It means that the competition is getting to tough and maybe you can’t handle it. To overcome this you can give special offers. The competition may follow you example but maybe if you can afford it; you can give a bigger discount than them on well-known products. Maybe you can give a weekend sales. Increase your advertising so that people will become more aware of your business. If you have a good advert on the television then you can brand your business name into their head so the first place they will think of is your business.
Bad idea If could be that you have an idea and you think it’s a great idea but realistically it’s a really bad. To overcome this problem before you start to make plans to set up a business you should talk to someone about what you are planning on doing. By doing this they could stop you from making a terrible mistake and losing a lot of people.
You could possible do surveys asking the public if they think your idea is a good one and if they disagree then you should give up on it. Customers may not like the products you sell.
It could be that you are selling the wrong products. You are not selling what the public want but what you think they want. If customers don’t like the products you are selling them you could do market research to find out what customers want and then give it to them.
The benefits of setting up in Business You can do something you have you have always wanted to do. If your company is successful then you will make a lot of money You can work any hours you choose too You can give yourself holiday when you want and for how long
You can work at home at times so you don’t have to go in to work You decide how much money you should pay yourself Qualities needed to set up in Business Lots of common sense so that you will make the right decision about business deals. Obviously good punctuality so that you are always on time for everything and that will give you a good reputation for turning up on time which a lot of people like. A neat and tidy person so that your work office isn’t always a mess and you will find things easier if the place is organised.
Previous experience in working in that field so that when it comes to opening your business you know what you are doing because you have done it before. It would make it much easier. Good team leader so that you can lead your team in the right direction. If you’re not shy you will be able to explain what you want to get done and you will be able to speak clearly. * Someone who knows what they want and isn’t afraid to take risks because when you know exactly what you want you only need to work out how to get it.
You will need to take risk to get what you want because you can’t always play it safe. I think I have some of these qualities but I am lacking in some. For example, I get nervous when I have to speak to a room full of people. I think I should try to work on this because in the future I may have to give presentations. I have experience working in a retail shop but not enough where I will be able to open my own business. I am a much organised person so I will be able to know how where documents are.
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