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

[DYOR+BTC]

All potential entrepreneur have there unique technique they adapt when it has to do with business establishment that works for them compared to that of others. Apart from that isolated technique, there are some general criteria required before establishing a business which involves identification of the desired location, mastering there preferred choice among all commodities, financial capability before talking of there general success of income. In other to experience high turn over in business, the above factors must be considered, for example one can not establish an alcoholic drink shop in an Islamic zone knowing fully well they don't consume them and once this is done is same as making a wasted investment. Therefore before business establishment, good business strategy that involves the full factors mentioned above must be considered to avoid lost.

[perfect999]

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

Similar where I am from as well, in theory you pay a fee and start a business, you have a contract that says you have a business and it is not a big problem at all. However, even if you are sided with the political party of that term, it's still not guaranteed you will profit because even some people from there ended up going down, less likely of course but possible unless you are like very close to the top.

It's shame because economy isn't doing good and because of that we are not seeing anyone growing that much anymore. There are few who became rich after a while, but most of the time people who got rich before and at the top are the rich now, so there aren't that many new rich people and only the old money that stayed rich.

[boyptc]

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.

That's true. They think that working for your own company or business makes things easier and you'll just collect money.

No, that's not true. You're even the one that is going to be the most workaholic in there because you care much more for your own business' growth.

So, you exert a lot of effort, money and time for it because if you're not going to do anything with it. You don't care to the growth of it.

[katanic97]

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

Similar where I am from as well, in theory you pay a fee and start a business, you have a contract that says you have a business and it is not a big problem at all. However, even if you are sided with the political party of that term, it's still not guaranteed you will profit because even some people from there ended up going down, less likely of course but possible unless you are like very close to the top.

It's shame because economy isn't doing good and because of that we are not seeing anyone growing that much anymore. There are few who became rich after a while, but most of the time people who got rich before and at the top are the rich now, so there aren't that many new rich people and only the old money that stayed rich.

That’s exactly what i’m talking about. My older generations  for example my grandfather and great grandfather , in their time could, with their monthly income, take their families on summer and winter vacations without having to plan or save in advance. Also, back then, if you were hardworking, did your job properly, and had a business, the state would provide everything you needed to get through the initial phase.Today it’s a different story, and you have to struggle a lot just to stay around break even, unfortunately. I admire countries that are organized in a way where hard work is valued and where the state stands by its citizens, without caring about their political affiliation

[junder]

That's true. They think that working for your own company or business makes things easier and you'll just collect money.

No, that's not true. You're even the one that is going to be the most workaholic in there because you care much more for your own business' growth.

So, you exert a lot of effort, money and time for it because if you're not going to do anything with it. You don't care to the growth of it.

Someone who has a business will certainly do their best for it, right? This includes sacrificing money, for example, to expand the business, which is clearly a given over time.
The goal of business is to generate profit, while another goal is to make life more comfortable through the profits earned.

Furthermore, a well-developed business can be considered successful, and success is a dream for many.

[serjent05]

Someone who has a business will certainly do their best for it, right? This includes sacrificing money, for example, to expand the business, which is clearly a given over time.
The goal of business is to generate profit, while another goal is to make life more comfortable through the profits earned.

Furthermore, a well-developed business can be considered successful, and success is a dream for many.

That should be the business owner do but the thing is, not everyone are cut to establish a business.  I have business stalls that often changes its tenant, this simply means not all are doing their best.

In establishing a business finding a strategic location is very portant but many business owner are missing this. It is the financial freedom that motivates people to open a business but one must work and study hard to make their business succeed, sadly most business owner only focus on workhard and failed to study hard on the factors that can greatly help the rise of their business.

[Faisal2202]

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

You are right, he must have made some mistake somewhere, like employing the wrong people, giving wrong instructions, not following the demand, and not being punctual, etc.

But it is not that hard to find customers. One can start small, I don't know at what scale your friend started, but he could have started small, like with a small investment. Then, with progress in the business, he could have expanded it, but the business failed. But still, there is no need to be disheartened; some businesses are not meant for everyone.

