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INITIAL DIFFICULTIES BUSINESSES MAY FACE WHEN STARTING A BUSINESS

Small-scale businesses can use shared office to reduce the costs of buying furniture and necessary office equipment.

Startup businesses should use the service of renting office seats to save costs

1. Business idea

Business starts with ideas that are nurtured over a long period of time. Business ideas are considered the premise to arouse the entrepreneurial desire of startups. At the same time, it helps to orient the future operation path and make an appropriate business plan.

However, many startups will have difficulty in finding and shaping business ideas, such as:

  • Business ideas are far from reality, do not bring benefits and do not meet the actual needs of the majority of consumers.
  • Duplicate ideas, not new in the market, lead to lack of competition.
  • Complex business ideas can be difficult to plan for implementation.
  • The initial business idea is different from the direction leading to confusion in the development of the idea.

The business idea is the step that decides whether the business can be done or not, so the business idea is not just a personal thought in finding new things but also the steps of research and calculation of meticulous rate for a unique strategic background. 

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2. Business plan

A business plan plays an important role in the survival and development of a business. This is a tool to help plan each step of the business and used to measure results in the process of operation. In case business activities face difficulties because of going in the wrong direction, enterprises can look at the business plan to make reasonable adjustments.

Problems startups may encounter during business planning:

  • Shortcomings in calculating business goals and results.
  • Failure to meticulously evaluate the actual situation of the enterprise as well as other internal issues such as company culture, building operating principles, solidarity and understanding among company members.
  • Underestimating the strengths and weaknesses of the business.
  • A complex business plan with many redundant details makes it difficult to understand.
  • Profit calculation is too high compared to actual operation, leading to misjudgment of business potential as well as setting wrong development goals.

Creating a business plan is an essential step. Whether the plan fails or goes wrong, this is still a step to help businesspeople see shortcomings for timely innovation.

3. Financial management

Capital is a basic condition for establishing a business and starting a business. During the operation of the business, the management of capital to maintain operations needs to be meticulously paid attention. This is considered an asset of the business used to pay expenses such as hiring staff, office space, importing raw materials, goods, or machinery, paying debts, etc. Above all, this asset helps the business. able to assert its position in the market, is a solid foundation for business expansion in the future.

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Many newly established businesses do not have experience in financial management and do not have a clear spending plan as well as periodic financial statements, which easily leads to a loss of operating capital of the business. Therefore, business owners need to have knowledge in business financial management to be able to maintain smooth and predictable operations.

4. Human resources

A company's human resources are an active resource in generating revenue and are considered inexhaustible. Enterprises possessing a team of employees with professional knowledge, enthusiasm and professional ethics will certainly have a strong team. However, for many startups, finding such qualified human resources is not easy. 

Initially, company employees need to undergo training and for new businesses, this is not necessarily a simple task. The reason is because first-time startups will lack experience in guiding and orienting employees so that they stick with and cooperate with the business for a long time. Experienced employees rarely work for a start-up, instead looking for a strong base from which to restart their career. Therefore, startups need to be patient in training employees and at the same time practice management skills of the company since its inception to recognize its advantages and disadvantages and make timely adjustments.

5. Quality management

Enterprise management is the activity of planning, organizing, implementing, checking, monitoring, and adjusting all activities in the process of operating an enterprise. Make optimal use of existing resources to achieve set goals such as achieving revenue, increasing brand coverage... Enterprises may encounter the following problems during operation management:

  • Failure to identify the vision, mission, company culture and core values ​​of the business.
  • The system of strategic goals lacks rigor.
  • The tasks and completion targets are not specified.
  • Working procedures, company regulations and work instructions are not clear and strict.
  • Do not develop software management tracking systems.

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6. Activity Area

For many businesses dealing in goods, choosing a business area with many potential customers is extremely important. This directly affects the revenue of the business. It is also a manifestation of ineffective business development plans and strategies when businesses choose the wrong area to start a business. Therefore, businesses need to consider when looking to rent business premises or offices.

Startup businesses are often small, so it is important to pay attention to finding a place to do business and work to help save on rental costs. Cheap office rental locations are relatively suitable for collectives with less than 5 members. Many places to rent office chairs in Hanoi fully support the necessary utilities in the office so that tenants can also use them. In addition, the office leasing units in Hanoi also provide other support services such as meeting rooms, small office packages with full office furniture, ...

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