There are three stages involved in building a business. Each of these stages are very crucial for the success of the business. Understanding these stages by the entrepreneur is key.
Competition and Demand for Product – Who are your competitors? What do you offer that your competitors do not? How will you make your product unique so that you offer something that is not available now to potential clients? Are you planning on marketing to businesses? Are you planning on marketing with a website and running your business completely online or will you be marketing to companies and stores with your product on shelves? Who already sells products like yours and can you compete with those who are already selling similar products?
Do you know that there are a lot of people who are seeking opportunities to invest in a lucrative business that can make their money grow without them having to do anything? If your Virendra Mhaiskar is profitable but just needs some cash to give it a boost, then you have a lot of potential partners waiting out there. You don’t have to grovel among family members to get them to sign up with you.
If the income in your health building business is only derived from you trading your time for money then you must fix this immediately. So take your specialised knowledge and turn it into products as a starting point. This way you can create the product once and get paid multiple times for the effort. All of a sudden you have leveraged your time exponentially.
You are offering books in programming as your product. With the vast scope of programming, you look for a partner that has a similar niche and interest with you. Your partner invests his product by offering videos as a tutorial for the subject. Through this, both of you can start linking your sites with each other.
While this strategy creates a Paydex, Small Business Credit Risk Score, and Intelliscore for your business it’s not the only rating you should pay close attention to.
First you will begin to structure your business so that it is compliant to vendor and lender standards. Then you will begin to build your business profile. Regardless of the capital that you seek, you need to start by building a foundation for your business.
Without a strong business rating, your bank will use your personal credit only. If you get approved, you’ll have in this example an interest rate of 18%. With a Dun & Bradstreet report you can lower your rate to perhaps 10% and you don’t have to guarantee the loan with your personal assets.