“There are no secrets to success. It is the result of preparation, hard work, and learning from failure,” said Colin Powell, the first African-American Secretary of State. Colin Powell is an American politician, diplomat and retired four-star general who served as the 65th United States Secretary of State from 2001 to 2005.
It is a dream for many people to start their own business and to have a better financial goal. But many times the business owners can make some mistakes that can affect their business, so they should create a plan before their business starts to tackle future problems. One of the examples is Moez Kassam, a hedge fund manager, venture capitalist, and entrepreneur. As co-founder and Chief Investment Officer of Anson Funds, Moez is an active member of the Young Presidents Organization and in 2018, was honored to be counted among Canada’s Top 40 Under 40. Here is Five Things New Business Owners Should Focus.
Have a formal business plan:
Try to find out the thing you need before starting your business-like the requirements you need for your business, the amount of money required, also gather information about your potential customers, and about market opportunities. Also, try to find out in advance about the challenges you will face while starting your business so that you can form a better plan to tackle them. When you are prepared in advance, it will not be hard for you to face different problems.
Don’t assume being frugal is the right way to spend:
Two classic traps can make your business lose money i.e., underspending and overspending, but if already have a plan formed for your business that can help you to form a better sense of your funding needs. Many times business owners spend money more than they need which can affect their business stability that is why being careful and frugal is very important to succeed. Create an estimate for the cost of your funding for an entire year and then find some ways to secure the capital.
Identify the right partners:
A new business owner needs to have a partner or an investor that can help in the growth business. Well, you cannot open a new venture alone, you will need someone who knows about the business and who can help you with your works, business dealings, or providing funding for the business. But try not to overdo it by bringing in too many people, which can confuse your strategy and disturb your profit sharing. Try to find someone who you have full trust and is actually helpful for your business.
Know your customer first:
The most important question you should ask yourself i.e, do you know your customer, do you know what products and services they need and are they comfortable with the pricing you proposed. Much big business neglects to understand what their target customers need and this let them into a huge loss. Get to know your customer before you start a new business.
Don’t skimp on marketing:
Do not just rely on social media marketing because it can backfire too. If you know your customer, you know what they need, what are the things that can attract them, if so, it becomes an easy job for you to market your products but doesn’t be lousy while marketing and you can use the traditional method like radios and billboard ads.