So you have an idea and you have money. How do you start a business? Where do you begin your business?
Business starts with an idea
Any kind of business begins with an idea.
You want to open a book shop. Opening a book shop is your business idea.
You want to start a restaurant. Starting a restaurant is your business idea.
If you are thinking to start a business, you need to have in mind the kind of business you want to start.
Money makes money
You want to start a business, finance a business, or make an investment in a business. What is the ultimate goal of your business, finance, or investment?
“To make money!”
How much money can you make from your business, finance, or investment?
If you have put $100 on your business, you cannot expect to make $100000 (there can be exceptions though, a $100 project may be able to make 100K over the period of 100 years). Thus, how much money you can make from your business depends on your investment.
Your business starts with money. How much money do you need for your business depends on the type of business, sales volume that you have in mind, and the money you are thinking to earn. Always make a wise decision about your business capital; insufficient capital may prompt you to shut down your business and high capital may increase your debt.
Set a realistic goal
You have the business idea, you have money for the business, now what’s next.
Your next step is to set goal. Your business goal should be realistic. As stated earlier, $100 cannot make $100000, a realistic goal will somewhat look like making $100 profits from $100 investment over the period of 30 days.
Sometimes even a realistic goal is not achievable. In that case, divide your big goal into sub-goals and achieve them one by one. For instance, your business is a dairy industry and your goal is to sell 10000 liters milk in a month. Think about how much milk do you need to sell every day to achieve 10000 liters target?
A big goal of selling 10000 liters milk may be unrealistic, however, if you dismantle your goal into smaller goals, for instance selling 330 liters milk every day, your goal will be more realistic.
Lets say, your goal is realistic, now how do you know whether your goal will succeed or not. Now, here lies the importance of research.
Your business is a restaurant and your daily sales goal is $100. You have invested $5000 dollars in the restaurant and a $100 sale is very realistic. However, the basic question is will you be able to drive $100 sales every day?
You will have to do a research. Your research must answers following questions:
Which food item, in what quantity do you need to sell in order to make $100?
Which food item is in much demand so that you are able to make $100 quickly?
How many customers do you need to make $100 every day?
To sum up
A business starts with an idea.
You need money for your business.
You need to set of realistic goal.
You need to carry thorough research.
A business startup can be very daunting for a first time business man/woman. You need knowledge, optimism, hope, ability to learn, and strong determination to start a business. Probably, you need more than this. You must be always willing to learn from your seniors and peers.
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