STARTING a new business is both an exciting and challenging step.
Many people have brilliant ideas and a burning passion to launch their own business, but are often confused about the initial steps to take.
To make this dream a reality, it requires careful planning and a deep understanding of various aspects of the business, from market research to launch.
This article will discuss in detail how to start a new business, so you can design an effective strategy and avoid common mistakes.
Sinar Mas Land held a DNA Master Class event, an event that provides insight on how to hack your business. Presenting several speakers from great company founders. Let’s see the tips you can do to start a business from various great company founders.
Is Money the Most Important Thing to Start a Business?
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From the explanation of Arman Masagung Co-Founder Openin he explained that it is true, money is the main thing to start a business. Whatever business you will build from small to large businesses, it certainly requires capital to build it.
“Money is an important thing in building a business, but you can be creative to get it,” said Arman.
One way is by investing with investment, by investing you not only save your money, but also use it to generate additional income and increase the value of your assets over time. Investing allows you to take advantage of the potential for economic growth and achieve higher returns than just keeping money in a savings account.
Also read: These are Tips for Women Who Want to Start a Business
Not only money is needed to build a business but also ideas to find solutions to customer problems.
Money is important in business but when you have a lot of money it will backfire on you. Mulyawan Ghani Chief Transformation Officer Sinarmas Land explained that when running a business sometimes we do not only hold our own money but also a lot of operational money from investors or others, sometimes it will interfere with fund management.
“When we manage our money and other people’s money, there must be a difference in the way we manage it. Sometimes too much money will make you careless in managing it and that can be dangerous,” Ghani explained.
Also read: These are tips to ensure that business finances do not result in losses for novice business people.
So What Should You Prepare to Start a New Business?
Money is certainly the opening path to open your new business that you must prepare for the initial capital. The CEO/Founder of HappyS emphasized several things that you must prepare.
An idea is indeed needed in starting a business, but having lots of ideas and thinking that they are good for starting a business does not necessarily mean that they can build your business.
Doni emphasized that the business idea you have must have continuity with customer needs, not just an interesting idea but it turns out not to be needed. Determine who your marketing target is.
“What needs to be understood is what the customer needs and what can solve the problem for the customer,” said Doni.
In addition, challenges can also make business people enthusiastic in building their business and make them strong business people.
Choosing the right location to start a business is a crucial step that can determine the success or failure of the business.
A strategic location not only provides easy access to the target market, but also affects the operational costs and potential growth of the business. Factors such as visibility, traffic levels, proximity to suppliers, and competition around the location must be carefully considered.
The right location can increase a business’s opportunities to attract more customers, maximize sales, and create a competitive advantage in an increasingly competitive market.
Starting a new business is a challenging yet very rewarding journey.
With careful planning, the right structure, and an effective strategy, you can build a successful and sustainable business.
Always remember to stay flexible and ready for change, and to continue learning and adapting to market developments.(Z-10)
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