When we visit the seashore, we get to see small fish at the beginning of the shore. When we reach the middle of the shore, we get to see a little bigger fish, and when we go deeper into the shore, we can see bigger and different varieties of species in the sea. In comparison to the above example, when we plan to start a business, we would have minimal knowledge or idea about it, but once we reach 2 or 3 years in the business, we would have explored the market/customers and have a thorough knowledge of our whereabouts. Say we reach 8 to 10 years in the same field, then we get to know our different varieties of species (our competitors, targeted customers), and our big fish would be huge profits from our business.
For any business to be recognized in the market, we need to follow the "Wait and Watch" strategy- we need to wait for the brand to be recognized in the market and watch our customer’s reaction towards our recognized brand.
Based on the 3 I's- idea, interest, and investment we can start any business. Starting a business is not a cakewalk. You will have to face many risks, losses, or unpredictable circumstances. However, one cannot back down from viewing it negatively. Taking a bold step and facing the risk will make you more challenging for the future.
Understanding the market conditions and identifying the targeted customers is the foremost step of starting the business. The market keeps fluctuating, so deciding on a proper business is important. When we start a business, we should promote our brand so that it reaches out to customers.
Advertising is the major promotional technique one can use in a business. Using creative and innovative methods in business makes us stand out from the crowd and is easily recognised in the market.
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Depending on the locality and your interest, you can start any business. We can’t expect instant profits from the business. Firstly, you need to use effective promotional techniques for your product to reach out to customers, and then slowly, your business starts getting recognised in the market. Then you can expect profits or think of expanding your business.
For instance, if you are thinking of starting a supermarket in a rural area, it may work 50 50, as some people would not prefer to buy it in the supermarket, assuming it to be costly and not fresh. But some people would go for it as they would get everything, they want under one roof. Targeting customers and inspiring them to go for the product is all in the business person’s hands.
Firstly, understand the market trend, then set up a business based on the current market and start advertising your brand. Check for your competitors. Use creative business techniques to set up your business. Begin gradually expanding your business while keeping profits as the foundation.
If we take the example of a food catering business for wedding contracts, the caterers get contracts only during the wedding season. During the offseason, they can think of other businesses. The business should be set up in such a way that it can be changed according to the market conditions with less risk and minimal loss.
Whatever happens, we must be brave enough to face the crisis and overcome it, and instead of taking two steps back, we must take two steps forward and succeed in business.
For businesses advise and streamline pls call us for free advise sessions 9113885227
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