If you are going to start your own business

I was taught both in class and in class. Young people want to start their own business online. What should I do? They ask questions such as how to do it. It is based on a series of articles that you have read and experienced. I want to admit in advance that I am not an economist. After arriving in Rangoon in 2002 with no capital, AELC was founded in 2013 and is based on the experiences of the current operations. How to start your own business based on your knowledge of business literature. It shares what you should do. You need to think before you start a business. What do you need to think about? There are at least four things to consider. These are

  • 1. Types of Business (business cards, google my business)
  • 2. Market Area
  • 3. Investments Types
  • 4. Break Even Point

First of all, you need to start thinking about Types of Business .

  • Production
  • Service
  • Trading

Number 1: Start thinking about the type of business you want to do. When you think like that, you have a hobby. Choose the type of work you want to do. Do not be distracted by any influential activity in the environment. This means that other people are opening phone shops. I want to tell you not to open a car showroom. In today’s world, it is important to take into account the needs of the customer . Creative ideas are weak, so you are weak in satisfying your customers. In other words, the ability to provide customer satisfaction is weak (business cards, google my business)..

Number 2 is to consider the market area. Organize your business Regional; To what extent do you aim for Local, International, etc.? Types of Business and Market Area are directly related. This means that the person who is going to open a small shop will be in your market area of ​​your neighborhood. If you want to build a water treatment plant, you can think not only of your township but also of the whole country. As for the media business, you can think not only of your country but also of the international community.

After thinking about the market area, is your business a new market? Old market? You need to think about this.  If you are in a new market, you need to focus on your business. You need to make your product familiar to your customers, and in the old market, what percentage of the companies in the current market have the largest market share? You need to think about how much you can afford. So, if you have to repurchase a share of that market, do you want others to take your market share? Or attract non-users who have never used it? These need to be considered (business cards, google my business).

Number 3: Investment Types: Do you just go with the capital? Will you borrow from others to do what you want? You have to think about whether you want to collaborate with others. This also applies to the type of business. If the business you are choosing is big and you have little capital, you have to choose between the two. Then you need to have a solid business plan. Possibility Percentage needs to be calculated as close as possible. Another is to set aside money for risk. If you have 100 lakhs, you can not invest it all at once. A business can make a profit. If that happens then you need to be able to follow through.

Number 4, Break Even Point … is the capital point. If you do your own Investment Types with your own money, you should consider the payoff score even more if you do not consider the payback period too much. (Those who work with their own money also have to consider the cost point). In that case, from others. If you take money from a bank, you need to think about how to get rid of it as soon as possible, as the rising interest rates are related to your profit and loss.

It is important to consider how much profit you can make in One Unit and how much you can earn in a year and how much you will pay back in a few years. (I left it out for fear that it would be too long because it was technical). We hope that these basic tips that will help you get started before starting a business will benefit young people who want to start their own business. However, I will continue to write more about business. “Let young people start their own businesses and grow and prosper.”