Neither excessive expectations nor low expectations are good for a business when starting out. Expecting immediate profitability from a new business is an unrealistic expectation. On the other hand, believing that profit cannot be achieved in a new business is also incorrect. It is natural to expect your business to generate profit or be profitable. Keeping this in mind, you need to prepare yourself before starting a new business. Therefore, it is beneficial to learn business tips or strategies while preparing to launch your new venture.
In this blog, we will discuss some effective strategies for making a new business profitable. Additionally, we will learn about, HishabPati can make your business transactions & accounting easier.
This blog contains-
Preparing to Start a New Business: Initial Steps
When preparing to start a new business, you need to make several decisions and accept certain challenges. Afterward, those decisions and challenges must be implemented through proper planning. Accurate planning, precise calculations, and effective strategies are what lead your new business toward success. Therefore, the first step to the success of any business is proper preparation. For a new business, it is essential to keep the following points in mind:
1. Choose the Right or Timely Business Idea
You should choose the right small business idea based on your skills, interests, and the demand in your area. For example, if you're interested in selling a product online or offline, analyze the current demand for that product in the market and assess the competition before preparing to start the new business. To learn more about this, read on—
4 Small Business Ideas: Start Now and Make a Big Impact!
2. Create a Comprehensive Business Plan
Create a detailed business plan that covers everything from investment, product sales, marketing, to methods of tracking income and expenses. Starting a new business without a realistic plan is not advisable. This plan will guide you and prevent you from losing your way! To learn more about this—
Key decisions to make at the start for a successful small business
3. Conduct Market Research for the Product
Market research is extremely important when starting a new business. You need to have a clear understanding of which products or services are in high demand, the position of your competitors, and the purchasing power of potential customers.
4. Create a Realistic Budget for the Business
Creating a budget for a new business must be precise because you will control the business’s cash flow based on this budget. Accounting software like 'HishabPati' will assist you in this task. To read more about business budgeting—
Why is a business budget important, and how do you start creating one?
Business Tips and Strategies for Profitability
Try to follow these points when preparing to start a new business. By doing so, you will be able to become profitable quickly after starting your new business.
1. Reduce Costs to Increase Profit
Avoid unnecessary expenses at the start of a new business. Pay attention to small details, such as office decor or promotional costs. Instead, invest in improving the quality of your products.
2. Keep Accurate Records of Income and Expenses
Maintaining a balance between investment and income is a major challenge in new businesses. Using an accounting app makes it easier to keep accurate records of income and expenses. The app will automatically generate various reports for the business and help identify financial issues.
3. Understand Customer Demand
Try to understand what your customers want and provide products or services accordingly. If your customers desire quality products at lower prices, focus on that. To increase sales, you need to know how to make your customers happy.
4. Use Technology
In today's era, using technology is essential for running and succeeding in business. Utilize technology to simplify everything, from accounting to stock/inventory management. The HishabPati app can be your reliable companion in this. Additionally, the use of technology-driven tools in sales and marketing should be increased. You must ensure the application of modern technology in digital marketing, sales, and product delivery.
5. Maintain Financial Transparency
Keep detailed records of all transactions in your business to ensure financial transparency. Track your monthly or annual income and expense reports. Ensuring financial transparency will also make future business planning more accurate.
Follow these five simple and easy tips, and you'll find that even a new business can become profitable. Additionally, maintain patience and confidence while preparing to start your new business. With the right plan and effective strategies, you will succeed.
Start your journey with HishabPati in three simple steps!
- Sign up on HishabPati:
First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.
- Set up your company:
After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.
- Enjoy the various features of HishabPati:
Once you start managing your business accounts with HishabPati, make sure to utilize the necessary and unique features, such as invoicing, barcode scanning, units, and expense management. To understand how to use HishabPati and its features in detail, watch demo videos in Bengali on YouTube.
Digital ledger for income and expenses – HishabPati demo.
HishabPati's subscription fee starts at just 99 Taka!
HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.
- 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
- 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
- 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.
Know about all features of packages today in details & choose your desired package. Good luck with your business!
