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

[mvdheuvel1983]

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.

Different people have different things that can put food on their table everybody don't have to be doing the same thing to be able to put food in their table you don survive by having a skill or working as a public servant the most important thing is to have something that pays  your bills. If you place value on what you do you will have people coming to you to do business with you and if you are very determined to learn a skill that will attract people to you there is no way you can be suffering when in a dying economy. Every business has a strategy if you discover it and apply the right steps you will not only grow but you will also help people to grow.

[Fakhrulenclix]

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.

Different people have different things that can put food on their table everybody don't have to be doing the same thing to be able to put food in their table you don survive by having a skill or working as a public servant the most important thing is to have something that pays  your bills. If you place value on what you do you will have people coming to you to do business with you and if you are very determined to learn a skill that will attract people to you there is no way you can be suffering when in a dying economy. Every business has a strategy if you discover it and apply the right steps you will not only grow but you will also help people to grow.

There are indeed businesses like that, but I believe they can only be run by people who are excellent in every aspect, including their perspective in seeing and creating opportunities for business and growing their business. 

Aside from that, the point is we all need money, and there are many ways to earn money, not just from business. That is something we need to understand so that we don't fixate on one thing, and if we do want to run a business, we have to really delve into it and be consistent. That's not an easy thing to do, and I even believe that running a business is not or cannot be done by everyone.

[rangga28]

Of course, starting a business and expecting it to be successful quickly isn't easy. As we all know, running a business is like fighting a war. There are many risks involved. However, with good and consistent management, you will eventually emerge victorious.

It's important to note that even when global conditions are unfavorable, you must be able to think critically. This means that if you're still working for a company or elsewhere, it's best to stay there, even if the salary is very limited. Imagine what would happen if you decided to resign and start a business that didn't pan out, which would make life even more difficult. So, don't make hasty decisions if you don't have other skills.

[JoyceBTC]

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

First of all let me correct the statement you said about anyone who doesn’t have a business in this world today is an incomplete man/woman. I want to let you know that business is not for everyone and I guess that’s one of the reason your friend failed in his business.
There are some persons that work in an oil and gas industry that earn very high, depending on the capacity of the company. Their monthly salary is even another persons yearly salary. So no matter the amount one earns, we can never be satisfied. Even the richest man is still chasing for more money but apart from doing business, they are still other things someone can do like investments.

The business line is not for everyone because it requires some uncertainties and challenges that not every one can  thrive through and secondly before going into a business there are so many things involved before starting that business. The most important is to have a complete knowledge of that business you are about going into, even if you don’t know, you can always learn but be sure you acquire knowledge, also know your target audience or rather I will say people who will be interested in that product and find a suitable location that will help you reach your target audience easily. Lastly you must have a good management skill, this is very important.

[Bitcoin_people]

To fully build our lives, it is very important to have a business loan, if a business can be done completely, then it is possible to be financially independent. If we can save according to our expectations and capabilities and plan to start a business in the future, then we will be able to build our lives very well and prosperously. We can see that currently many people are creating companies and various institutions, including various shopping malls, hotels, etc. in other markets to be successful and to be financially independent. For that purpose, I think business is definitely important for every person, besides there are many people who think that they will invest in online platforms and they make a good long-term plan. Especially if someone makes a long-term plan with their saved money and buys Bitcoin and holds them, then they will be able to succeed from here in the country and will be financially independent. So I prefer doing business than a job and I have a plan to set up a good business in the future so that I can be successful in my life.

[sleepfirefly]

It's important to note that even when global conditions are unfavorable, you must be able to think critically. This means that if you're still working for a company or elsewhere, it's best to stay there, even if the salary is very limited. Imagine what would happen if you decided to resign and start a business that didn't pan out, which would make life even more difficult. So, don't make hasty decisions if you don't have other skills.

the best strategy here would be making sure you have enough savings that will sustain your lifestyle should the business become unsuccessful because we know that no matter how much we plan sometimes businesses just do not work the way we want to so we always need a back up plan if we do not want to end up homeless

[Uhwuchukwu53]

Reason while you need better feasibility study before venturing into any business learning the past of others while their business failed to strive and while business always collapses, before investor and business men even when the capital to run it is available but lack market population to contain the product available, including managerial experience knowing the technicality on your economic growth and inflation how it work is important. To start a business is one aspect of trying to make ends meet but the other end is the ability to withstand the market force's not everyone who engaged on business succeed, when people argue about business, it's about knowledge and principle that guide it even when the economy is not friendly one can't be kick out, there is best strategy in business opening rather than the required knowledge towards that business because any business which the investor lack the actual knowledge hardly survive.

[Jateng]

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.

