Usually, the points above will be an important consideration before building a business. But because this discussion is a trending business. Then of course the market and marketing trend points will be easier to reach (because basically, the product you are selling is popular among the public). When it comes to capital, of course, it comes back to their respective abilities.
Building a business can be started at any time, by anyone, and with any capital. However, 2 more points are often forgotten by novice entrepreneurs who are just starting a business. What are these 2 points?
We believe that almost everyone knows the necessity of keeping financial books. But not many people are aware that accounting makes a big enough contribution to maintaining and developing a business.
Although in general accounting activities are not required or used as a benchmark as a source of profit. However, this does not make accounting any less important than other aspects.
Did you know that an inadequate accounting process can result in business failure and loss? There are so many business people who fail to thrive at this stage, all because of their lack of knowledge in managing finances and carrying out accounting processes.
Either because they feel accounting is less important, or because they are not proficient in calculating them. Or maybe because accounting always deals with numbers, many people back off after learning about the association.
Of course, developing a business will certainly not be perfect if it is not balanced with a low capital budget. Why are supplier points important?
Logically, you can set how much profit you want to get. But of course, you also know that you need to compete on price (especially since this is a trending business, rivals are sure to mushroom everywhere). So, you can’t arbitrarily increase prices because bargaining power is in the hands of buyers & suppliers.
The answer is simple. You just need a cheap but quality supplier. The problem is complicated. Where are cheap and quality suppliers? There are cheap suppliers, but not necessarily complete and of high quality. Vice versa, suppliers who excel in quality and completeness do not necessarily set a low price. Or maybe you find a supplier that has both, but is the accessibility easy to reach?
In the digital age, finding suppliers is easy. Yes, only the supplier, not the right and reliable supplier. Now everyone must be smart to find suppliers who can supply business needs. Of course, it would also be better if you could make special requests to suppliers (so, there is differentiation in your business).