If you are the one who is planning to launch your own business .
Do not be in a hurry get checked with the things you ought to know before you launch because there have been in-numeral startups that have failed who had no other option but to regret .
How great would it have been if they would have checked upon these key points?
So here are a few insights to check before starting your own business:
1) 6 months or a year of a cash reserve is a must - Whether you have work or not that doesn’t matter in any case. Because in every situation you have to pay for expenses such as place rent , raw material , human resource etc. So it’s better to plan and reserve for it for a duration of 6 months or even a year .
Plan yourself for the worse to attain the best .
2) Test the market before you launch - You should be sure enough that your product will set fire or at least would have reasonable demand in the market before you actually launch your product and the same can be done online as well as offline. You can even concern with other entrepreneurs . The other such option is to conduct a limited product release and check upon for honest feedback from the target and potential customers .
3)You will fail without a cash flow- It doesn’t really matter how good your idea or the product itself is until and unless you maintain your cash flow to carry out the expenses smoothly . The same can be attained by maximizing sales and minimizing operating expense as much as possible.
4)Don’t rely on banks for funding - Get the best deal done for yourself . Research enough to find out the best possible funding option for you and keep in mind that its just not the bank who can do that .
You can enable the same through a family friend , cooperative society , Your own savings , capitalists, alternative lenders etc.
So the choice is yours.
5)There are Alternatives to Costly Hiring- Growing business soon demands human resource . So one need to smartly handle the expenses of the employees appointed by opting for freelancers who are experts in their field . This way one can save upon the health care facilities, sick leave , paying benefits and also upon the space as they would work from remote places.
This way one can efficiently launch a business without much risk
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