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

[Yamifoud]

Know your investment or business well. Being knowledgeable on your business creates a sign that you can also manage your finances well and make it grow, than those you know nothing of your business and eventually waste your hard-earned money and mess up with your finances.

However, the real fact that our economy is dying, then we should put up a business that not only the local people will benefit, but even those foreigners outside the country because having them patronizing our business will definitely make our business grow fast and that could be a real asset of a dying economy.

[Nightwalker(NW)]

Before opening a business or even venturing into any business it is good to go for a visibility study to know more about the business before finally going into it full time, this study's would help shaping your thinking or and orientation to know how it works before fully into it. Again before going into a business you should be looking at what that area lacks or what they needs before delving into it, although water factory business is actually a nice one but poor management can definitely affects the business as water business is stable business and doesn't really have season like clothing that usually have when someone should be making enough sales or unlike other perty business which could likely requires you more of your strength to make a whole lot of sales.

[Orpichukwu]

Where others see problems and hardship, what a real entrepreneur who is occupied with how they can make things better and take advantage of the situation does is create a solution. In that same country where you consider your economy to be at its lowest, there are people who are making it from there, and you can also be an employer of labour. Just look for what the people need most and try to render that service to them.

Being innovative has paid much more in places where they consider things not to be working well for them.

[Agbe]

first of all make sure you fo a survey to know what exactly you can offer the people living in your environment. in order words, look for something that's not in circulation or that is low in demand and think of ways to make your brand unique. if you can solve people's problem you are going to make money, doing a business and making progress with it is simple if only you end up doing the right business.

[Lida93]

In same dying economy many businesses are booming and making crazy returns in profit.
It's about what you choose to go into as a business and not really about the economy even though the economy do have a slight effect.
Look around you in the society you live, what's lacking there, what can be easily sold and in demand from people. Could be products or services. Do your research and take the bold step of starting and see if you wouldn't excel even in this said dying economy.

[Oshio-man]

Is not by switching into a business op, the first thing to do to help the young man or woman is to ask he or she the type of business he or she will like to start up with before giving him or her orientation about profitable business idea, I know many business men and women are doing perfectly well in their various businesses but it use to take some time before the owner of the business will start making income from the business gradually, if you are the type of new business man or woman that is expecting huge income at the moment from the business it will make him or her frustrated in the future because business is just like a new born baby you will start taking care of to grow up to become mature human beings but if you can be patient with your business it will increase you financially in the future.

[Iamgoat]

Know your investment or business well. Being knowledgeable on your business creates a sign that you can also manage your finances well and make it grow, than those you know nothing of your business and eventually waste your hard-earned money and mess up with your finances.

However, the real fact that our economy is dying, then we should put up a business that not only the local people will benefit, but even those foreigners outside the country because having them patronizing our business will definitely make our business grow fast and that could be a real asset of a dying economy.

You are very right because many people who rush to go and open a business for the sake of opening, have ended up collapsing such businesses because they do not bring the returns necessary. It is not all about opening a business but more about knowing what kind of business to open, the risks involved in it and the investment capital to inject as well as your expansion plans. You need to factor all of these things together especially at this very crucial stage when investments are easily crumbled by poor and unstable economy in the country.

Some of us just want to have a physical business so they can feel among with others who do so, but it should not always be about such mindset but more of what you are sure will bring back your Return on Investment. If you are not sure of a business don’t just jump into it because trust me when I say you will regret doing So. So if you are not a physical business type of a person meaning you do have the ability to focus on a physics business maybe due to your other engagements, then it is better to try other businesses such as investing in crypto or bitcoin to later recoup your money and achieve your dream of starting a physical business if it warrants.

[CONVOAI]

Business is a solution to one or more problems. Now you need to understand which problems your customers are facing the most and what is the best solution you have to solve this problem. If you can find the right solution then you will be able to achieve success in business. Your friends need to see if the customers in that area are suffering from water problems or not.

[demonica]

I'm no business owner so I can't really speak for it as a business owner perspective. But what I think is essential in starting a business, is proper planning. Knowing what is needed and what's in demand in your community can help you find what kind of industry you want to go with.

You can't just start a business and act recklessly as if you're just choosing what clothes to wear on a normal day. Starting a business means you'll be pouring your money for capital, your time, and efforts in it so you wouldn't want it to go to waste.

