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Starting a business is difficult but if you have the right tools you can put yourself in the path of entrepreneurship .
Here are the steps to open a business:
Have a business plan: You must know your goals and objectives you want to achieve. This help to get a sense of direction to achieve the goal .
Decide on a budget: To start a business you need startup capital . Hence you must decide whether you will use your saving if it will be enough or you will take a bank loan .
Set up a legal business structure: You must decide whether the business will be a public limited company , private limited company or other legal business structure .
Satisfy business licensing requirement: You must have to obtain the required license so as to be able to operate .
Select your technology and establish your website: You need to have you appropriate machinery and a website so as to target people all around the world and as well to create awareness .
Purchase an insurance policy: In case of any accident this will help to recover from losses . Thus the business will not suffer from lose .
Build your Team: Recruit your worker so as to be able to accomplish goal set .
Create a brand identity: This will help to differentiate your product from competitor . This can be done bye creating a logo , slogan and even tag line .
Lastly launch your product as the appropriate time: Launch at the appropriate time so as for it to be a successful one . Which mean the product should be launched where there are not high rate of inflation or when the rate of interest is high . This is so as people will save rather than spend .
In addition for the business to be successful , the entrepreneur must used an appropriate marketing strategies . The company should advertise their product so as to create awareness and for consumer to get to know the features and function of the product .
Lastly , one of the most important element for the business to be successful is to set the right price for their product . If the product is a luxury one , prestige pricing may be used . That is set a high price for the product . But this will target only rich people . To target both low and high income earner , the company can used a price penetration strategy where they will set a low price for their newly launch product . This will help to attract more people hence this will result in making more profit .
In addition for the business to be successful , the entrepreneur must used an appropriate marketing strategies . The company should advertise their product so as to create awareness and for consumer to get to know the features and function of the product .
Lastly , one of the most important element for the business to be successful is to set the right price for their product . If the product is a luxury one , prestige pricing may be used . That is set a high price for the product . But this will target only rich people . To target both low and high income earner , the company can used a price penetration strategy where they will set a low price for their newly launch product . This will help to attract more people hence this will result in making more profit .
Credit : BI
Business ideas- How start a business - motivation - entrepreneur-Training- start a business
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