Starting a business today is not an easy task. There is a lot of competition out there and one cannot simply start a business without carefully weighing the pros and cons of the business. There have been many businesses that have closed down simply because there have been no sustainability. Sustainability of a business is very important and should be thought of at the very beginning. When you are thinking about starting a business, sustainability should be the first thing that comes to your mind. There are many things that one should do before they start a business. These may not be so apparent for someone who has not been in the business trade for a long time. Here are some tip for those of you who are uninitiated into the world of business to follow through when initiating a business.
One of the first things that you should be doing before a business is to be initiated is to conduct a feasibility study. This is to see if your business idea can be done in a practical setting. For example, if your business idea is to offer office coffee machine rental services, you need to do a feasibility study by taking into consideration all the work places in the area that you hope to operate. Questions such as how many customers you will have, what is their weekly requirement, what are the specific services that they require and how long are they willing to work with you should be asked right at the beginning. Depending on the answers you can determine whether your business idea is feasible or not. At this stage, if there is a clear indication that the idea is not feasible, it is best not to go forward with it.
The next step is to identify the stakeholders of your business. Stakeholders are those parties that are interested in your business, and who are actively involved in it or those whose interest maybe affected positively or negatively by your business. It is of utmost importance to identify these stakeholders as soon as possible in the initiating phase. This way, they can be managed in the appropriate manner. For example, an office coffee machine rental business would have different stakeholders form a catering business.
Once you have determined whether your business model is feasible and have identified the stakeholders, the next logical step is to plan. Planning should be done for at least, 60 percent of your time as a business owner. The more you plan, the easier it is to execute the day to day functions. Click this link http://www.ecoconnex.com/ for more information about corporate coffee suppliers in Singapore.