If you want to be a future millionaire, then don’t just depend upon a single job. Whether you are a simple school teacher to a high corporate officer, you will need to grow a business to uplift your living standard and to keep your pocket full. It doesn’t matters whether it is a large scale or small scale. On this article, you will learn the factors that affect business in Nepal for successful startups.
I will be talking a lot about business on my website. I decided to provide information in-depth, which is why I am writing this article. Before we move into bigger topics like growing your business, it is necessary to know few essential things about business as a startup.
Factors That Affect Business in Nepal
Recruit Best Talent
Also known as workers or co-workers, talents are the backbone that will uplift your entire business. Be very careful while recruiting staffs for your company. Your employees should be well experienced and skilled on a particular field. They should have a permit status and working license. Only bring people who love the job and have passion working on it, not the ones who do it under family pressure because they will ruin your business at some point. Also you should challenge them with tough tasks to keep the innovative ideas flow. The point is that don’t let them feel bored while working for you. You don’t want to lose a diamond in the rough for your company.
Investment of money is required to start and grow a business for long term goals. You will need to buy different assets of company such as machines, workplace, wage of workers, etc. to gain profit. You should be realistic about the expected profit from investment. You will also require some wealthy relatives to support you in case if you run out of stock. Selecting the right product also matters. Before spending, research the product carefully, it is not a good idea to ask questions after investment is made. However, a good entrepreneur is always a big risk taker.
Find a place where there is high demand for a product and low competition. Sometimes, you will be benefited by establishing business near other similar business because it will attract groups of consumers around that place. If you are trying to find a rental store, or factory, make sure that their monthly rent amount is affordable and not too high for savings. There should be proper transportation and communication facility; otherwise it will be hard for you to make profits. Also check for government incentives. Choose a location where you will be benefited from government taxes as well. Be sure to check the political influence over that place.
Population and size
Targeting places for business where there is limited number of customers, such as small village area with only few families, will not be profitable. You should analyze the population and determine scope of your product. Target an area where there is minimum 5,000 numbers of people living in for startups. Also take care of age group targeting, whether your business is made for kids, adults or senior citizens. Therefore, do populations research on age difference as well. Select an area where there are growing new customers than returning old customers.
Fresh Business Ideas
Your success also depends upon fresh business ideas and strategies. It is not always true that Hotels and Bars can only make big income. Find what locals need. For example, if you live in an area that takes 20 minutes to reach market could have high potential for Stationeries, and Dairy Products. Similarly, if you could target nearby external places via home delivery options, then your business would skyrocket because people are willing to pay for it. Therefore, always be creative with find fresh business ideas before starting.
As a startup, you will need to do a lot of advertisement. Don’t hesitate to pay for announcements in local TVs and Radios. Newspaper publishing and placing big banners on highways and streets also help. Take advantage of internet marketing and online solutions as well.