When there is a need or a problem, entrepreneurs come out in the market with the solutions. For some people, business is selling something they think customers will buy and they invest lots of money without doing market research. This is one of the reasons why businesses fail. They don’t know how many people are looking for that product and they work hard trying to sell it. This is not the story of one business owner, there are hundreds of companies going dead every year. Saeed Torbati says “Working hard is not a solution if there are no product demands”.
If you’re planning to start a successful business from the group up. This advice from Saeed Torbati will help you!
Building a business
When you think about a business, it should be long term. Successful businesses are not built in a short time. Before starting any business, think about how long you can get involved in it and how many years you can provide the service.
Make proper business Plan
For a company to survive you need to make as many sales as you can. Making proper business plans beforehand can help you to not make mistakes and take business growth as planned. If you haven’t studied business but you know that your product can help people. Then it’s a great idea to hire some marketers and business advisors for the company.
If you know someone who has already built a successful business on a similar niche and reverse engineering their idea/ strategies can help your business to grow from the ground up.
One of the most important things you should be clear about is your business plan. If you invest a lot of money for creating your product but you have no proper plans on how to sell it. This will create a loss for your company.
Find investors/ use your own capital
When you have a proposal for long term business and a proper marketing plan. It will be easy to get funding from investors. Many people are willing to invest money in other’s companies because they don’t have to work physically to make money. If you have a plan where your company can make a profit for the people who have invested the money, then this can take your business from ground zero to million-dollar valuation.
Investing your own money on your business can bring you more profit and you don’t have to share it with anyone else.
Think and go big
After you have a good business idea, funding, and a marketing plan. It’s time to go big and impact millions of people. Your idea to help more people will make you more money.
You can sell some products and have some profit from it. This is also considered a success in what you are doing. But every successful business that you know today is impacting many people worldwide. So, find a way to sell your product to a large number of customers. This will not only make you money, it will employ many people and the tax you pay will also help the country progress.
These are the things you should consider while building a successful business from the group up.