My Suggestion Starting a new business with innovative ideas

Jermy

Member
Everyone’s desire is to start a new business. But everyone who is starting business is not succeeding. Very few of them are succeeding in their business. The reason varies from people to people. But most common reason is starting a business with lack of knowledge in it. The ultimate idea is to learn where it has gone wrong in the previous time. When you identify it and you think that you can overcome from that in the next one, you are ready for the next business or the retrying the same one. For those amateur people who wish to start a new business, we are giving them a few guidelines.

Firstly, choose a business which lies within your profession or that you studied for. Don’t just start a business something that you did not know. After that you have to analyze the do’s and don’ts regarding it. Analyzing in the sense you have to have a detailed knowledge about it. If possible try to work in some concern which already running the same business. There you will learn enough things about it.

Next you have to do statistical analyze for the past one year and the forthcoming years. How far it goes up as well as down in economically. Plan for the worst outcome and then opt for the ways to overcome it. Prepare a crisis management plan. For the initial few months you should not be totally depend on it. You should have enough resource to take care of your bills and living. Get ideas from the business analyst about your business. Get a proper guidance or assistance from a person in secure financial management.

Choose a right location for your business. The location has to be readily available to all people and also for you to purchase things needed for the business. Select a correct loan that you can afford. If you are investing your own money, then investment should be less. It should be gradually increases as the business develops. Do not invest huge initially and end up in loss. The plan is to save the capital as much as possible.

Register your company with the government. Follow the necessary instructions given by them. Make sure you are not violating any of their rules. Pay all the taxes that come under your business.

Keep a catchy name for the company. Names are the first thing that attracts the customers towards you. Advertising may be needed in the beginning as you are new to the industry and people do not know about you. Bring out the attractive deals to the clients so they can come to you.

Finally, whether you are doing it for the first time or retrying it, expect for the errors. Don’t get panic when you get errors or mistake suddenly. Learn from the mistake that you did. You never learn without a mistake. When owning a business, you are the one in deciding authority. Make wise decision and use your presence of mind. Above all enjoy doing your business.

 

networld

Well-Known Member
I think one of the important points to consider is to have a market study. Try to find out if there is enough market for your product / service? Is it flooded with competition? How you can stand out in the crowd? I have seen a few businesses died within months due to lack of enough demand or market for the product. Identifying a good market is an essential step for a successful business.

As a matter of fact you cannot find any field where there is no competition. But there is something called quality of service which cannot be replicated easily and always give an edge over competitors. Customers always prefer a brand that offers quality service.
 

MyDigitalpoint

Well-Known Member
I would add another reason why sometimes businesses are not successful, and this is because people are led by trends rather than following their hearts.

Yes, sentimentalism and business doesn't match, but here you go with a fact; you cannot succeed if you don't like what you are doing now.

Actually it's trendy to get coffee shops opening almost anywhere, and you may believe this is the business where big bucks await for you. You can devote time to develop a business plan, find the right location, and follow all the necessary steps to build a successful business, including putting into practice innovative ideas; let's say that you hire a clown as a waiter and create a circus-like setting that set your business apart of other coffee shops.

However if you dislike how coffee smell, you hate clowns or simply you cannot identify yourself with the idea behind your business, no matter how other business owners are withing the same niche because chances are you cannot at all.

On the other hand, you might be a mediocre architect, that want to establish your own business rather than keep working for a company that will never give you a career advancement. You may then try your luck setting up a lighting and home decoration business and yet keep being a mediocre entrepreneur.

Nonetheless, you can use the power of an innovative idea by moving away of your former profession to find a second career; let's suppose our mediocre architect decides to open a pizza restaurant and becomes the best cook in town thanks to the mix of "secret" ingredients put into hexagonal-shaped pizzas nobody else sells.

There are many ways to start a new business, and many approaches to go with it, but it's important to love what we are going to do in order to succeed, even if an activity or idea has nothing to do with our professional formation, but our former dreams.
 

cortana

Well-Known Member
Remember - you get what you pay for (in most cases).

Quality is usually better than quantity.

If no one likes your product, sell it cheap and GET OUT!
 

Zirkon Kalti

Content Writer
Motivation is important in order for a business to succeed. Without motivation, you will not have the willingness to try it again and again after failure. Motivation keeps you going even though you never know whether what you are doing will be ultimately rewarding and worth it.
 

cheezcarls

It's Game Time!
I honestly agree with this one. Starting a business isn't that easy as it gets. It takes you a lot of creativity and out-of-the-box thinking that can make this work for good. When my dad started a restaurant and coffee hub business, he learned all the lessons from his failed ventures before. He was being creative in terms of menus, serving customers, ambiance and so on. At first, we did have some setbacks on our family business. But as we continue to do the business, the customers started to like us and visiting us more often. Most of them are students, because it's near the school. Although we do have some competitors near the school, we are surprised that the students choose to hang out here and order the menus that we have. It is all about thinking outside of the box, and I know all of us can do this as well. Just use our imagination, test, test, test until it works in the long run.
 

masterbusiness

Content Writer
You have a very detailed guideline in starting a business and enthusiasts will surely appreciate your input especially on positioning a product or service. This is also helpful to those who want to re-evaluate their business.
 
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