10 Key Factors which many Business Owner never consider before starting :
You maybe a seasoned business person or just taking the plunge in the business world for the first time, the following points are worth
considering while analyzing or researching a business:
- The idea: For every good idea you have, there are hundreds of people out there who have the exact same idea…did someone else already beat you to the punch?
A prudent approach is to research your idea from top to bottom looking to see if your idea already exists. If it does, it’s certainly not the end of the world. Simply ask yourself if you can find a unique angle or a different, better approach to the idea.
Investigate the economics of the idea. Is there a good business case or model? Are other people that are pursuing the same concept making money?
Finally, you will want to know if the idea is legally protected. Is there a patent issued or pending?
- Are you a know it all? The number one piece of advice we hear from successful entrepreneurs is that they wish they had known that they didn’t need to know everything before they got started. Starting a business is a fluid activity. Unexpected things are bound to come up, so do yourself the favor of checking things out before you jump in but be prepared to deviate as needed and go with the flow.
- Future Trend:Across the Globe starting from kids to Unversities all are adopting e-Learning.
- Demand for Product/ Service- Although an idea for a product or service can be exceptionally good,nothing can beat an existing product or service that is already selling. You just have to better your competition by quality positioning and knowing what you are selling.
- Profit Margins- It just makes sense to have a product or service that you are selling to give you the maximum margins for the overall profitability of the business.
- Start-Up Costs- The lower the cost of starting, the faster you can start & that too without any borrowed money.
- Risk- The risks involved in starting & during the running of a business are real & thinking otherwise would be fooling oneself. Although the risks can never be eliminated, they can only be minimized.
- Overheads- Just like the risk factor, overheads can not be done away with completely but can be kept to a minimum to book healthy business profits.
- Scope of Business- Multiple avenues of selling is a desirable element of the business & if sales can happen beyond your geographic location then the things become sweeter. This will ensure the maximum bang for your resources & efforts.
- Who’s on your bus?: We say it very eloquently, “You are a bus driver. The bus, your company, is at a standstill, and it’s your job to get it going. You have to decide where you’re going, how you’re going to get there, and who’s going with you.” Can you drive the business alone or do you need employees?
THE Future Growing Platinum BUSINESS
Let us see how our product & business model does on each of the above areas.
- The idea: .....................................Foundation and Feasibility
- Are you a know it all?:................................You can deep drill or call us for clarity
- Future Trend: We are the 1st Video Training Publishing e-Learning Company giving High End Solutions rare in Training Engineering Industry and got massive appalus from Industry Experts
- Demand for Product/ Service- CAD/CAM/CAE training industry is flourishing since the last 10 years in India therefore MAC’s CAD/CAM/CAE Video Training DVD is the perfect product for the evergreen education industry.
- Profit Margins- Since a DVD is a digital product so margins on the product can go upto 60% which makes it very attractive business to get into for anyone willing to put in the time & hard work.
- Start-Up Costs- The only cost involved is that of samples of DVDs, brochures, business cards etc. which can vary from Rs.50000/- to Rs.75,000/-. Saving on the start-up cost of the business makes more money available for important activities like marketing & promotions.
- Risk- As the demand for the product is there, start-up cost is low, so the actual risk is that of not using the product to its full potential.
- Overheads- The business can be operated from your existing office or even from home so extra space need not be rented.
- Scope of Business- Apart from sales generated by you & your sales team, promoting the DVDs & downloadable video training online can create a fantastic scope for the business.
- Who’s on your bus?: ............................................Think about this twice