Category Archives: business

What to keep in mind when choosing a business venture

Venturing into a business is something that should be thought diligently. You need to do thorough research to make sure you will not come up with a decision you will regret later. There are some things you need to keep in mind when venturing into a business. They are the following:

Consider Your Passion

Choose a business you love and passionate about. You’ll stand a chance of making a sale if you believe in what you are selling. If you love cooking, then you should venture into food business such as a restaurant, a food chain, or catering services. The choice is vast. You just need to know where your heart is.

Consider Your Lifestyle

Choose a business venture that fits your lifestyle. If you are someone who loves spending time at home, then you should choose a business you can operate right in the comfort of home. On the other hand, if you love to entertain a big crowd, then you should start a business that is in line with entertainment such as a bar and the likes.

Consider Your Target Market

Customers are the life and blood of your business. So, before you even start putting up a business, you need to consider your target market. Identify who your customers are.

Location Matters

The profitability of your business has something to do with its location. You have to make sure your business is located in an area where your target market can easily locate it. 

Budget/Capital

it pertains to the amount or value you put in the business. It includes both monetary and non-monetary form. To find out how much capital you need, you should take into consideration the operating cost, assets to purchase, lease payment, renovation cost, and the likes.

Marketing Plan

For your business to prosper, you need to have a solid marketing plan. The marketing tactic you use will define the success or failure of your business. Therefore, it is of utmost importance to choose the best marketing platform for your business.

An aspiring businessman should make sure he/she has the right qualities and one of them is self-discipline. If you are the type of person who loves to wing it, then you should not be a businessman because you are setting yourself to failure. You need to be someone who has attention to detail; someone who is disciplined enough to devote time in the business and strictly adhere to the business marketing plan.

Consider listening to the pros

For someone who is just about to start a business, there are a lot of things you know nothing about. It would be a big help if you are going to listen to the pros; those people who already excel in their business venture. If you are someone who feels like you know it all, then your business won’t be successful. Always remember that a business venture is a learning process. You need to have a constant pursuit of learning for your business to grow and prosper.

What you need to know when starting an online business

The internet has made the impossible possible. This is true in business. Today, many businesses operate online. It gives people the opportunity to operate their business right in the comfort of home. Although starting an online business may sound easy, still, there are a lot of things that need to be considered to make sure that your business won’t fail. These are the following:

 

  •         Know your target market – It is a must to know your target market and you can only do that by doing market research. Check out the online community and find out what your target market wants and needs. A significant part of market research is knowing how other businesses attract their target market, especially those who are in line with your business.

 

  •         Identify your product – Find a highly profitable product to sell; something that is in demand and without too many competitors. You might want to take advantage of Google keyword planner to check what most people talk about in social media. Apart from knowing what your target market wants, you also need to consider your business knowledge, experience, and interest. It is easy to operate a business you are most passionate about.

 

  •         Determine the profitability of business – Put your business to test to determine if it will work or not. A feasibility study is important even if you feel like you are only starting a small business. By conducting a feasibility study, you will be able to evaluate various factors that can greatly affect the profitability of your business. some of the things you need to include in your feasibility study include:

 

o   Financial situation

o   Purchasing power of your target market

o   Business competitors

o   Materials, services, equipment, and manpower needed to run the business

o   Start-up cost

o   Profitability and sustainability of the business

 

  •         Write a business plan – You should have a solid business plan. It is a must no matter how small your business is. If you apply for a business loan, the banks usually ask for a business plan.

 

  •         Register your business – Just because your business operates online does not necessarily mean that you can get by without registration. By registering your business, you are making it legal to operate.

 

  •         Check your finances – You can’t run a business without money no matter how small your business is. You need to have enough start-up capital and a contingency fund. Borrowing money from the bank is good for as long as the interest rate is favorable. It is best start small so that you won’t need to borrow money.

 

  •         Have a reliable delivery method – Since you are operating online, you would need a reliable and dependable delivery method. You can do meet-ups too, but as your business grows bigger, you would need to have a courier.

 

  •         Build your business website – As your business grows, you would need to have a highly credible website. It is the process of building your store on the internet. It looks more legit on the eyes of your target market.