Uber is a US based startup “transportation network” company. It had started the business in 2009 and recently expands quickly in the rest of world including Asia and Kuala Lumpur was listed at the end of last year,around November.
Some well-known entrepreneur think we are now in the marketing age, meaning that marketing is a key function which dramatically drives a business to a gain or loss. I totally agree it.
For example, you want to sell a kind of bottled fresh milk. How could you get some market initially when there are so many existing players? To put advertisements (newspaper/magazine/Internet etc) indicating the unique advantages of your product, to set a few promotions to let more people know your product and perhaps you can give out free products to potential customers.
Thousands of marketing strategies are out there. You need to take some time to learn some and apply some in your real business. However, you have to remember that every cent you spend on it is definitely at the right place.
4. Human resource
You should hire some staffs who love the job rather than the salary. They surely will pay most of their efforts on their duties and their passion may motivate other people in the company and let all work more efficient than never ever.
If you are doing your business with partnership, only partners working together at the beginning will be a nice method too because it could help you spend less on payroll and know more on the enterprise. If you do need some extra manpower, just hire a proper number of employees. You must be carefully on this because salary is a fixed cost in most organizations. That means the more you hire, the more fixed expenses you hear to pay monthly, and you will feel very hard to cut it down.
Once you completely get those four points above and know how to implement them, I think you could do your real action now-to register a company and a related license/permit.
I’m sorry that I can’t explain too much on this because the rules and regulations are different in most countries. However, I think you could have your detailed information from Internet. Of course, go to have a consultation with chartered accountant or other professionals will be a good idea too.
I’d better to stop my article here since I can do nothing from this point. I wish my contribution could have some value for somebody.
Have a nice day!
Having a sort of options, we need to think about profit. Most business is profit-driven and most people are not willing to see any losses. To do like that, we have to learn how to pick up a good product/service and start the very first business:
1. Demand and Growth
In some term, the demand is the market. If the demand for a product/service is very high, I don’t think the business will go down. However, it always has high competition too and that will definitely rise up a price war. Your profit margin will not be able to follow your target for a long way. Thus, a product/service has a low demand figure currently and a high growth rate is great.
Any business should have a budget, not only for profit, but also for expense. The most limited resource to people who just start to do business is money and unfortunately it is related to everything. So we need to make a budget first and try our best to get enough money into capital in one side, control all expenses in the other side.
To get a budgeted gross profit figure is not a difficult thing because once you correctly know the demand of your product/service and set your profit margin, it almost closes to you.
Well, the budgeted expense is a tough thing. However, you should make sure that the monthly expense is at least less than 1/3 of your initial capital so that you have a 3-month buffer period to promote and sell your product/service without serious financial issues.
Savings is always welcomed. You can order your goods in bulks to have some discounts and lower transport charges; you may only hire several guys, including yourself, to work on the business; you may rent a small unit as your office. To cut the words short, please maximize the value of your money at this particular time.
Many people may not have a wonderful employment. The tough boss, the complicated office politics, the troublesome target are small parts which make people upset and unhappy. That’s why more people nowadays start thinking about open their own business because they could override the matters in office and control some others and the best part is they’re able to realize their dreams by their hands.
However, things are never going to be so easy. I think to do some planning at the initial stage is necessary. I just roughly list out some essential elements we should take into account. But today I only want to talk about one of these elements is product/service.
To talk about it and to make it work are totally different. To start a business, we have to clearly know which kind of product/service we will carry out. For a business, product/service is the most important thing and of course, it’s tiresome too.
My friends always complain to me that there’s nothing harder than choosing product/service to sell. Well, that’s a big truth. Different sorts of people drive different sorts of demand and the demands push out the products/services. How to choose one product from billions options? You should know your interest and then profit target.
You may be surprised that why I put the interest at the first position. Apparently my reason is simple, just looking back to see why you want to be a boss. If you get great profits from sacrificing your happiness, what you earn is merely some good-looking paper. If you could earn money and have happiness at the same time, you will be the richest man in the world. So now you need to go to find something you’re interested in. Please be noted the ‘something’ doesn’t mean one product/service, it’d better to be a group which allow you to filter out later.
I have used Maxis services for more than 4 years and every time when they introduce new products,I’ll try it first and I feel quite satisfied before I received this message today.
I had bought 15 caller ringtones in total throughout years.Previously I just need to pay RM 3 monthly to continue my specific service.But if following the new rule as above,I have to pay RM 30 monthly to maintain my songs.That means it’ll push me to eat porridge some day.
So I have kicked off all caller ringtones and will forget about this service to save my rice. ;p Other Maxis users,what will you do when you see the notice?