5 steps to success in business – E-commerce is a great field, if you are thinking of starting a business by building an e-commerce platform, there are many reasons including attractive revenue statistics, the possibility of starting with lower economic costs, then the time is very good in the MENA market which is still He craves more platforms and is more open to online buying and selling techniques. If you are a beginner in this field, the article: E-Commerce Basics for Beginners can be of great help to you.
5 steps to success in business
In the following lines, we will detail 5 steps to success in business:
Understanding the market
First of all, it is necessary to understand the market and review all its movements, whether internal or external, before going into the trading experience.
In terms of understanding the commercial movement of the field in which to work, identifying competitors, the target group, and knowing their needs and the mechanism for meeting them.
As well as seeing the movements of futures contracts, whether they are high or low.
Note that futures contracts mean contracts in which two parties agree to buy and sell a specific asset in a certain quantity, and at a predetermined price.
At a specific time in the future, the payment and delivery of the asset shall take place at that time, which is known as the date of delivery.
An asset is something of value that can be converted into cash such as commodities, stocks, interest rates, and bonds.
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Develop a business plan of the most important 5 steps to success in business
Planning is one of the most important conditions for commercial success, as this includes developing a systematic plan that includes the objectives of the merchant and his method of work.
With reference to the need to re-evaluate the plan and amend it when necessary if changing market conditions require it.
Building a plan is based on several factors, most notably: readiness to trade, and determining the level of risk, and this will be explained later in the feasibility study.
In addition to setting goals, choosing a location, and expected profits, as well as setting up a mechanism for marketing and developing products or goods to ensure continuity.
Develop a feasibility study
A feasibility study is the question in which the person applying for the business will answer whether the proposed project is feasible or not.
Is it necessary to delve into it or to abandon its idea completely, and this study is extremely important to determine all the aspects that must be available for the success of the work.
This includes knowing the expected opportunities and threats, and a clear description of the nature of the business, including the outputs that it will provide, whether goods or services.
As well as knowing the feasibility of the local market, in terms of available capabilities, the nature of competition, sales expectations and others, One of the most prominent and important 5 steps to success in business.
In addition to the technical feasibility, whether techniques or employment, and the financial feasibility, that is, the size of the start-up and operating capital of the project.
and organizational feasibility in which the institutional and legal structure of the business is studied.
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Choosing a site is one of the most important 5 steps to success in business
Choosing the strategic location for the establishment of the commercial project is considered as the cornerstone that guarantees its success, in terms of ease of access.
The extent of its proximity to the population and the target group as clients of the project, and the level of security and safety in it as a base and a stable economic environment.
It must have foot traffic, ie traffic or foot traffic.
Which leads to more consumption and purchase, and thus increases the success rate of the project, as well as the availability of parking spaces for vehicles, in addition to competition.
The presence of similar projects in some cases is considered positive, especially in light of popular comparisons, while it is considered negative in some other projects, such as restaurants, and others.
Choosing the right team
An integrated team is one of the ingredients for the success of any project, as no person can do all the business-related matters alone all the time, One of the most prominent and important 5 steps to success in business.
Especially in the event of the development and growth of the work, as he must always be ready to receive new people to help him in different fields, each according to his specialization.
Where there will be a need for someone who is familiar with legal and accounting matters, for example.
Another ensures that high-quality products are produced and marketed in an attractive way, and another is for design and decor matters and so 5 steps to success in business have been achieved.