Establishing a business of your own may demand huge investment in terms of capital, human resource for micro and macro management of the processes and time and energy to buy the attention of the new customers and the target audience at large. A wiser way to make your mark in the market in this era of fierce competition is to take up the franchise of a well-known brand in your city.
Running a successful business is not just about creating products and marketing them. That’s all fine and cool but the secret to a thriving business is a lot deeper than that. No business can succeed without fostering healthy business relationships and not just with the customers, with employees and other companies as well from your industry. A successful entrepreneur is someone who has built a company and their products on the basis of a healthy business relationship with their employees, business associates, suppliers, customers, and everyone else that contribute directly or indirectly to the continued survival of their business. On the other hand, someone who resists building such meaningful relationships struggles in their businesses.
Buying an existing business is considered to be a better alternative to starting a business form scratch as it avoids all the hassles involved in starting a new business. But, there is no easy way out in the corporate world, where you might a ton of benefits, you might have a bunch of challenges too. Here are the benefits and challenges of buying an existing business:
Every businessman that enters the business world wants to run a successful company yet not all of them know how to sustain it for long-term. There are a few fundamentals essential to business growth such as intellectual capital, strategic partnerships and products with strong market demand, other than that sustaining business growth requires strong operational foundation to ensure the business faces fewer risks over time. If operational foundation, leadership and decision-making are weak then building a strong business is not enough, it does not guarantee a long term sustainable growth solution.
All of you who started out with your business know what it takes to get your business off the ground. Weeks and months of planning, hours and hours of research, help from friends, family and legal advisors, seeking and extracting useful information from books, articles, magazines etc, were few of the many things you did thoroughly. Now when it’s running and doing well, now what? What should be your next move?
Every business starts small but a lot of them stay there.
Starting out a business isn’t easy but turning it into a big one is way more difficult. As we know from the statistics, the situation is dire. Research suggests that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue. An even smaller number of companies just 0.036 percent, will reach $1 billion in annual sales.
Not only for the people of Middle East Dubai is one of the top most destinations for businessmen when it comes to either expanding their businesses or starting it anew. And there are several logical and factual reasons behind that not only that Dubai is an eye candy. Dubai’s state of the art infrastructure topped with the government’s lenient business policies makes it the prime attraction for small and large corporations from all over the world. People visiting Dubai prefer shopping there as well because of the many free trade zones that has made the access to cheaper, high quality goods easy. Another major reason for businesses to choose Dubai as their business hub is that taxation is minimal and almost non-existent.
“He who fails to plan, is planning to fail” – Winston Churchill
Your business plan is your compass- it’s going to help you map out a new course and navigate through unexplored territories. Your business success is highly dependent on the way you plan it out because you cannot reach anywhere without your map. A business plan will guide you through your journey and remind you of your goals too. It is basically the future of your business, on how you see it with a plan on what to do and how to do it. Here are the most common questions which will help you to get started to write the perfect business plan.