Starting a new business is both an exciting and challenging venture. Many people have brilliant ideas and a burning desire to launch their own venture, but are often confused about the initial steps to take.
To make this dream come true, careful planning and a deep understanding of various aspects of the business are needed, from market research to launch.
A number of entrepreneurs also shared tips for starting a business in the DNA Master Class in Jakarta, Thursday (15/8).
This article will discuss in detail how to start a new business, so you can design an effective strategy and avoid common mistakes.
Is Money the Most Important Thing to Start a Business?
From the explanation of Arman Masagung Co-Founder Openin he confirmed that 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.
Also read: These are tips to ensure that business finances do not result in losses for novice business people.
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.
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 don’t just hold our own money, but a lot of operational money from investors or others. This sometimes interferes with fund management.
Also read: Coach Yusman Gives Tips to Entrepreneurs to Prevent Financial Theft
“When we manage our money and other people’s money, there must be a difference in how we manage it. Sometimes too much money will make you careless in managing it and that can be dangerous,” Ghani explained.
What to Prepare to Start a New Business?
If money is the way to open a business, ideas are needed in making a business. Doni Priliandi CEO/Founder HappyS 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.
Also read: Sinta Diamor’s Success Tips for Establishing a Competitive Cosmetics Business
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 in the surrounding area should be carefully considered. The right location can increase a business’s chances of attracting more customers, maximizing sales, and creating a competitive advantage in an increasingly competitive market.
Starting a new business is a challenging but 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-3)
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