Here question is about strategy not about business ideas.So  in my view, for running a business, adaptability is the best strategy. Today, many people fear the introduction of AI. But this is not new. In the past when machines were introduced, people reacted in the same way. Machines replaced traditional methods and made work easier and faster. Instead of fearing AI, we should learn how to use it. Ai adaptability is the key to business success. No matter what type of business you run the ability to adapt to changes in the world is very important. Rather than fearing change we should try to adopt it

[lizarder]

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

Evaluate market opportunities and ensure your business meets daily needs to survive in an unstable economy. Your friend's water factory may have competitors, so without proper management, it will be difficult for them to compete and achieve success in that business. I also have a friend who opened a service business, specifically a car wash, but because he didn't conduct proper research, his business stalled and failed to compete with similar businesses because others in his area had already made progress and established customers.

Besides poor management, the workers he hired may have been unprofessional and there were also initial problems, such as not conducting a proper site survey. Running a business is not as easy as imagined because there is quite tight competition nowadays so it requires more carefulness and focused management, so that recognizing business prospects also has several special methods.

[Eternad]

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.

Here question is about strategy not about business ideas.So  in my view, for running a business, adaptability is the best strategy. Today, many people fear the introduction of AI. But this is not new. In the past when machines were introduced, people reacted in the same way. Machines replaced traditional methods and made work easier and faster. Instead of fearing AI, we should learn how to use it. Ai adaptability is the key to business success. No matter what type of business you run the ability to adapt to changes in the world is very important. Rather than fearing change we should try to adopt it

Machine indeed help to increase productivity but it’s known fact that many workers lost their jobs due to machine replacement since only machine operators and some labors are now required to do the same job with greater output.

This is the same with AI, it replaced many workers lost their but in exchange it creates more job on different sectors since it already boost the productivity on that particular sector to open up more job potential on other industries.

[YOSHIE]

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

The current economic situation is indeed hurting globally, whatever business we are trying and developing at the moment, the average person I see is complaining.
But there are several businesses in my view that seem worthy of development, such as the oil and gold business, although it could be said that the capital is too large, the development process for success is very fast.

Or the online courier/expedition business, currently online goods delivery services can be said to still be among the best businesses, without capital, just relying on honesty and only taking a percentage from the owner of the goods, I see the goods delivery service business being the choice of many people today.

[katanic97]

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.

But look at how it is in my country. Starting a business and opening a company is very easy , within 2-3 days you can have your own company without any problems. The real issue starts when you try to grow the business.If you’re not part of the ruling party, or more precisely, if you’re not aligned with it, it’s very hard to achieve anything with your business. So, if you’re politically active and have contacts who can "get you into" deals, you’ll be successful no matter how bad the global situation is

[IronRubleS]

I believe that the best thing many people can do is to leave their jobs and build something one step at a time. And at least you have a regular income, and in case you do something wrong, your entire life is not in jeopardy. It comes to a point when you know it is time to jump in but it must be computed, it should not be emotional. Consistency and mental strength is greater than ideas to win in business. The most prudent step would be to proceed and not hurry and make a decision, basing it on your competence, savings, and strategy.

[Cheema02]

Evaluate market opportunities and ensure your business meets daily needs to survive in an unstable economy. Your friend's water factory may have competitors, so without proper management, it will be difficult for them to compete and achieve success in that business. I also have a friend who opened a service business, specifically a car wash, but because he didn't conduct proper research, his business stalled and failed to compete with similar businesses because others in his area had already made progress and established customers.

Besides poor management, the workers he hired may have been unprofessional and there were also initial problems, such as not conducting a proper site survey. Running a business is not as easy as imagined because there is quite tight competition nowadays so it requires more carefulness and focused management, so that recognizing business prospects also has several special methods.

Your instance highlights the importance of marketing research for a business survival and its true that its work more even for unstable economy. Before start a business its important to learn daily market needs and competition. Let suppose your friend runs a water factory may he struggle in business due to better management and powerful marketing position of his compitator. On the other hand your other friend gone in loss in car wash bussines because due to lack of information he didn't chose the best location while his compitators built loyal clusters. So these examples clearly shows that run a business successfully is not easy task due to high competition. For success proper planning, professional management and best marketing anylsis is the key. And also to grow a business in a competitive environment select the best opportunity for business is an important step.

[passwordnow]

Always test the waters, don't go all in when you're trying to open a business whether the economy is dying or not. Because I've seen businessmen that have been fully all in their funds into the business when they have just started out. Nothing wrong with that but you have to fully commit yourself from it when done. And it's good to note that there are businesses that are not in the trend and that's why if you have to test it out, you'll see if there's a business and market where you're doing it. So, learn it from the ones who have been in the business industry for so long and take some shortcuts when it's possible.

[lizarder]

Your instance highlights the importance of marketing research for a business survival and its true that its work more even for unstable economy. Before start a business its important to learn daily market needs and competition. Let suppose your friend runs a water factory may he struggle in business due to better management and powerful marketing position of his compitator. On the other hand your other friend gone in loss in car wash bussines because due to lack of information he didn't chose the best location while his compitators built loyal clusters. So these examples clearly shows that run a business successfully is not easy task due to high competition. For success proper planning, professional management and best marketing anylsis is the key. And also to grow a business in a competitive environment select the best opportunity for business is an important step.

