Things to Do Before Starting a Business

Are you planning to quit your job, and start a new business? If that is the case, then you really deserve the thumbs-up to make headway with such an idea. This is because the world has been experiencing a massive economic meltdown since 2007. Consequently, the phrase “layoffs” has become a trope in the corporate world. In case, you too have been feeling some inklings of facing similar situation in the near future, then it’s high time you started thinking of some other alternative to keep yourself get going!

Starting business is an excellent idea for those who wish to harness their enterprising skills. It should, however, be noted here that setting up a business is not an easy task. It could be an exhilarating, as well as exacting experience at the same time. One needs to do a lot of planning beforehand so as to avoid any kind of setback in his or her venture.

Here are a few things for you to ascertain before starting a business:

  • Do proper research: Do your ground work before hitting upon an idea! You might be having certain grand plans to kick start a venture, but others too could be having similar ideas. So, you need to a great deal of shovelling before hitting upon a plan, which would be unique. Ultimately, you need to have an edge over your competitors so as to gain a stranglehold of the market. In such cases, the best way out for you would be to offer your goods, or services at cheaper rates than what is being offered by your business rivals. This work outs perfectly well for those who are beginners, and want to sustain their presence in the market. 
  • Try out before quitting your job: Set up a small scale business venture while you still exist on the payrolls of your company. Observe the market trends for some time, and build up a strong client base till you are confident enough to run your own show. So, in case, you don’t have congenial work environment in your organization, there is something else for you to fall back on! 
  • Question yourself: Everyone needs to formulate certain business goals, and you too need to do the same. Keep questioning your plans, and why you wish to execute them. There are instances when things go haywire, and being an entrepreneur you need to question your objectives. This constant exercise is imperative to ensure a steady path of growth, and ward off the factors, which could stall the process. 
  • Learn from others: Expand your contacts in the market, and make new connections. Make it a point to constantly meet your veterans, and learn from their prior experiences. Communicate with people on the social networking sites, and join a few groups. Interact with people on social platforms, and enlighten yourself. 
  • Seek legal advice: Take advice from a legal expert before starting a business. Many people think that they would need legal counsels only if they get into dire straits. The wise have always stated that prevention is better than cure. So, take advice from a lawyer before starting a business. Do not hesitate in seeking legal counsel before it gets too late. Or else, things go out of hand. 
  • Survey the market: Keep close watch over the market trends. Take into consideration what the consumer wants. It’s not necessary that people would buy whatever you wish to sell. Ultimately, consumer demands determine the supply factors. 
  • Make your brand: Be innovative, and try to create your brand image. This involves a great deal of experimenting. Take advice from experts, and do something different from your counterparts. In this way, you would definitely outshine the rest.
  • Improve your credit score: Ensure that you have a clear credit history so as to attract investments for your business. It is possible that you would fall into a debt trap in due course. Keep enough savings as backups. If your credit score isn’t good, then you would end up borrowing less money at high interest rates. To start a business, you need a real good credit score so that, you could borrow as much as you want. 
  • Be clear about your tax payments: You need to pay all the taxes on time, in order to avoid unnecessary legal suits. There could be a number of taxes which you need to pay from time to time. Hire an accountant to organize your finances, and put everything on paper in a systematic manner. 
  • Be prepared for slack periods: Every business is bound to experience tides and troughs. There would be lean times when money flows in at a slow pace. You need to have enough savings to stave off unsavoury situations, in case a client turns out to be a defaulter in payments. 
  • Stick to a proper schedule: Fix your working hours, and make it a point to adhere to your schedule. People who are flexible about hours tend to fail in their endeavors. 
  • Work out your exit strategy: Make your plans in advance to safely quit your business, in case things don’t work out in your favor. Keep observing how the market is trending. It is advisable to sell your inventory, and make up for losses on time before it gets too late. Find a potential buyer, sell your business, and reinvest your money elsewhere.

 

Is the World a better Place for Travel

Worldwide economic slowdown, conflicts and terrorist attacks, and the European refugee crisis, apparently seem to have their impact on the global travel & tourism industry.  However, when we look at the actual trend, the industry has maintained its growth despite all the adversities. A report from IPK International World Travel Monitor, 2015 reports a 4.5% growth in actual outbound trips in 2015, with a healthy increment of 4.3% estimated for 2016.

Outbound travel is primarily fueled by Asia Pacific and North America.  Germany, as a country is the ‘world travel champion’ – a leader in outbound travel. The United States follows Germany and continues to be both a leading source and destination for travel. China enjoys a leadership position in the travel industry, being next only to USA in terms of spending.

The European economy has improved slightly from 2014, primarily due to the growth of Germany. Overall, the forecast for Europe is a net growth of 2.8% in outbound travelers. While Europeans have maintained their momentum, they are likely to travel to safer destinations, avoiding the zones of conflicts and terrorism. Also, there is good growth in inbound travel to Europe, and the expected growth is between 3 to 4 % in 2016. Travelers from China and Asia Pacific countries, USA and Japan are all keen for travelling to Europe.

Outboubound Travel Forecast Percentage GrowthEconomic growth has slowed down to a certain extent in Asia Pacific, but, despite the slowdown, the number of travelers have only increased and the projected growth of 6.3% for outbound travelers is on expected lines. The growth rate as per IMF report for 2015 shows that India’s rate of growth is highest at 7.6%, ahead of China, and therefore, outbound travelers from and to India are expected to increase.

While North America is expected to show good growth in outbound travel, South America’s 1.9% growth is a cause for concern. About half of South America’s outbound travel market is catered to by Brazil and Argentina. Traditionally, South Americans travel internationally within the same region. One international event which could improve the percentage of international travel to Brazil could be the Olympic Games planned to be hosted in the city of Rio de Janeiro this year. The last Football World Cup in Brazil in the year 2014 caused more than half a million visitors to Brazil, and this trend is expected to be seen during the Olympics.

The Middle East travel market is one of the fastest growing markets and countries like Saudi Arabia and United Arab Emirates (UAE) are leaders in this area. The region is noted for travelers with deep pockets, who usually travel for long durations (with average trips for more than 14 nights). Also, more than 30% of travelers are immigrants travelling to meet friends and relatives. Inbound travel to Middle East has been seriously hurt due to the ongoing conflicts in that zone.

Last, but not the least, social media plays a vital role in international travel today. 70% of international travelers are active users of social media such as Facebook, Twitter, WhatsApp, LinkedIn, Google+. About 30% of the international travelers actively use social media for planning their trips. Marketers would do well to be creative with innovative approaches, so as to influence this section of buyers to plan their trips.