It saddens me when one fails his business and put all his blame on luck or God. To tell the truth, luck got nothing to do with the success rate of a business. Even if it did, it only plays a very very minor role.It is important to know WHY you failed, and it is sad to fail not even know the real reason behind it. For example, you watched world cup final 1 day before the final exams. When the result came out, you failed all your subjects.Looking from a positive point of view, you know the real reason why you failed the exam and you would not repeat the same mistake next time.
It is not cool to end up in hell not knowing the reason why you are there.
Okay enough crap...I'll get to the point now.
Preparation before Starting A Business
-Market survey: this is the most important part of all.
Location: Noone will open a Starbucks in the middle of forest or on the peak of Mount Kinabalu and expect to earn alot on it. If you did this and you actually earns alot from it, pinch yourself you must be dreaming!!
Potential Customer: This is also very important. you dont open a toy shop in a city where the average age is 60 and you dont start a high class 5star hotel beside a dirty fishing village, the fisherman will choose to sleep on the beach rather than paying hard earn salary for his whole in order to sleep 1 night in your hotel.
For example, if you are starting a cafe, you will expect most of your customer to be teenager or middle-aged customer a.k.a people between 17-30.Therefore, you wont play Theresa Teng song , and you will definitely shows live football match in your HD TV on weekends.Dunno who the hell Theresa Teng is?
If you are starting a steamboats restaurant, you will expects your customer to come in a group of at least 3 or more.Therefore you dont prepare a dining table which can only fits 1 people.
Despite saying that, it might be different from town to town, city to city, villages to villages. Old fart in some town , might enjoy playing with toy and fisherman in some area might be rich enough to spend his whole life in your 5-star hotel you never knows.And maybe just maybe, youngster these day might enjoy listening to teresa teng's song. And again you never knows. Therefore, market survey is extremely super duper important!! dont even think about starting a business without even conducting a market survey, it will be useless on later date when you start complaining that the elderly customers visits the candy shop next to you more than your healthy vegetarian restaurant.
A very good example of successful market survey(potential customer) will be this.
Where is it? what business is it? find out yourself I cant give more than that.
Budget: pretty self-explanatory. Beware of the budget.Lets talk about fishing.Bigger hook are used to fish bigger fish.Different feed is used to fish different fish.Just like stock market the more you invest the more you earn and of course it goes the same when you are losing. Put a 'value' on everything. When the object or subject meets your 'value/expectation' then it is a good deal.Going out of the topic? nah!just think again.
Differentiate between needs and junk/rubbish/useless stuff/placenta fluid (whatever you wanna call it). Spending RM100k on building a high class toilet full of flowers for a mamak stall is a placenta fluid. Providing a tissue for every 4 table is a needs.Got my point? There is alot more to talk about budget actually, for eg: applying loan from banks, financial management, and alot lot more, but i need to stick to my title and discuss about 'basics' only.
tired already? it is only 1/3 of my entire post, take a short break or stop if you are totally not interested in business
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