If we don't know the needs of consumers in the area, it will be difficult to develop the business because currently many competitors may already have regular customers. That's why we need a site survey before building a business so that we know how the environment can help increase sales of the business we are developing. Management and marketing are techniques that we will carry out after we build the business, but before entering that stage we need to observe market needs. Building a business is not as easy as it is said and perhaps not everyone can achieve success if they don't have business skills because many people actually fail.

How to see opportunities for the business that we are developing so that we need to test certain places, targets and strategies to attract customers to come to our business. I own a clothing store and now there are so many competitors because they can offer much cheaper prices than us. But utilizing several promotional methods can increase sales results much better, such as holding discounts or giving certain prizes to customers who have achieved purchases above our expected targets and I have been practicing this for the last two to three years.

[Jobbe]

I think the problem started with the advice "you" the original poster, gave to your friend. (his execution was secondary).
you actually told him to "invest his discretionary income, rather than wasting it". then after a while, he opens a water factory. so the contradiction is kinda clear.

we know discretionary income is the extra cash (money) left after purchasing our needs and essentials. and definitely, left over cash ain't gonna be much. (maybe a few thousand or even a few hundreds of dollars per month). and definitely a water factory is going to need more than just a few hundreds or thousands of dollars.
for a water factory, you will need tens of thousands up front. for purchasing of equipments, distribution, bottling of your water, working capital and even space for your factory. (in most cases, you might even need a vehicle). so that doesn't look to me like a "discretionary income investment". it's more like a major capital investment that could even require you to get a loan or seek for investors. or he might even fund it with his savings. but if his water factory was funded with his discretionary income, then he was just exhausting his safety net daily, into a very unfamiliar business. and that's like the exact opposite of what you should do.
Discretionary income investments are different... examples are.

** you can learn a skill. that can assist you to earn more in future.

**you can buy stocks or Bitcoin gradually through DCA

""Also, a small scale trading is a perfect example of a discretionary investment.

(but on the other hand..)

** opening of a water factory - like that friend of yours

**hiring employees

** competing with already established companies.

these are not what discretionary investments look like.

your friend also made mistakes of his own. he didn't take his time to study. poor he also had a poor knowledge about the industry. then you made him make the worst decision by suggesting he "invest discretionary income". (without proper clarification).
building major industries and companies needs proper planning. and that 'your friend' didn't do. he didn't plan.
he tried building a major capital business on a discretionary - investment income  that's why it's failing.

[Hanadawa]

It's important to note that even when global conditions are unfavorable, you must be able to think critically. This means that if you're still working for a company or elsewhere, it's best to stay there, even if the salary is very limited. Imagine what would happen if you decided to resign and start a business that didn't pan out, which would make life even more difficult. So, don't make hasty decisions if you don't have other skills.

the best strategy here would be making sure you have enough savings that will sustain your lifestyle should the business become unsuccessful because we know that no matter how much we plan sometimes businesses just do not work the way we want to so we always need a back up plan if we do not want to end up homeless

One of the best pieces of advice in the current economic climate is to not waste your work because there are thousands of people out there hoping to replace you. I agree that business is the best way to achieve financial freedom, and you will have the potential for continued growth in income. However, if you're already working for a company as an employee, don't even consider resigning until you're sure your business has solid fundamentals. Some people choose to resign simply because their business has generated a small profit, believing it will grow. If you're an employee who wants to start a business, you must be prepared to sacrifice your time to become an employee and start your own business. You'll be more tired and have less time for fun. But this is the price you have to pay, as you wouldn't have resigned if your business didn't truly require your extra time.

[alastantiger]

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

A good business is still a good business, the only changing factors are the people running and of course where it is located, i think these two are the biggest factors against businesses. Now your friend had the opportunity to survey the nature of the business before starting to, doing this survey wis what helps what people then pick the right strategy for the business. But still though you can survey the business properly and still end up hiring the wrong set of people and the business will fail, so yeah.

I think in a dying economy, you would want to invest in what has a market for a it so you dont have to struggle for customers when you start up, i think that one way to always ensure returns on whatever you start up. Like actually look at what the economic wants and are willing to pay for, then look for people who can actually manage said business and then watch your progress

[Alpen]

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

Running your own business is a massive responsibility. It’s often much easier to just collect a paycheck and leave the stress at the office. When you start a company, you end up working around the clock, and as you get older, you realize that nothing is more valuable than your free time.

Your friend’s mistake was diving into a completely unfamiliar industry without preparation. I took a different path: I started trading as a hobby while keeping my day job. Once I became profitable, I scaled by adding services and eventually partnered with Cryptomus. They helped me launch a White Label solution where they handle all the technical routine while I keep the brand. I’ve even delegated the management of that project. Now, I have multiple income streams and, most importantly, my time back. For me, that freedom is worth more than chasing infinite wealth.