Starting a successful investment needs effort and mentorship, especially in the very early steps.
Success in business is multi-factorial. It depends on the market nature and needs, the competition on your niche, and the available capabilities. You have to make careful decisions, especially in the first stages of your business. You are needless to go wrong.
The American entrepreneur Bill Green has advice about that can help you with your investment
Bill Green says: “with more than 15 years in this field I have seen so many companies established and I was part of it. This experience taught me priceless lessons. The most important one is how well you search behind the nature of the consumer, and how you can convince clients from different cultures to pay you their money.”
According to Green, there is 3 investment advice you should focus on. These steps reduce the stumbling blocks that startup companies may experience at the beginning:
Calculating your budget Accurately
Before starting any business, it is important to have an accurate calculation of the cost your investment, the nature of the prices, in terms of rents, salaries, and raw materials, as well as the cost of the procedures you need to start your project, and whether you need to provide capital at once or It can be in batches.
Accurate calculation of the investment cost from the beginning helps you to determine the appropriate investment for you accurately and the average return that you are waiting also, and being able to assess the success of the project.
Choose the appropriate team
Any project needs at the beginning a strong and trained team and has experience in the market which you want to invest in. If the team has the experienceو it helps you sidestep mistakes and provides you with expert advice.
also appointing a professional team gives you a strong advantage, which is knowing how to deal with the target customer and what his needs are and dealing professionally with market variables to achieve a successful investment.
A strong business plan
Investing in a new market is not only about providing a good service or product, but success requires more than that. Success investing in a new market requires a business plan, a marketing plan, select a good project site fits your budget, and a strong network of relationships.
Bill Green also says as investment advice: “Rule of thumb, I can honestly say that the first year of any investment needs to make the correct decisions. It’s crucial to get support from people or experience firms to help you overcome market barriers.”
“Ask for help in things like legal procedures, logistical matters, and understanding the needs of the consumer if you want to invest in a market that you have not experienced before, to learn how to deal with this new market and how to avoid mistakes.”