Investopedia defines business as an organization or enterprising entity engaged in commercial, industrial, or professional activities. However, it is not easy to understand what it really is. Before even thinking about starting a business, you have to remember 90% of businesses fail and there is a good reason for it. In order to succeed, you should consider 7 crucial things.
In today’s world, everybody is selling something-some successfully, some not. If you want to enter any market, you will need to differentiate yourself from others. It means that your idea should be unique or your product must have at least one unique feature. It is a must to make sure that people are willing to buy your idea.
Doing marketing research is a must not just for startups but for decade-long organizations as well. Understanding your customer’s problems, needs, and wishes is the only way to help them with your solution. Therefore, that correctly defined solution is the key to success.
A business plan is thought to be a one time job, but in reality business plan is a way to formulate your ideas and shape them into strategies. It is normal to change the company’s direction, mission, and vision. Moreover, renewing your business plan will help you understand how far you have come and where you can go.
Funding your Idea
After writing a business plan, you have an approximate understanding of what you need. Finding the necessary amount of funds is not an easy process but fortunately, our dear internet comes up with new ideas regularly. For instance, crowdfunding is an accessible way to pitch your idea and get people excited about what to come.
The physical or virtual location is important as it represents your company. Know your customers and be close to their needs and preferences. Remember it is all about the right communication. So, a good location makes it easy.
When you know who you are as a company, you need to define what kind of legal entity you want to be. Before going to the public service hall, consider some questions: do you want to be working alone or with a partner? What are the procedures to go through? If your business fails, can you liquidate the company fast?
First of all, you have to choose two business names: a legal entity name and a DBA or “doing business as” also known as a brand name. DBA is something that your customers have to remember. It needs to be short and catchy, and it should associate with positive feelings. Most businesses worldwide do not have matching Legal names and DBAs. In order to avoid confusion with suppliers and governmental bodies, your legal name has to be unique.
As we mentioned above, 90% of businesses fail due to inappropriate concept creation. Luckily for you, Geoholding is equipped with experts in all areas of creation and development. Remember we are here for your success.