Once you've decided what kind of business you want to pursue, make sure you are familiar in that industry. Having knowledge and background plays a big role to know how you can compete with others. There are a lot of things you need to learn first when starting a business even if it's just a small one so you need to really study and plan it hard first.

[DYOR+BTC]

As for mine country's economy that have been destroyed by greed and other related factors, starting a business is the greatest challenge one can ever think of getting involved in because it requires alot of thinking and calculation to avoid making a regretable mistake that may end up making one lose all. To establish a business, We first look at environmental factors which includes the area you want the business to be, availability of customers to patronise the business, possible source of income to citizens around the area of investment and what all inclusive of the poor masses can afford to buy with or without a job before investing in that particular location.

[Nothingtodo]

Regardless of the economic situation of your country or your personal financial situation, when you establish a business, you need to do a good analysis on which products work best around you. You need to evaluate the demand for which products the customer has a good demand for.
You have to choose a place where your product will run the most when you establish a business. And you should choose a place where there is always movement of people. For example, if you want to establish a business in front of a school or college, then you must sell stationery along with a food business. Or if you want to establish a business in front of a petrol pump, then you will definitely be more profitable if you can establish a laundry or beauty parlor. That is, no matter what your capital is, you have to choose a good place and establish a business.

[Pearl_20]

Opening a business you have no knowledge about will crumble overtime, business itself is risk and planning is the first thing you must do before opening a business, choosing location is important too as poor location will lead to poor sales and know your target audience most business owner will just want to sell anything and that's bad.

Doing a background check on the business you intend to open will save you a whole lot,  there's no successful business owner who didn't have a mentor or even attend business school, most pay for courses so they can get more knowledge and information about what they Intend to do..

Considering the way things are now doing a blind business can be very risky, one guy from my street rented a shop for a barbing salon painted the entire shop, bought Generator and everyday you'll literally see him sit at the front of his shop with his hand folded and alone, no single person has entered that place to have a hair cut, planning, choosing a location, know your target Audience, if it's one product you want to sell stay consistent in that, get informed about your product ask questions from those who are already doing some thing for more clarity.

[mvdheuvel1983]

In same dying economy many businesses are booming and making crazy returns in profit.
It's about what you choose to go into as a business and not really about the economy even though the economy do have a slight effect.
Look around you in the society you live, what's lacking there, what can be easily sold and in demand from people. Could be products or services. Do your research and take the bold step of starting and see if you wouldn't excel even in this said dying economy.

In a dying economy not everyone will be affected because some are part of the policy makers others are elites while there are politicians who do not use their own personal money for business butske use of the government money to finance their business. If you align with politicians as a business person your business will not suffer hardship and if you have a business that provides regular items that people wants you can not be affected by the hardship no matter how severe is it is. Being able to do a business that has small number of people doing it will give you peace but if you sell what others are selling you can be affected by the economy.

[beerlover]

Always go online, and I do not mean that in a slight term, ALWAYS go online because that is where the money is. Doesn't matter what it is, it could be as simple as selling infographics, to as high as making a marketplace, I do not care what the business idea is, it has to be something that you can do online at your home and if you can do that, then it has a chance.

Because physical shops and factories and everything else has a chance of being bad when there is a crisis in your nation. But if you do an online business, a website, anything real, then you can sell it to the whole world and then you would need a bad economy from the whole world which sometimes happens but that is rarer and you can make money from all around the world instead of just people around you.

[Finestream]

In same dying economy many businesses are booming and making crazy returns in profit.
It's about what you choose to go into as a business and not really about the economy even though the economy do have a slight effect.
Look around you in the society you live, what's lacking there, what can be easily sold and in demand from people. Could be products or services. Do your research and take the bold step of starting and see if you wouldn't excel even in this said dying economy.

The economy will both experience good or bad, dying or making some progress. And its in our hands how to make our economy recovers and surge high again.

The best thing we can do is to never risk in a business where we are not knowledgeable and are inexperienced, that would only waste our time and money.

But focus on what's something everyone can be of useful to, everyone can benefit and make advantage. If such businesses will develop and grow, it will create positive effects and make this dying economy recover and create progress after.

