Whenever we want to do business, we think about it in advance.
Whenever we start a business, we must do market research. This makes you easy to start a business. This also lets you know which product is in high demand in the market at this time. Another advantage of market research is that it helps to know which business will be beneficial at this time.
Remember that only by market research your business is not going to succeed. Your hard work is also going to add to it. Only if you work hard will your business be successful. But market research makes your success easier.
It is generally seen that whenever we do market research, we run the work only by searching on Google. But remember, offline research also comes in market research. Offline search is going to prove more beneficial for your business.
If your business will be available on online platform and most of it is coming from online platform, then you should concentrate more on online.
How to know which business is profitable?
When it comes to the benefits of business, the biggest problem is how do you know which business is beneficial.
Remember that business ideas and methods change over time. As well as whatever business was beneficial 15 years ago. Today, that business is not necessarily profitable.
In such a situation, it is important that you do research for your business. And it will try to find out which business is beneficial.
Let us explain you by giving an example here. The Apple company first launched the iPod and invested a lot on it. This investment was beneficial for the Apple company. But later the era of iPod was gone. The Apple company then recognized it and launched the iPhone. Which is today Apple’s most successful product. But it is not necessary that the iPhone will prove to be beneficial in the future. In such a situation, the Apple company will definitely launch a new product. So that his business continues.
In such a situation, business ideas also change over time. What you have thought in your childhood is not necessarily the same business is still beneficial. In such a situation, start your business according to the market demand. Keep in mind that if you start the business according to the market demand, then your business will be beneficial.
Choose business by looking at future prospects
It is not necessary that the market for the product which is most in demand today will also be more in the future. In such a situation, if the demand for any product is not in the near time, then you should avoid choosing such business.
Let us explain by giving you examples here. Suppose today the demand for hand sanitizer is very high due to Corona virus epidemic. And a large number of companies are making hand sanitizers. In such a situation, there is more demand for hand sanitizer. Because of this you can profit. But when the corona virus epidemic ends soon, the demand for hand sanitizer will also reach its lowest level. In such a situation, this business cannot be called right in terms of future growth.
Yes if you want to do a business for short term that has more profit. So this type of business is called, you can make a choice. But our advice would be that you should also do such a stable business which brings possibilities of growth in future.
Choose the business according to your budget
You cannot choose a business only on the basis that there is a lot of profit in that business. Or there is a lot of potential in that business in the coming time.
You will also have to take care of your budget while starting your business. Keep in mind that you do not start business by going beyond the budget. If you start by moving ahead of the business budget, then this will increase your debt from the very beginning. It has been seen with big companies that she is earning money. But due to increased debt, they have to sell. In such a situation, keep in mind that this should not happen to you.
It is generally seen that when you gain in the beginning in the business, then later you expand the business. Business expansion is also a right strategy. And this keeps your business moving forward continuously.
But remember that you expand the business as much as you can. Expanding business beyond capacity can be a loss deal for you.
We explain here by giving example of Vijay Mallya’s company Kingfisher. Vijay Mallya started his business as a liquor businessman. And in liquor, Vijay Mallya was benefiting a lot. But after that he opened the airline company and his company was ruined. Vijay Mallya made the mistake that he had expanded his business more than necessary. You expand the business as much as you can control it.
Remember, before you expand the business, you expand your capabilities. If you expand your capabilities first, then it will become easier for you to expand the business.
Later you can open subsidiaries for your business. But for this, it is important that you do a thorough market research.
Focus on the local market when choosing a business
It is generally seen that whenever people start a business, they do market research. While doing market research, people make the mistake that they see the global market. While the local market does not give much importance to it.
If you look at the recent political global developments, most countries are now insisting on making and selling products here. And placing more emphasis on the local market.
In such a situation, it is important that you do a thorough research on the local market. If there is no demand for your product in your country, then you should avoid choosing such business. A complete round of globalization is now over. And countries are insisting on making production and supply chain on their own. In such a situation, if you want to start any business, do not ignore the domestic market at all.
Recently, Chinese President Xi Jinping said that China will focus on the domestic market from 2021 and China will embark on a new journey. China says that now we will focus more on the local market from 2021. And it is here that consumers will increase their product consumption by choosing.
In such a situation, you can understand that how important is the research of the local market. After the Cold War, a new form of war has now started worldwide. In what is being called a trade war. However the two main players in this merchant war are America and China. But now other countries are also seen jumping into this trade war. In such a situation, it is important that you choose your business based on local market research.
Communication is very important in business
Whenever we start a business, we complete market research. But we miss communication in business.
You will be surprised to know that all the big companies have very much importance in communication in business.
In such a situation, if you are also starting a business, then keep communication between you and your team. Communication business is also important because it keeps employees motivated. And employees are also more productive. Those who miss communication in the business are more at risk of drowning.
Supply chain contributes significantly in business success
Whenever you start a business, pay attention to market research and investment as well as supply chain. Supply chain is an important part of the success of any business.
If the supply chain of your business is not strong, then it will be difficult to deliver the product to the customer. At the same time, you may also face difficulty in obtaining the raw material. In such a situation, it is important that if you start business, then keep your supply chain strong.
It is generally seen that the supply chain of large companies is strong. Due to this, their products reach the customer easily. While small businesses lag behind in terms of supply chain.
Nowadays a large amount of supply chain facilities are provided by third party companies. Also, when entering into a contract with a company for supply China, make a long-term agreement. So that you are more likely to get a discount. At the same time your cost in business also decreases.
How does supply chain play an important role in business? We give you two examples of this. The first example is that of Apple, one of the world’s largest tech companies. Apple makes almost all of its iPhone by outsourcing. For this, Apple has a strong supply chain. Whereas Apple’s biggest rival company Samsung makes its own smartphone. All kinds of components are also manufactured by Samsung itself. Despite all this, the cost of smartphone manufacturing for Apple is less than Samsung.
You’d be surprised to know that Apple buys screens from Samsung for its smartphones. This shows us that it is not necessary that any product you make yourself will be cheaper. If your supply chain is strong. You can still manufacture products inexpensively.
The second example is of Patanjali, India’s largest indigenous brand. Once Patanjali’s supply chain went awry and after that his products could not reach the customer. As a result, Patanjali’s product shortage occurred in the market. Hindustan Unilever Company took advantage of this and compared their Ayurvedic products. After this, Patanjali suffered a lot in the market. His products almost went out of the market.
In such a situation, keep in mind that if your business relies on the supply chain, then you should build a strong supply chain. Which will be long-lived.