Sometimes the old business also needs to restart, if your business is not updated then it will not be insteresting atoll for your audiences.
The best time for a startup was in the 80s and 90s. The business which was built in that era is still strong and stable, especially those who keep updating and making changes according to the trends and current situations. Also that time the opportunity was huge and competition was very less and now we are living in the most experienced economy. People have more choices than ever before.
Research also shows that there is change in every industry after every two decades.
From 2005 till 2017 the IT Start-ups had really made a strong position but after covid 19 businesses were changed and the start-up had become more tough and difficult. Research shows that almost 80% of startups fail after covid 19 The reason behind
higher tax,
import restrictions,
higher shipping cost and obviously the inflation.
If you have a very good budget, if you have enough capital to survive a minimum of 2 years then there is no issue you can get the best Accountant, the best engineers and you can build the Best Team, but the questions come when your budget is very low or you have no investment at all and If you don't have an investment then it is going to take a long time because you have to do all the things that are required from labor to corporate. It means you have to work very hard and at the same time you should have enough backup to cover your personal and your family expenses.
Before getting started you should have at least the basic knowledge of all the divisions like Accounting & Finance, Engineering your Product, Sales, Branding, Marketing and specially the Legal Procedures following the current Business Laws.
Branding is now very important to be competitive. Creativity is something that the more you do the more you have there is no end to creativity.
If you want to get started in Trading rather than building your own product then you need to consider the Price. The price is so important nowadays because every economy in the world is struggling because of inflation and the internet is such an ecosystem that can filter the lowest prices you can’t skip or use other tricks to manipulate the prices.
You have to be ready for the Problems, you will face tremendous levels of problems and you have to be prepared to solve the problems and to solve the problems you need to be relaxed, humble, soft nature and be responsible for everything in your organization and remember that sometimes small issues matter a lot. The issue is that the startup is written on the paper and the audiences need proof.
In the starting you must focus on creating an audience rather than focusing money.
Your audience is the most valuable asset that could ever have.
These are the most essential steps you must take before getting started.
Market Research.
Research what your products or services and which position does it stand in the market.
Research the Future Potential of your Ideas.
Research your competitors' current rating and what their customers are complaining about. You need to find out.
Correct calculations don't even miss the decimals. A good plan and a solid strategy.
Use business applications software to keep records of everything and to get accurate reports quickly instead of using excel spreadsheets. I have a Sales management system. I provide it free for startups.
Build a System be prepared to handle mass numbers of inquiries or productions.
Be present. Create online and offline presence.
Digital Marketing is not enough for startups. Startups need extensive contact with potential customers to understand them, so get out of your chair and get to know them very well. Creating a relationship not only with your customer but also with your competitors maximus the number of relationships the more relationships you have the more you can achieve.
Try to be different and unique Think big start small
Marketing. Many startup organizations refused to invest in marketing. Because they think that it is a waste of money they have bad experience and the problem is most of them had invested without strategic planning.. Marketing is not easy. Investment in the right place and at the right time is a major issue in marketing. Please review my detailed presentation of Marketing.
Location matters a lot where to launch your product or services. Actually in this modern world you can do anything from anywhere but some small businesses are very dependent on the location. For example if your products are shoes then you need to merge with other shoe shops because customers want more choices before they buy but if your business is international than the Country matters. Some countries are really not good for startups. The main reason for this is the big giant companies are taking it all over. They can provide the best quality product at a cheap price by having a huge stock and mass data on the internet and those Giant Companies are making it too difficult for startups. The another reason is High Tax by Government so instead of choosing India choose Bangladesh or China, In most of European country the Tax is very High and in the Middle east the best Place for Startups is Dubai. Turkey & USA is a good place for startups.
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