How to Choose a Business: Things to Consider Before Launching a Startup

Coface insurance and safety specialists know for sure: most businesses fail during their first year of existence. Companies lose money not because credit mistakes or lack of insurance, but because their main business ideas just can’t go on living long lives. Still, choosing that idea correctly, it is possible to avoid a failure of your startup, and then to go on developing it for many years. How can you do that?

Startup Launch

Psychology and Mental Stability

Any start means enormous efforts connected to time, planning and energy expenses. Know if you are ready to sacrifice your regular family relationships, financial stability coming from regular monthly payments, friendly contacts and personal connections in order to care of your business.

Keep in mind that you should have not only to look for an office, staff, supplement and sale channels, but to track everything up to automatic activities personally. Plus to this, it is important for you to work on your personal stress tolerance. This is exactly the quality allowing you to go on moving forward without paying attention to prejudices and other people’s talks.

Field for Business

Make an analysis of a neighborhood, town or city you plan to start a business in. Find out what fields are weak, and which have the high level of competition. Determine if you have a real wish to work in the chosen field, to get results and to wait for your income periods.

Wrongly chosen field will lead you to the loss of interest. As a result, your control will weaken and your efforts will become wasted. Additionally, it will be very important for you to learn all the nuances and to gain total control of your specialists to understand the real state of your own business.

Start-Up Capital

Here is one thing: you should not refuse your plans because of lack of enough money. Start from the smallest things. Of course, it will cause take a lot of time, but will allow you to start a small business without huge loans, high percentages and urgent payments.

You should understand that it is quite difficult to receive a credit for a small business startup. In addition, you will have to pay out quite a big monthly credit sum. This is why you need instant incomes in that case. But consider the fact, that no business is smooth at the very beginning.

Still, do not use funds that were saved for children, for medical or studying purposes, for strategic goals. Try to be smart even if someone offers you a big-scale business “recouping” itself in two months or a franchising start-up. Those virtually profitable projects cause big expenses and not always fulfill expectations of investors.

Choose Your Goal

Be sincere and honest with yourself about the result you expect to get from your business. Maybe, you look for a possibility to become rich or to rule people. Mostly, people try to prove their abilities for others through becoming successful businessmen.

If any of these three goals is yours, then it is most likely to lead you to negative consequences.

A business is a set of actions where it is important to love your project and to join goals. You have to be sure about the good result from the very beginning. Only a positive person can perceive the situation correctly and to choose the most optimal solutions.

Think About Quality

Know how serious is your will to fight for the quality of your services or goods. It is worth to know that many modern businessmen bet for quantity in order to recoup their first investments fast. At the same time, they do not want to work with claims and appeals of their customers.

Coface Credit Expert

So, modern customers choose the service which has a good history. This is how sales channels, partnership relations and positive reputation appear. Answer the question: what is the quality of goods you sale?

To Conclude

The starting period of any business often determines its future success or failure.

Coface credit and insurance experts are always ready to give their experience to your startup. Guarantee yourself the Prosperity!

2018 Business Trends

Next-generation business is oriented towards making lives of modern humans maximally simple. Coface credit experts and insurance specialists say: projects touching comfortable and simple life will prosper successfully in future.

Here are some most reasonable trends of the ongoing year.

“Smart” Household Equipment Production and Sale

What does the word “smart” mean here? Today they use it to describe devices possible to be controlled with smartphones. They create more and more applications and programs that allow you to setup and turn on the TV-set, coffee machine, washing machine, etc. And the user can do this even from outside the house.

2018 Business

Maybe, this will not be enough for humans in future. What if they create not just “smart”, but “very smart” devices controlled with the user’s thoughts? What? That’s not a bad idea for a 2028 year business startup, is it?

Autonomous Building Process

Not all physical work can make humans better. For instance, heavy physical loads in construction bring more harm than health. That is why automatic service technologies are being developed. For instance, they invented a robot who is able to build brick walls. Soon, other building processes can expect automation to become their trend.

Online Dressing-Room

The Internet shopping is what many people use. It is comfortable, fast and cost-effective. But there is one serious lack about that kind of shopping: it is impossible to touch or try putting the clothes on for the client. That is the problem which many Internet developers try to solve. Internet-stores offering online dressing-rooms for their clients’ disposal become extremely popular in 2018. These technologies can interest newbie businessmen who only look for their field yet.

What business fields to consider in order for your startup to prosper?

Domestic Tourism, Agro-Tourism

During recent years, local places of interest gained much popularity for people all over the world. People start valuing things which are nearby. Trips around the country can fit those who can’t afford traveling abroad, too. If you know how to organize entertainment and rest inside your country, then it is impossible for you to find a better idea for business.

Ecologically Pure Products

GMO-products and food additives almost dominated natural foods all over the world. But nowadays, more and more people want to eat food grown without chemical and other fertilizers. Such products are highly valued, so it is possible for you to recoup startup investments very fast.

SMS-Informing Services

Who should you inform? For instance, inform parents whose children attend schools and colleges. Child safety is an ongoing topic during some recent years, so this idea is quite on demand. Kids receive special cards with integrated chips. Then, you set up an equipment which is going to read the information from cards and send notifications to parents. This means, a child enters the school building, uses a card through a special reader, and then parents receive the appropriate signal. Families pay certain funds for every notification. You can start from one school and then expand your service to the scale of a district or the whole city.

New Business Ideas

Here are some new business ideas and trends of 2018 that are worth your attention. They can give you good stable incomes if you study them well.

Drone Sales

Drones are unmanned flying devices. Armies started to use them first, but then these technologies proved to be able to improve our everyday life, too. Drones can carry documents, deliver purchases made online, and so on. To launch sales, you need to find a supplier, to create a website and to launch an advertising campaign.

A Shop with no Salesmen

These are small trading points where you can buy food supplies and essential goods. They are perfect solutions for small villages and towns where there are problems with regular shops and stores. Before opening a new trade point, study the closest neighborhood, talk to locals, and understand their needs. Then, you only need to create a business plan and to launch the first project.

You can guarantee your business to prosper in 2018 and further. There are many ideas that can bring you good incomes.

Plus, Coface credit and insurance specialists are always here to help you evaluate risks and provide safe trades all the time.