Ready to Succeed in Business? Here are Some Tips for Newbies!

Recently, young people—from millennials to Gen Z—have been successful in their businesses. Be it home-scale businesses or franchise-like businesses like coffee shops, food and beverages, and others, they are attracting many people to start a business as well. Are you also interested in starting a business but are hesitant?

No worries! These are the tips you can try if you are planning to dive into business:

Decide the Idea at the Start of Business 

Before starting a business, the first step you must take is to decide on the business idea. For instance, you can choose the business you would like to pursue or have a passion for. If cooking is your passion, then you can start a food & beverage business. 

In the beginning, it is better to pursue only one business so that you can focus on it. This is to avoid financial issues, as you may need more funds for a starter. When your business flourishes, you may expand your business and pursue other businesses.

Do Market Research

After knowing which business you would like to pursue, the next thing you should do is market research. How important is market research? By doing market research, you will know what is trending, what customers’ interests are, and what business competition is out there.

If you get the picture, it will be easier for you to run the business without having to worry. Additionally, doing market research before going to business is beneficial to maximize the quality of your business and to get qualified and trusted suppliers of raw materials.

Create a Business Plan

The next thing you should do is create a business plan, as this is crucial to keeping your business going. In creating your business plan, be sure to include things such as a financial forecast, business operations plan, marketing strategy, market analysis, business objectives, vision, mission, and so on.

Making a budget beforehand is also essential, as it can maximize the execution of a business strategy. How to create one? Check below!

Cost Analysis

Collect all needed information, starting with operational costs and others. This information will help with budgeting, which is usually categorized into three categories: fixed cost, variable cost, and contingency cost.

Variable costs include the cost of goods sold (COGS) and commission, and fixed costs include insurance, rents, machines, and others. If you start a business, there is no harm in preparing a business establishment.

Analysis of Earnings

It is important to analyze earnings so that there is zero markup when running a business. Earnings can be analyzed by periodically tracking revenue. This process can be done every month, semester, or year. The collected data can be used as a standard to determine business earnings for the following year. Do it carefully, as it will impact your business advancement in the future.

Make Connections

To get a better picture of the business you will be running, make connections with people relevant to it. How to do it? You may attend workshops, seminars with potential business partners, and so on.

When you make more connections, you can get more information about the business you will be running in the future. If you meet new people who have been in business for some time, you may inquire them about it.

These are some tips you can apply to have a successful business, even if you are still a newbie. If your business requires larger vehicles to support it, we recommend you buy a HINO 300 Series or HINO 500 Series through PT Hino Finance Indonesia.

PT Hino Finance Indonesia is a company specializing in commercial trucks, specifically the HINO Series. We offer financing solutions such as sale and leaseback, finance lease, and others.

Good luck with your business!