6 Key Components of a New Business

Simplicity

When you put your foot on the gas and immediately speed off without being aware of any speedbumps or rocks, you are bound to damage your car. The same goes for businesses. It’s important to start off simple and then build complexity. It is easier to correct a simple mishap rather than one that is composed of extravagant factors that really aren’t that beneficial for the company. You may have ideas and imagination for how your business might be composed, but it is important to stay safe and implement those thoughts later for when your organization may be more developed. 

Remember – simplicity is the best form of sophistication

Teamwork

“Coming together is the beginning, keeping together is progress, working together is success,”

Teams have a significant impact on our professional and personal lives. No matter what kind of business you’re planning to build –  you need a group of intellectual individuals who will help brainstorm and aid in the extension of the business. Teamwork is not only reflected in the companies success, but also in individual growth. The concept of this is to distribute work evenly between all employees and participants. Each member will develop along with their task which in hindsight, supports the organization and the individual themselves. It is important to build a diverse set of groups to work with. This is where the heart of the business will stem. 

Communication

Something you’ve heard plenty of times, but it holds great value. 

Effective business communication is how employees and management interact to reach organizational goals and develop their business. Say your restaurant may be the neatest one in your town, but if there isn’t going to be proper customer service and communication with clients, you can say goodbye to the newly opened restaurant.

It is very crucial to share awareness about your business by describing and explaining to the potential clients the purpose of your brand. Be cautious and evince a charismatic attitude for each of your consumers to invoke the feeling of satisfaction. No matter how good your advertising is, if your members fail at communication, your company will fail alongside them.

Advertisement 

Even before your business takes off – you must advertise it. It is an essential factor because, in a way, you’re playing a game of psychology by imprinting your company in people’s brains. 

There are different forms of advertisements, such as:

  1. Television ads (commercials)
  2. Printed advertisements (banners, posters, newspapers, and even commercials printed on buses can be promoted. The best place to present your advertisements are in malls and similar settings where people tend to gather.)
  3. Radio advertising 
  4. Social media (perhaps the most powerful form of advertising as of to date, as many bloggers and influencers promote services and products daily to their followers.)

The way your company is presented should be fresh and unique. It should not be something that has been done over and over which fails to bring any type of curiosity to the viewer’s eye.

Find a way to execute an advertisement that even when seen without the company’s logo/name, it can automatically be linked to it. Almost as a reflex, or a slogan.

Research

You must know what sphere you are stepping into and what pedestal you are standing on. The business industry is the fastest-changing and expanding industry to date, which means that you must be refreshed with new knowledge when something new takes place in this specter.

Knowing what is in the market and what is missing can help generate an idea of what your potential new business can service. You must be well aware of the industry because, in this era, everything is considered “fast”, i.e. fast fashion, fast trends, fast products. These do not have a long shelf life and institutions that service this either end up bankrupt or fail to meet their business plan standards.

Approach things with a 3rd eye. Discuss your research with your peers and team members and brainstorm what is an astute product or service to implement in your organization which can not only give you long-term success, but also stability.

 Networking

One of the key components of not only business but all careers is networking and connecting to the right people in order to join forces and develop. The advantages of networking are:

  1. advance in your business
  2. strengthen company connections
  3. receive career advice from founded companies
  4. expand your clientele group

Think of networking as a form of advertising – you’re meeting successful business people who will promote your business (if satisfied) to their partners, friends, or other members of their clique. You got free advertisement, and new clientele to service to.

 

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