Starting a Business Venture: First Things First

Starting a Business Venture: First Things First
  • Opening Intro -

    If you are new in business, you might feel overwhelmed by all the things that you have to take care of before you launch your venture.

    But if you put your heart and mind into it, you will surely succeed.

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Before you open your business to customers, there are some things you must keep in consideration to ensure that you set off on the right foot.

Choose the right venture

The business that you will choose for yourself should not only be the “in” thing; it should also resound within yourself. Ask these questions: what do I love doing that I can turn profitable, will it click on my target market, will it stay afloat despite stiff competition, etc. If you can answer these questions in the affirmative, then you can narrow down your options and land the best business venture that you can start.

Conduct a market study

Coming up with a business entails a lot of other preliminary tasks, such as conducting a market study which will determine if your target market will receive it positively.

If you do not perform a feasibility study in your area, your venture may be at risk of not succeeding because of several factors, such as not enough potential customers and stiff competition.

Have a concrete plan

Do not go into business blind. You must have a specific plan not only for the present but most importantly for the future. Draw a timeline of the critical things that you have to do to guarantee that your business stays relevant and profitable.

Do not delay tasks

Procrastination should be a no-no. Do what you can do today because being on time in doing business tasks is essential for success. Be on top of everything; be hands-on, and you will reap the benefits of taking care of your business. Devise a plan or timeline where you indicate when you should perform specific tasks for you not to forget anything important.

Think of effective sales pitches

When you finish all the pre-launch tasks, it is now time to take care of the launch. Think of effective sales pitches that will get your business in the forefront. Advertise your business in online platforms – LinkedIn, Facebook, Twitter and other social media. They are free and do not require technical skills.

Put up beautiful and colorful roll up banners in your place of business to attract the interest of passers-by that can also become your potential customers. Offer promos and discounts during the launch to lure customers to check out your products and services.

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Dedication to your venture is the first key to success. If you are half-hearted in doing things for the business, you can almost always expect to fail. Running a business takes up a lot of your time and energy, so you must be ready to receive an onslaught of failures, disappointments, delays and stress. Handle obstacles with positivity, and you will come out victorious; not only the business but yourself as a businessman as well.

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GUIDE: business forms & worksheets
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