybe it has more to do with his business management style

[danherbias07]

Honestly, I have been thinking of a business to open here in our place, but I am considering the position, and I cannot imagine people coming because of that.

Everything must be considered, and what people are buying most of the time is the main ingredient for success. Food is one. It only fails when it's managed incorrectly. The place where it will be built/placed should also be thought carefully. Is it somewhere where people usually walk? Because you cannot just rely on the sales from the neighbors. There must be sales from outside the vicinity, too.
Before even spending money on applying for a business permit and other types of permits, you could also make a survey first. When everything is done, another tough step will happen. The doubts. The courage to start a business is mental. So, you should also be ready for that big step forward.

[Die_empty]

What are your thoughts on this, your opinion and advice are welcome

Your friend's biggest problem in the business was poor planning. Businesses are not established overnight. There should be months and even years of planning. These days it is common to see so-called business advisers who come on social media to discuss the profitability of certain businesses. They will never talk about the challenges the business would face, all you would hear is the amount that will be realised as profit.


Without a well researched feasibility studies, the business is starting on a weak foundation. Every business and location has its peculiarities, so there need to study these differences.

I see people start up businesses and employ people to manage them. From my experience, small businesses need the presence of the owners to grow. Employees would never put effort into the business to grow. So don't start a business without a mechanism to closely monitor its operations. Without strict supervision,.dishonest Employees will bankrupt the business.  So if you don't have time to follow-up your business closely,  don't start one.

[noorman0]

-snip-
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential

Your friend is hoping for a solution, at least supplementing daily income. I don't understand why you're suggesting investments. I don't think that's a solution at all for your friend's situation.

You should suggest a business that revolves around the primary needs of the area where he lives, one that generates daily cash flow and offers more manageable margins. Your friend's decision to start a clean water business is actually better than your suggestion, but he needs better guidance.

[Dictator69]

In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

If I were in his place, I would search and test it on a small scale if it can be tested there. If not, I would be left with no choice but to operate it on a bigger scale. I don’t know what kind of business it is, but for those doing jobs and living abroad without enough money, they should always start small. They can take huge risks, but it is better to take the risk with someone who has experience.

This way, the risk decreases and the chances of success increase. As a matter of fact, for some time I have been in the same position and want to leave my job to start my own business. But what I have realized so far is that my job is not the problem. With other part-time jobs, I might be able to make enough or maybe not, but the main thing that stresses me is how long I can keep doing that.

So now I have the time to take risks, to lose what I have, so why not take the risk and lose it instead of losing everything at a time when I might not be able to make it again.

[Shishir99]

In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

The first thing is: never give financial advice to anyone, no matter how close they are.
Your friend should have done their own research before opening a business. You should conduct market research on product consumption. If you produce a product well but don't know where to sell it or who the market is, you will be at a loss. Let's say you have a farm in a village and you can produce vegetables at a low price, but you are unable to sell them at a reasonable price in your town, and you cannot export them anywhere, then you are going to make a loss in your business. So, the marketing is very very important in business.

[Cookdata]

,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential

There is a unique trait between high income earners and financial budget, if you don't limit how you spend money, even if you earn millions a month and you live a very luxury life style, you will be left with nothing before the next salary comes. I have a guy that work in one oil company, an old senior staff. This guy complained alot of not having anything on him before the next salary comes but this is same guy that has a cook and house boy that he send for errands, he loves a soft life yet he complained alot.

It's simple, tell your friend to reduced his way of spending, he need to practice budgeting.

At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

I have a little knowledge in water factory business and if I have enough money to create one from scratch, I will like to have one. You see, your friend made a mistake and the first is, he didn't make business feasibility, he structured a business without plans, he didn't make enquiry about sales and the challenges because each has their own.

He should have started with one machine and start from home, he wouldn't be charge for starting small, he just need some papers that are going to cost him small change. Starting this way would have help him start a sale for some period of time to see the challenges and how he would handle them before going for big scale.

Now that he has gone large scale, he need to employ a manager that can also handle quality control, this person with experience can revive that business back to a functioning business with moderate profit.

[Spaceman1000$]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,there are some personnel's who are working class but still there monthly salary is always not enough for there daily consumption, and they decide to open business and now the business was not moving well as expected
,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,
When he came to me to advise him I asked him to make an investment with his discretionary income instead of wasting it with things that are not essential
At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

If he hasn't opened the business, it would have been a different ball game, but at this point, he needs to look inwards and ask experts on how best to sustain his business, he should do feasibility study on his business. The truth is that, business can be challenging at first start stage, a lot of mistakes will be made and with time those mistake will be corrected. You gave him one of the best advice a friend could give, what is happening to him is baby steps mistakes as a beginner.

