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on the hustle

When starting a business the first thing you have to thing you have to think about is the fixed costs. the fixed costs could become a problem and if you can you try and avoid it as much as possible. you would want to move the fixed costs to variable costs in order to reduce the costs as much as 30 %. at first it would seem impossible unless you would think of ways of making it work for you by not renting a office and if you are to rent  you would thinking about sharing the rent with someone else,

When it comes to staffing its about getting the right person for the job, this means looking for a go getter who would make things happen for the company. Hiring the right person for a job means looking for someone who has personal ambitions which would align with the company objectives. this normally takes much longer and much more effort as you would have to put more effort hiring people in campus fairs and job fairs who have the same goals as you. This makes sense because as at the end of the day you would both reach your goals

Understanding your market demands is also a challenge as it changes every day. On the onset of business you would think that you are understanding what the market needs but it being dynamic changes all the time. Being able to be ahead of the curve to give your organization an edge of the competition even if it means by a week before the competition knows what is going makes a big difference to make profits or not.


Don't try to create a new product or a new product. Work in the existing market, look for the demand of the product and position the product. Lastly fitting the product to what the market wants not what you think.




4 comments:

  1. So much to think about when you're starting a business, thanks for the great advice!

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    Replies
    1. true, i wish i had the same advice when i started out

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  2. Hi Zaby, some great advice you have for your readers. it is always so hard to know what is the right direction when starting out in business!

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