[Lida93]

In same dying economy many businesses are booming and making crazy returns in profit.
It's about what you choose to go into as a business and not really about the economy even though the economy do have a slight effect.
Look around you in the society you live, what's lacking there, what can be easily sold and in demand from people. Could be products or services. Do your research and take the bold step of starting and see if you wouldn't excel even in this said dying economy.

In a dying economy not everyone will be affected because some are part of the policy makers others are elites while there are politicians who do not use their own personal money for business butske use of the government money to finance their business. If you align with politicians as a business person your business will not suffer hardship and if you have a business that provides regular items that people wants you can not be affected by the hardship no matter how severe is it is. Being able to do a business that has small number of people doing it will give you peace but if you sell what others are selling you can be affected by the economy.

It's hard to swallow that all the businesses that are established and making progress nationwide in a specific country can/are only  businesses owned by people within the corridors of political power and influence who through looting of the community treasury are able to have standing businesses that are maintaining still by same... It goes far to state that true entrepreneurial embodiments doesn't exist in such society despite existing businesses that may be functioning. It's actually gonna be a big threat to upcoming struggling entrepreneurs who can't matchup the competition.

[blockman]

As for mine country's economy that have been destroyed by greed and other related factors, starting a business is the greatest challenge one can ever think of getting involved in because it requires alot of thinking and calculation to avoid making a regretable mistake that may end up making one lose all. To establish a business, We first look at environmental factors which includes the area you want the business to be, availability of customers to patronise the business, possible source of income to citizens around the area of investment and what all inclusive of the poor masses can afford to buy with or without a job before investing in that particular location.

The same in my mother country. Starting a business is hard, if you're testing the waters and you're not getting permits, you'll be flagged by those who are jealous with your success. But when you pay for those permits and other registrations, your profits are just going to go to all of those. That's the reason why a flawed government has a need to revise all of their taxation policies and so, they can help from the little people to the middle. And it's not only the high or rich classes are the ones who are able to withstand the dying economy.

[Stormisover]

In same dying economy many businesses are booming and making crazy returns in profit.
It's about what you choose to go into as a business and not really about the economy even though the economy do have a slight effect.
Look around you in the society you live, what's lacking there, what can be easily sold and in demand from people. Could be products or services. Do your research and take the bold step of starting and see if you wouldn't excel even in this said dying economy.

There are several ways that people uses to make money from and as a person there is no way that you can be doing all, I consider whatever puts food on your table is your business in that case it is important that one should be serving the public in any kind of way either actively or passively to earn a living, even while the economy is dying people will keep surviving because adaptation is a characteristics of humans, we will always find a way of survival for those that actually want to survive and if you are if you are already doing something then you can add more value to it or better still change to another and life still goes on.

[Donk1]

Well I like to believe that every business man must first of all plan their business before they start. Why Because without a proper planning the business will definitely be unstable basically he or she doesn't understand what it means to be an entrepreneur for that there are two options here it's either his potential lies elsewhere not a water factory business or he rushed into the business without any knowledge on how to manage it which if I may say that's  definitely a poor business fundamentals...

​Overall my best advice for him is to take his business slowly by separate his capital from his profit so they won't get missed up together. Then he should be able to calculate his raw material in his factory and keep proper watch of the employee's maybe installing a CCTV camera will help him to know what goes in and out of the factory. And lastly he should advertise his business not only in that area but in other locations. Basically at times it not always about the location of the business it is the sacrifice the business man or woman is willing to make for the productivity of their business. So yeah he should slowly take his factory business basically nothing is productive right away You will always need patience and time with proper planning that's all for me....

[CryptoDracoo]

Know your investment or business well. Being knowledgeable on your business creates a sign that you can also manage your finances well and make it grow, than those you know nothing of your business and eventually waste your hard-earned money and mess up with your finances.

However, the real fact that our economy is dying, then we should put up a business that not only the local people will benefit, but even those foreigners outside the country because having them patronizing our business will definitely make our business grow fast and that could be a real asset of a dying economy.

Regarding that there should be a dying economy, I would say that they hardly result in a total downfall of an economy, but they experience hard times in cycles. The hard moments usually compel businessmen to think big and get more creative. Going both local and international is a clever business move since it diffuses the risk and opens up additional sources of income.Nevertheless, one does not necessarily need to be a global enterprise to be successful. At the initial stages, stability, good service and resolution of real problems are more important. Sustainable growth is in my view better than fast growth. First create something firm and growth will be a natural consequence.