Yes. Without doing market research, another useful way is

Yes. We will continue to achieve our
dream by starting the business. After the second thoughts made, we realized
that our plans should be re-examined to
ensure that it is variable. The following steps are in the below:

Carry
out the information

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Before any investment made, the market research should
be carried out. This is the main process to receive a wide variety of external
information to develop the thorough understanding of the surrounding
environment. Moreover, it’s an opportunity to identify the sources of
competitive advantages in the marketplace.

 

Without doing market research, another useful way is
absorbing the information others said. Sometimes they say really can turn the
ideas into a successful business after workout them. It’s also a better way to
learn more by generating their experiences.

 

Implement
the summary

In this stage, carry
out five fundamental questions that must be answered.

What
will the business be produced?

Where
will it be set up?

Why
did it decide to do?

How
will these goods or services be produced?

Who
will get the goods and services?

 

Select
the structure and a perfect name for the business

Take note of the legal requirements for starting a
small business. Choose a business entity which is suitable and determine its
advantages and disadvantages. Further, catch on the chosen name is sounding
good and has a meaningful inspiration for the business.

 

Conduct
the objectives

In general, the objectives focus two questions:

Where
do we want to be?

When
do we expect to be there?

 

Carry out a clear statement of the objectives the
business is aiming to achieve the targets within the timescale.

 

Consider
the marketing and production plans

The processes are mainly addressing two fundamental
questions:

What
are we want/plan to do?

How
are we going to achieve it?

 

The structure of marketing plan should be around the
concept of 4P’s (Place, Promotion, Price and Product) in order to determine the
market size, the competitors, the methods of promotion, the product or service
provided and the customers’ needs.

 

Furthermore, utilizes the resources allocator by
making significant decisions which include requesting authorization, performing
any activity that involves budgeting and staffing levels.

 

 Check out the financial information

Money needed to begin the business should be
calculated out. Build up the capital financially. Enumerate the costs such as
insurances, taxes, equipment and legal fees. Adjust a cash flow and
stock-in-trade for the first twelve months of business.

 

After those steps processed, the business
can continue to the detailed action processes:

 

Register
the business

Apply for the licenses and permits from SSM (the
Companies Commission of Malaysia) and local authorities.

 

Start
the merchandising

Promote the goods or
services which provided whenever communicate with others. This face-to-face
interaction may create the impression greatly. Besides, realizes the
advertisements on social media sites, radio or even the newspapers. They’re the
fastest ways to gain the great popularity of the business.

 

Measure the performance

Focus on the needs of
customers and integrate all the preferences of them. In turn, it generates
profits by creating repeating sales with the right customers or even customer
lifetime value. Sometimes may require changing the action programs due to the
threats occurred in the marketplace. For example, the new approaches in the
digital age target consumers more selectively. The correction actions should be
taken as necessary to close the gaps between the goals and the performance.