I would do all the research and start it. I would hire people as dedicated as me at first so I could see better results.

[Pi-network314159]

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

You are wright about your explanation, that lack of management, wrong location and employing wrong people is the cause of his problem or fall in business. But it may not only be that alone. It could be that he failed to do some research about the type of job he is about embarking that lead to his Fall. Another thing is to check if your product or goods is needed much in that area before you can make them available.

[Cookdata]

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.

I refused to digest this idea. Been consistent in a business doesn't mean you can be successful in your business. You can be consistent, do all you know is possible to put your business up their only to encounter low sales, it's your incompetency that makes the business to experience low sale but maybe due to inflation or new government policy, it will have impact in your business and directly or indirectly you are going to be affected in your business.

As much as I'm ambitious in life, starting a business isn't among of my plans. I will rather make investment elsewhere and have it track, that isn't easy either but I can have my time working on other things that need my time instead of running business I might fail and have to restart. If everyone could run a successful business, I'm sure half of the world will be doing it already, some people that we see running business might not in profits, so don't get your head twisted over things you read or see online.

[Muba20]

It is very hard to live a good life solely depending on a job. That is why if a person does any excess work for income, it can help him a lot financially. And if a business is supported for this, then it is certainly commendable. However, before starting a business, it is necessary to know about that business well. Many people want to do business but they have no idea about it and later they face losses.

Things that should be known about when building a business.

How much demand will the service you are interested in doing business with be in the market. Whether there is really a demand for that product in the market and if so, how many service recipients can be found there, you should have an idea. Moreover, what kind of benefits are other businessmen offering for the service you are providing. Is there a difference in the quality of your product and the quality of others, that is, what benefits will they get if they receive the service from you?

If you know how much it will cost to produce or supply your product and how much it will cost to sell it at a reasonable price, you will be able to survive in the market and those who will buy the product will also be able to benefit. Again, when it comes to investing, you should also have a clear idea about how much your investment should be.  You should have a good idea about cash flow, emergency funds and monthly expenses, income and expenditure, etc. in the business.

[Alpen]

That's true. They think that working for your own company or business makes things easier and you'll just collect money.

No, that's not true. You're even the one that is going to be the most workaholic in there because you care much more for your own business' growth.

So, you exert a lot of effort, money and time for it because if you're not going to do anything with it. You don't care to the growth of it.

I’d also like to add that owning a business doesn’t always guarantee a sufficient financial return. You might end up spending your whole life tilting at windmills — fighting battles that lead nowhere. In many cases, you could earn a much higher salary at a major corporation and, more importantly, dedicate your precious free time to your family.

[Asuspawer09]

It surely wasn't easy for anyone to just open a business, we all see business as one of the final goal, since working a nine to five job is something that we want to escape, we dont want the rat race we want to have our own, and we can really see it, there was no way you could multiply your funds or increase your net worth fast, you can only do that on a business if you are successful on it ofcourse.

One of the thing that I mostly see as a mistakes on starting a business is starting a business that they don't really have knowledge with, just because it was a trend it doesn't mean you are going to earn on it, if you have knowledge on something, try to start a business about that, if you are an IT start a business that is related to that, if you are a photographer start a business about that, I see most business fail on pandemics when a lot of business started to open coffee shops and thinking that it was an easy business since there was a trend on coffee shop businesses. After a years or more a lot of them went bankrupt because they dont really understand how the coffee business works.

[gunhell16]

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

Copy and paste" is a widespread practice among conventional enterprises in our nation. People who just copy a firm, however, are unaware of the true factor that makes it successful.
Because of this, the copied business ultimately fails.

Starting a company that we genuinely understand and are accustomed to running is preferable, especially when it comes to the goods we sell. A strong marketing plan is also necessary.
Even in those cases, there is always some element of risk.

