What should be taken into account before starting a business?
Posted: Mon Jan 06, 2025 6:23 am
Entrepreneurship is an activity that requires certain personality traits, but also an understanding of how a business works. Before starting, consider the following.
The bulk of the market
This means that you must know how much opportunity you have to sell your services or products and validate that your business idea is profitable, that is, that there is a specific audience to buy your product or service and sufficient demand for your business to obtain a good financial return.
You will require a financing plan
Most new businesses tend to fail within two years due to lack of financing or poor management of financial resources.
You should know that, whether you have the capital or resort to a loan for entrepreneurs , it is important that you visualize a financial plan that gives you solvency to start operations with your phone library business and dedicate the necessary time before generating a wide profit margin.
The most important thing is not sales
We know it sounds strange, but the reality is that the success of a business does not depend only on the number of sales, but on deeply understanding your customers and what they need.
If you focus on meeting your customers' demands, whether with service, prices or your products, your business will have an important differentiator that will add value and make you stand out from the competition.
It won't be easy
Entrepreneurship is not as easy as it seems, however, it is one of the most satisfying activities you can have if you stay focused and have patience. Making a business work requires learning every day and applying it. Understand your customers and they will help you understand how to improve your business.
Don't focus on getting everything right the first time, think about the value you can add to everything you do and center your business model on that.
The bulk of the market
This means that you must know how much opportunity you have to sell your services or products and validate that your business idea is profitable, that is, that there is a specific audience to buy your product or service and sufficient demand for your business to obtain a good financial return.
You will require a financing plan
Most new businesses tend to fail within two years due to lack of financing or poor management of financial resources.
You should know that, whether you have the capital or resort to a loan for entrepreneurs , it is important that you visualize a financial plan that gives you solvency to start operations with your phone library business and dedicate the necessary time before generating a wide profit margin.
The most important thing is not sales
We know it sounds strange, but the reality is that the success of a business does not depend only on the number of sales, but on deeply understanding your customers and what they need.
If you focus on meeting your customers' demands, whether with service, prices or your products, your business will have an important differentiator that will add value and make you stand out from the competition.
It won't be easy
Entrepreneurship is not as easy as it seems, however, it is one of the most satisfying activities you can have if you stay focused and have patience. Making a business work requires learning every day and applying it. Understand your customers and they will help you understand how to improve your business.
Don't focus on getting everything right the first time, think about the value you can add to everything you do and center your business model on that.