whether your business products and services can be successful, you need to
conduct market research to find out the market trends, demand and supply, and
the competitive landscape. It is important to differentiate your business from
competitors in order to increase the attractiveness of your business. Based on market
research, your business can also understand customers’ needs and preferences
for further identified target customer segments.
Goals & Plan
starting the business, a well-structured business plan should be established
and aligned with business objectives and visions. The business plan can be
provided as a decision guideline for daily operations to achieve business
goals. A realistic plan may be created by identifying the strengths and
weaknesses of your business. The business can take strengths as its competitive
advantage opportunities and weaknesses as its improvement direction.
Financial Resources & Location
To set up a
new business, raising funds as an initial investment is an essential concern. Before
starting the business, you need to consider budgets and sources of financing
such as personal savings, loans, grants or investors. For physical stores and
company offices, it may also involve the cost of rent or mortgage, utilities,
and other daily operating expenses. Besides, business location selection is another critical
element. If it is a service-oriented retail business, a high-traffic area may
be a good and convenient location to approach more customers.
& License Requirements
up a new business, you need to be careful to fulfil all the legal obligations.
Specific types of business such as sole proprietorship, partnership, and limited
companies have different legal and regulatory requirements. It is important
that the business does not violate the legal and regulatory requirements. To
avoid legal consequences, you may consult with legal professionals to ensure that
the business complies with necessary licenses, registration and insurance.
Marketing & Sales
more customers, marketing can be a useful way to increase exposure and customer
awareness. The business can create promotions through various marketing
channels such as digital advertising, social media and content marketing. If
people are more willing to buy, it can generate higher revenue with
profitability. Sales volume can be one of the key metrics to measure business
network of industry professionals, mentors, and advisors is conducive to business
development. Network connections can be built by attending more relevant
industry events and joining professional organizations. Those networks can share
some valuable insights and guidance support when your business requires
practical and specialized knowledge.
#7 Risk Assessment
new business involves a level of risk and uncertainty. High risk may have a high
return. When starting a new business, you can identify potential risks and take
action to prevent them. To ensure business continuity, the business can have
advanced preparation and develop contingency strategies for facing those challenges.
You should determine whether the business can bear a certain level of risk and
make immediate decisions at the right moment.