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Before Starting a Business

Discussion in 'Starting Your Business' started by Alaine, Apr 11, 2016.

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  1. Alaine

    Alaine Member

    It's now easier than it ever was to start a business. On the internet whether you have the capital or not you can start a business. However there is lots of misleading information on the net which is probably the reason why many people who start businesses on the internet fail.

    Don't start a business and hope that customers will buy what you are selling. That doesn't work. Instead, do some research. Find out what people want to buy. Start you business then find these customers. Since they need what you are selling, they'll buy the products or services you offer.

    All the best!
  2. Corazon

    Corazon Member

    I agree with that - make a research to know that potential clients want and need. It is like finding the demand for the supply that you have in mind. And successfully matching the supply with the demand then you have a transaction. Market research is very tricky because there are times that the demand for a product is so high and suddenly it will ebb with no reason at all. So many startups have been successful in the first year but they suffered losses on the second year due to dwindling market.
    Alaine likes this.
  3. pwarbi

    pwarbi Member

    Starting a business IS easier than what it's ever been before, but starting a successful business is still as hard as ever.

    While I'm all in favour if people starting out and developing their business ideas into reality, I still think people need to be cautious as running and making a business successful is a lot harder than just starting one up.
  4. FenWoFon

    FenWoFon Member

    It is always going to be one of the hardest things in life, if you dont have the preparation, knowledge, capital and the adviser, then you will hardly get to make of your business a successful business, it is all about working hard to finally get what you want, always keeping in mind that it is not going to be easy and its a win/lose game where you're going to lose a lot on your first steps.
  5. ruener79

    ruener79 Member

    The act of starting a business is easy. But as the comments before said, what's hard is to translate the business goal to profit and making it a successful venture. Like any other endeavor, success is achievable with the right combination of hard work and luck. Definitely do the research work. But be careful not to be paralyzed by the things you learn from your research. Sometimes you uncover that there are too many things to hurdle, and that just might discourage you to press on. Thus, more than research - the right attitude is equally important when venturing into business. Business is not for the faint of heart. There will be difficulties and heartaches and depending on the attitude you possess and how you respond to challenges can make or break you in business.
  6. Valerie

    Valerie Member

    I'm gonna have to agree with that. Going gung-ho into starting a business is like walking into an Iron Maiden and closing the door on yourself. You need to be positive about what you are doing, keep a level head, and be prepared to struggle. Even if you do your research and makes plans to garner attention from the masses, sometimes you're just not selling what people want. Sometimes you have to bend your personal rules and pander to the trends.

    But that's what this entrepreneurial game is all about, right? Where's the fun without a little risk?
  7. pwarbi

    pwarbi Member

    You often find that a lot of entrepreneurs are risk takers but you don't have to be a risk taker to be an entrepreneur, if that makes sense?

    A risk is only worth taking if you've weighed up the pros and cons first, and you're sure you are willing to go ahead and you are going to make money out of a venture. Then again, if you've done all that, then it ceases to be a risk in the first place.
  8. scaleclack

    scaleclack Member

    Hi, starting a business is a bit risky but success is easy if you plan ahead. As far as I know, you have to adjust for 2 to 5 years to make it stable. You also have to be knowledgeable first about your product or services. In other words, you should be flexible and has a lot of patience in planning, organizing , staffing before implementing what you have.
  9. pwarbi

    pwarbi Member

    While I agree with you that planning is important, I also think that sometimes it's also important to just go with the flow aswell.

    Sometimes things won't go according to your plans, so it's important to be able to adapt and change.
  10. Jessica Danes

    Jessica Danes MVP Member

    There are times when you should just follow your dream. Maybe you've always wanted to open up a flower shop. Sure, there are already many flower shops or places you can easily grab a bouquet, but opening your own is your dream. You then have to take that dream and find a location and market to sell to. Probably somewhere in between a grocery store and another shop, but near a neighborhood so customers can easily stop by on their way home from work. You don't always have to know what the next best thing the people need is, but how to make your product what they need.
    djbaxter likes this.
  11. YourRetailCoach

    YourRetailCoach Member

    Before starting a business it is important to research to know the potential customers and what their demands and requires. Know that if you do not have the training, information, money and the adviser, then you won’t make your business a successful one.
  12. Pauline Greening

    Pauline Greening Member


    I agree with you. When I started my business, I had to wait for two months before I started seeing it finally earning enough to sustain itself. It is easy to start but the hard part is to keep it sustaining itself, to say the least.
    djbaxter likes this.
  13. djbaxter

    djbaxter Administrator Moderator Member

    It can take even longer. The rule of thumb for a brick-and-mortar business used to be 3 years to see sustainable profit. Fortunately, the time before that at least gives you tax deductions you can carry forward. And now with internet everywhere the time lag is often considerably shorter.
    Pauline Greening likes this.

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