Is it easy to start a business? What are the common challenges if you are a first-time business owner? Well, the answer to these questions is dependent on many factors. It’s easy to start a business if you have all the resources you need. There are challenges for first-time business owners, especially in terms of running the company. Starting a business is not like putting your money in a bank account so you can wait for it to earn a little interest. Operating a business is more than just investing your capital in it. There are things you need so you can start successfully and this is what I am going to talk about today.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020
The first thing you need to kickstart a business is great products or services that sell. This means that your business needs to offer something in-demand or unique in the market. If it’s food, you need to ensure that you can withstand the competition in the food industry given the versatility of the market. If it’s apparel, you to keep in mind that your products need to be distinguishable from other designs. The information goes on and on. Remember to choose products or services that will easily click despite the stiff competition.
Your brand needs a good location in order to sell. You must choose a place where there is high foot traffic. You also need to consider who your customers are. For instance, if you are going to market your products and services to students, your location should be near universities and schools. If you are targeting young professionals and employees, your place should be somewhere with company offices. A good location is one key to success if you are not going to start to sell online
Initial capital is already a given requirement. What I want you to prepare is extra money for unforeseen expenses. You can’t just start a business with exact cash on hand. There are unexpected events and miscellaneous expenses that will stress you out at any time. You must be prepared to face these challenges if you want your business to survive. On top of the initial capital you are planning to invest, make sure that you also have other sources of cash in case unforeseen events happen.