April 21, 2018 / BY AKD

Tips to Start a New Venture

In a competitive environment, the idea of starting a venture could be quite overwhelming. Questions start to arise from raising capital to set up everything. This type of attitude is pretty common for new businessmen to-be.

However, these thoughts are not irrational. Starting a whole new chapter with so many factors of risk involved requires a lot of work and thought. Even though starting a new venture can be nerve-wracking, it is very rewarding in the long run. And by this, we don’t just mean financially.

Here are some great tips that are easy to implement if you are thinking about starting up your own business. These ideas are inspired by the life of Aqeel Karim Dhedhi, a business tycoon as well as a role model for many potential businessmen out there.

Calculate the Costs and Establish a Budget

A business requires a unique idea to start with. Once you’ve come up with one, identify the industry your product lies within. To start with, you can do some research and find out the standard cost factors associated with that industry. This will not only help you manage your business efficiently, but your investors would want to know this too.

Once you’ve discovered the estimated costs that you’re going to have to work with, calculate how much the manufacturing your product or service will take. Then you can start working on the marketing plan accordingly.

Learn More to Earn More

Before you could earn a fortune, there are most probably than not going be many things that you’re going to have to learn. There are many ways you can learn but mostly you need to focus on areas of sales, marketing, and operations.

This is important if you really want to run a successful business. Focusing on these three areas is the key and you could do this in a few ways. You can either learn things by yourself, or you can hire an expert and learn things from him/her.

Get the Right Investors and Listen to Them

The fact that cash needs to be flowing in as soon as possible for a business to run is no new information. There is definitely going to be a need for some kind of funding to start off. This funding can be through your own saving or credit. It can also be done by finding an investor who supports your business and is passionate about your work. There are many venture capitalists in Pakistan like AKD group that support new start-ups.

The important thing to note here is that it is essential to listen to them. You have to accept the fact that you’re going to have to listen to their advice and suggestions. It is not vital to do what they say, but there is no harm in considering their opinions.

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