#1 Market Research

To predict whether your business products and services can be successful, you need to conduct market research to find out the market trends, demand and supply, and the competitive landscape. It is important to differentiate your business from competitors in order to increase the attractiveness of your business. Based on market research, your business can also understand customers’ needs and preferences for further identified target customer segments.

#2 Business Goals & Plan

Before starting the business, a well-structured business plan should be established and aligned with business objectives and visions. The business plan can be provided as a decision guideline for daily operations to achieve business goals. A realistic plan may be created by identifying the strengths and weaknesses of your business. The business can take strengths as its competitive advantage opportunities and weaknesses as its improvement direction.

#3 Financial Resources & Location

To set up a new business, raising funds as an initial investment is an essential concern. Before starting the business, you need to consider budgets and sources of financing such as personal savings, loans, grants or investors. For physical stores and company offices, it may also involve the cost of rent or mortgage, utilities, and other daily operating expenses. Besides, business location selection is another critical element. If it is a service-oriented retail business, a high-traffic area may be a good and convenient location to approach more customers.

#4 Legal & License Requirements

When setting up a new business, you need to be careful to fulfil all the legal obligations. Specific types of business such as sole proprietorship, partnership, and limited companies have different legal and regulatory requirements. It is important that the business does not violate the legal and regulatory requirements. To avoid legal consequences, you may consult with legal professionals to ensure that the business complies with necessary licenses, registration and insurance.

#5 Marketing & Sales

To attract more customers, marketing can be a useful way to increase exposure and customer awareness. The business can create promotions through various marketing channels such as digital advertising, social media and content marketing. If people are more willing to buy, it can generate higher revenue with profitability. Sales volume can be one of the key metrics to measure business performance.

#6 Networking

A stronger network of industry professionals, mentors, and advisors is conducive to business development. Network connections can be built by attending more relevant industry events and joining professional organizations. Those networks can share some valuable insights and guidance support when your business requires practical and specialized knowledge.

#7 Risk Assessment

Launching a new business involves a level of risk and uncertainty. High risk may have a high return. When starting a new business, you can identify potential risks and take action to prevent them. To ensure business continuity, the business can have advanced preparation and develop contingency strategies for facing those challenges. You should determine whether the business can bear a certain level of risk and make immediate decisions at the right moment.