[Findingnemo]

Business isn't easy and not really for everyone and statement of running a business is necessary is misleading one. One can stay with their happy lifestyle forever even with a job too but needs to keep updating their skills and productivity to stay relevant.

And has ever said that I had enough money already? Then is not a surprise that your friend said that to you.

And never take risk with something you have zero knowledge or you will learn it in the hard way.

[Rruchi man]

Business is what every individuals does to support and protect his or her  daily income anybody without a business in the world today is never a complete man/woman,

@OP Business is not for everyone, and not everyone is into business. There are people who are doing multiple jobs, and that has been enough to support their lifestyle. It is a fallacy to think that you are not a complete man/woman because you are not in business.

,I have a friend who was working in an oil and gas company but he still complaining of his fund not always enough,

Because of poor financial education, money will never be enough for some people regardless of what they earn.

At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location

If the business lacks management because he is not in the position to manage the business properly, as maybe business is not for him and he has unfortunately ventured inside, it will be in his best interest for him to get a manager who can manage the business properly because a proper manager will ensure that the right staff are employed and, regardless of the location, that the business progresses because for a business like a water factory, you only need a good supply and distribution chain; your production site can be located in an area that is far away from urban life.

[Samlucky O]

At the end he chose to open a water factory business and this my friend has no knowledge about the water factory business now he has spend a lot of money in running the water factory and as I'm speaking the business is not producing as expected
In my own perspective I think the cause of it is,Lack of management ,Employing wrong people and Wrong location
What are your thoughts on this, your opinion and advice are welcome

Although there are many factors that affect business not to grow and I may not know the exact factor that lead to this business of your friend not to succeed but I guess one of which you have listed could be the reason. But to manage a business, one needs to make research about that business, the risk and dangers involved before investing. Because it may not be the fault of the employee but the fault of the employer, because he lacks basic knowledge of the Job and didn't consider it a necessity to learn property until it fell. When the manager knows his business very well, he will try as much as possible to protect his work, by educating his workers on how to go about the job. But failure to do that will result to poor management and failure.

[Franctoshi]

Before opening any business, you must consider the capital, consumers, and the location to position your business. These are the very key things to consider before thinking of starting any business in any environment of your choice. The business is not dead yet, or there are still capital to put things right. He only needs to go back to the drawing board and study what went wrong; it might be poor management, as you said too. Sometimes it's good to also have a little background knowledge of a business you want to do, especially such a business that you are starting new.

[Bluedrem]

Business is like a child. Just as a child needs to be raised with love and affection, a lot of effort needs to be put into making a business successful. Especially before starting a business, it is important to consider the capabilities of the businessman, as the type of business needs to be identified by considering the needs of the people. The type of business varies from region to region. In the regions where the demand for products is high, it is more profitable to focus on those products. The mistake that many people make after starting a business is to stay away from the business by giving responsibility to someone else. To be honest, if you do not manage your own business, there is no real improvement in that business and the business does not survive for a long time.

[SUPERSAIAN]

The key to starting a business is to set trends, not just follow them. If you see an opportunity, invest in it. Many people fail when they follow trends because demand becomes fragmented. For example, in my country, a particular dessert became famous, and shops selling it opened on every street corner. Then, when the trend ended, all the shops started closing. There are many such examples.

If you don't have a good idea, save your money and invest it in commodities you value.

[GiftedMAN]

Some people open a business because they feel others are doing well in that business and that’s the business that’s thriving in that area, which is the biggest mistake most business owners make when thinking of a business to start. The formula for opening a business hasn’t changed at all if you ask me, and it’s very simple, seek for a problem or something lacking within an environment and then look for a way to provide and solve that problem, that’s how business works and not delving into something someone else is doing.

[bangjoe]

it’s a bit weird that your friend has opened what i think are lucrative businesses like oil gas industry and even water factories those are necessities and aren’t just ‘trends’ so i don’t understand why it has failed maybe it has more to do with his business management style

It's not always the management style, it could be because there are enough opportunities that make the business ineffective for us to run, the market is narrow and you will have a very difficult time selling your goods, I saw several people in my neighborhood open a similar business but it didn't go well and only a few months, even then they didn't get a profit, instead they lost money until they went bankrupt, After I analyzed and surveyed that they did not have many customers and could not compete with big brands that could provide lower prices, while the person did not understand the concept of how management could take small costs so that they could sell at low prices too, sometimes things like this become a problem with products that are basic needs.