Basic Foundation of your Business.
Updated: Jul 9, 2020
In this Century every youth has a desire to become an entrepreneur or own your own business. Right?
If you are the one with this dream desire then this blog will completely guide you and give you the important step to be taken care of, so read it precisely and implement this crucial point in your venture systematically.
So, for a smooth run of your business one need to understand business pillars & business elements carefully.
HOW TO IDENTIFIED BUSINESS COMPONENTS (CORE INNER LAYER)
1) Understand Institutional Void & Your Strength.
2) Know Your Buyer.
3) Plan your Business Goals.
4) Research Your Competitor.
5) Plan out your Strategy.
We will understand each of this point in detail what are they and how to take care of.
1) Understand Institutional Void & Your Strength-
Before jumping into any business, it is vital to understand the loopholes of the current running businesses which is known as INSTITUTIONAL VOID. This means solving any problem which is directly proportional to money earn for it.
*It's important to understand your strength.
Eg- If you are good at sports then you should analyze the system or the loopholes which are there in the current situation in the industry & try to give the best solution for the situation. Which means solving the void.
2) Know Your Buyer-
It's important to know your buyer before starting your business. TWO simple Question to solve this is.
Who is going to take my Service/ Product? & Is there any Demand for this type of Service or Product in the marketplace?
Why it is important to know this point, think that you have started Chinese food stall in the Streetfood Market and already there are plenty of other competitors who are serving the same demand then there are more chances that your food stall will have more competition and there are others who are already doing well.
3) Plan your Business Goals-
Setting goals & targets will keep your business motivated. It will give everyone priority to work towards it and the organization can work on a pre-defined path toward success. By keeping your business goals we can define the tasks. Goals give the direction to work for an organization.
4) Research your Competitor-
Competitor Analysis is an important component of business growth. It's important to understand what is the current market situation, what type of strategies they are implementing in campaigning.
Basic research includes Who are your competitors, Where are they geographically situated, What is the medium of communication used to communicate with your audience, what type of campaigns they are using to attract customer reach, leads, Conversion, and to increase store visit.
5) Plan out your Strategy-
Business strategy is mainly designed after clearly defining the business goals. Finance, marketing goals, operation, management, return on investment. The best tip from our side is to also include a time limit, which will keep the organization work smoothly & effectively.
Along with this, there is the second layer of the Business Foundation which contains the essential keys of your business.
WHAT ARE THE 7 KEY ESSENTIAL OF BUSINESS (OUTER LAYER)
Finance play the core role in the smooth running of the business, it helps in achieving the business task.
Marketing is the process of reaching out to the audience by selecting the most convenient medium and by designing the proper marketing channels. it also helps in brand awareness.