Are you planning to start your own business? In doubt what the step ahead may entail? Okay, here we come with some important factors to bear in mind when launching a business. Read out this article thoroughly to know details about it.
Happy reading!
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STEP OUT OF YOUR COMFORT ZONE
It is really hard to attain anything if you are always afraid of stepping outside. Step out of the comfort zone and start trying to do different thing. Endeavour to be adaptable with new different situation or thing–be it work or culture or lifestyle. Whenever you find comfort in a work, try something new again. Repeating this over and over will strengthen your critical thinking ability and accordingly ensure your personal and professional growth.
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SKETCH OUT A FINANCIAL PLAN
Sketch out your financial expenses to start and run the business primarily. How much you want to profit in initial stage or even if you just want to run the business without making any profit you need to be clear about it. So that you don’t get frustrated when there is no profit initially. A proper financial plan can help you to grow your business in a smooth way.
Above all, you need to be able to maintain a healthy-balance between your financial status & business cost according to your own needs. Need to limit your overspending sometimes. Initially, you don’t need to set-up a big office. You may rent a small office till your business runs smoothly. There are a number of start-up suits in Dhaka which are full-furnished and you don’t need to be worried about office maintenance; you can fully concentrate on your new business. This small office for rent also offers you also to use its business address.
Make sure you store some of your backup cash flow just in case.
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RESEARCH THE MARKET
Before you go for starting a business, research the market enough. Do some analysis. Start by researching areas that are well-known to you. Identify a problem that your surrounding people are facing firmly. Sketch out an effective solution. Make a comparison among your one and those solutions they’re using today. Utilize all these to make a basic plan that defines your company strategy.
Remember you will just research the market to help you decide what to do r what not to do. It doesn’t mean that you will follow other. Things work for other people doesn’t mean, those will work for you 100%. Solve the problems in your own way. Set your own trend & aim to leave a mark in the market.
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PLAY DIFFERENT ROLE
Allow yourself to think with different perspectives. Ask question to yourself playing different role which will help you to understand other people’s mindset. Try to understand-
- What could a marketing person do with your business?
- Which things are your customers interested in?
- Is plan A good enough than plan B or C?
- Would your customers be happy enough with the solutions you provide?
Talk to customers directly to better articulate their problems. Offer them multiple solutions and find out which ones resonate.
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Surround yourself with advisors and mentors
Launching and running a business is really hard, and more than half fails within 5 years.
No one possesses all the skills and knowledge, experience, or even perspective to handle every business situation. Being acquainted with many people helps you in broadening your network and thus you may be benefited from others’ skills and experiences. Networking is beneficiary for any individual/company as it brings a multitude of prospective opportunities.