[MarjorieZimmermanGinger]

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

These could be the fundamental reasons why a business isn't growing well. Lack of management hiring the wrong people and not conducting a site survey first are all somewhat flawed decisions. Businesses also require skills to run as capital isn't the only requirement there are many other factors to consider beforehand. People think that with capital, they can build the business they want, but sometimes they don't realize that without good skills, a business won't achieve the success it desires. That's why building a successful business isn't as easy as it sounds because there are many other factors that need to be considered before running a business.

[WillyAp]

Since the beginning of times the economy was never dead.
But should you think a crisis is the end of the world well better don't start a business,

[Ever-young]

Since the beginning of times the economy was never dead.
But should you think a crisis is the end of the world well better don't start a business,

If in a dying economy, there’ll still be something people needs and if you’re able to discover this and adequately provide and satisfy the public with that need, then you’ve got yourself a business and a thriving one at that. A good business thrives on demand and supply principle, even if everyone is doing that same business, all you gotta do is look for another place where the demand for that service is higher, take your business there and you’re good to go, you got yourself a thriving business. This is a principle most people who jump into business don’t understand, sometimes they go into business because everyone is into that business, now your business would depend more on your personal skills and knowledge to determine how much your business would thrive but you see the demand and supply formula? Works all the time.

[Miles2006]

Firstly we must consider the capital then calculate the profit earn per week or month before starting, with the right orderly manner starting a business will be possible. In a dying economy business is not only an alternative as seen investment can be a source of wealth while starting a business is considered more common and quick to earn profit reason why it’s advisable to have multi jobs to either take care of different needs without stressing too much also the issue of skill acquisition has been discussed severally, learning a skill can as well help for example technology skill which is consider helpful presently everyone needs a computer related service.

[BlackBaron]

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

These could be the fundamental reasons why a business isn't growing well. Lack of management hiring the wrong people and not conducting a site survey first are all somewhat flawed decisions. Businesses also require skills to run as capital isn't the only requirement there are many other factors to consider beforehand. People think that with capital, they can build the business they want, but sometimes they don't realize that without good skills, a business won't achieve the success it desires. That's why building a successful business isn't as easy as it sounds because there are many other factors that need to be considered before running a business.

From the very beginning, I suspected it would be a failed business, and it was true, after reading to the end, your friend spent a lot of money and failed.

He made a mistake from the very beginning, starting without any knowledge. If he didn't know the business, he should have learned before actually entering it. While this doesn't guarantee success, it does increase the chances of success if he first learns about the business he's about to run. Even appointing the wrong person, I believe, can be minimized if we understand the business we're about to run.

[Nanga Parbat]

Someone who has a business will certainly do their best for it, right? This includes sacrificing money, for example, to expand the business, which is clearly a given over time.
The goal of business is to generate profit, while another goal is to make life more comfortable through the profits earned.

Furthermore, a well-developed business can be considered successful, and success is a dream for many.

Sacrificing money in business means loss so to start a business you must first start with a small business and start a business that is very important in life that is it has more importance in life such as the business of medicines.It is available in every season and at all times.Even if the small business does not work there will be no much loss.Business requires maximum time effort and skill.You should solve your business problems so that you have more understanding and can promote your business and try to solve the problems of others as well.This will benefit your business in a way and keep your relationship with good people so that they can advise you in business.

[Alpen]

Copy and paste" is a widespread practice among conventional enterprises in our nation. People who just copy a firm, however, are unaware of the true factor that makes it successful.
Because of this, the copied business ultimately fails.

Starting a company that we genuinely understand and are accustomed to running is preferable, especially when it comes to the goods we sell. A strong marketing plan is also necessary.
Even in those cases, there is always some element of risk.

It really depends on what kind of business you’re copying. Some models actually thrive on being replicated. Take my case: I work with the Cryptomus exchange. While they are a large exchange, they maintain a P2P platform where I buy and sell crypto, earning from the spreads. In a way, I’m replicating their business model on a smaller scale, and many others do the same on that very platform.

This is a win-win: the exchange gains liquidity and multiplies its on-ramp and off-ramp options. Plus, this business isn't tied to any specific country. It’s highly scalable—you can collaborate with multiple exchanges and payment systems, as most of them are now actively integrating P2P solutions into their structure