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i wish to start new business. what is your suggestions?
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6 Answers
iComTrader is a new opportunity to open your own business as a broker of goods and commodities. It is really easy to start. Everyone wants to sell their products. Just contact few manufacturing companies from the area where you live. You might represent the producer for a fee or without it. Accordingly with “Global Entrepreneurs Package” iComTrader still offers 0.5% of transaction value for any items submitted for sale and sold through its website.
Example: you find a company, you list it’s product that is sold: 10,000 MT of sugar at a price of 310 USD / MT. The transaction value will be $ 3,100,000 and you will gain $ 15,500. This amount it is just for a single transaction. Of course you might have many other products to sell.
It is a great opportunity, isn’t it?
How much time do you have? There are lots of good sources on the web but here are a few thoughts/questions/comments in no particular order.
1. Do you have a business in mind that solves a problem or builds a better mousetrap? If not, stop.
2. Do you have the assets to not get paid for a bit?
3. Do you have a business partner or two you can form the company with? Building a business by yourself is very, very hard. Your business partner(s) should be good at what you are not good at. This means you have to know what you are not good at and what you need to build the company.
4. Do you enjoy challanges and consider yourself to be self-reliant and determined? Can you take criticism and rejection?
5. How will you market and sell your product/service? Nothing, I mean nothing, happens without sales.
Good luck!
There's a lot to undertake in starting a new business & a lot that can be said about starting & maintaining a business. There are some things to think about such as:
~What do you have the passion for doing?
~What do you have the drive and determination to do?
~Are you really an entrepreneur?
~Do you have what it takes to own a business?
~Will you have the support that you need?
~How will you get funding? Etc, Etc...
Before just diving right into a new business venture or an additional one, do some preplanning, exploration and evaluation of your entrepreneurial skills, also your business & personal goals. Do some research on the business that you want to start and the industry that you want to be in.
Your preplanned research information can help you to build a comprehensive, well thought-out business plan that will help you to reach these goals. A well developed business plan & strategic plan will force you to think through issues that you may not have considered before. It can also save you lots of time, money, setbacks & heartaches. Remember when starting out in business do a little strategic thinking, research, strategic planning & setting up a general business plan.
A strategic plan should not be confused with a business plan. Now you have some pre-thinking & preplanning to do. If it is a business that’s worth pursuing,go for it. Then it’s going to take everything that you got (as far as energy, some money & time goes) mixed with a lot of innovation, motivation, planning, implementation, skills & support. Hope you find success!
Frankly, I would urge you not to rush into any business. You do not indicate the product area or type of business be it product or service. Such a nonfocused question can only lead people that would like to help you to generalize and the answers may not be that helpful.
Do not begin a new business without a financial plan that shows you can hold out until the business can generate its own cash flow. This is particularly true if you need to hire others, sign a lease for space or otherwise invest in equipment or inventory. A leading cause of business failure is not having resources to hold on since business may come more slowly than you think or the product you thought was so easy to develop really wasn't. Most small business failures are due to inadequate planning and resources.
Once you have some thoughts in mind of the kind of business you might start, why not seek the advice of those who have started similar types of firms and see what problems they faced and how it went for them. I know of one budding entrepreneur that wanted to start a bakery. He then spent a day at one that cured him from this idea very quickly when he saw the day begin about 4:00 AM and run many hours thereafter. Words to the wise can often avoid running down the wrong path.
All good advice so far. A huge part of your success will depend on your product or service and your understanding and marketing of how that product will make someone's life better. You need to complete a SWOT analysis of your product or services (Strength, Weakness, Opportunities, Threats) so that you understand how your product or service compares to your competition, why your product/service is better than what is already available and how this will build into a marketing strategy. Also know what factors will be a threat to your success and how you will counteract them. There are lots of free templates on the web that can help with this.
If Small Business/Entrepreneurial courses are available in your area, I would highly recommend you attend one. These can be great sources of information and networking and can give you a realistic view into the potential success of your venture.
In addition, having a strong & realistic financial plan will allow you to weather the tough times in getting started.
That's a pretty open question. Good answers so far, and I'm sure everyone has a different take on this. I'm with Rick - if you have to ask this question, you're really not ready. It's one thing if you want to join a new business that has already thought these things through. That's a safer bet - much less risk and you get a chance to see if the business really is for you. Pretty tough to start new without a clear plan and a base of experience you can draw upon.
No matter what business you choose, there will be lots of competitors - some will beat you on price and others will beat you on quality. If I had to choose, I would compete on quality - and your success here will depend largely on your ability to add value and differentiate from the pack. Nothing is easy, but based on the answers so far, there's some pretty good direction here.
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