Business venturing is the initiation of a financial process with the intention of producing profit through transacting goods and or services for money. Starting a business in New Zealand can be both easy and a hard job. Starting a business that will produce a relative lower percent profit of the initial capital is easy, and often does not last for long. Starting a business with relatively higher percent of profit making and for a long term running is hard.
Basic factors to consider
Any business can go on only if there is a buyer and a seller and a commodity. Without either one of these factors, no business will be successful. Before initiating a business, it is important to look for these three factors. A business venture could be a seller or buyer or both. It is the commodity that draws the main attention. The commodity may be a product or a service or both.
Businesses are established upon the commodity that is available with the venture to sell; or the commodity the venture needs to buy; or the commodity that is demanded in the market that the venture can buy and or sell. Sometimes, the business owners have some capital to invest; they look for the suitable business for them to apply the capital. Sometimes a commodity is available with the owners, so they plan to establish a business by selling the commodity. In other cases, the commodity is needed in the market, so some venture decides to buy the commodity from available places and sell it to the needed places. Most of the cases where a successful business is established have been so; it is because of the demand for the commodity, not the availability.
Trend Marketing
Trend marketing is a term describing the marketing of a commodity in various situations according to priority based on the real time trends. For example Christmas cards will be on the peak sale during the Christmas season and not the Valentine’s Day cards; it is true vice versa. Some of the ventures look for the trends and they initiate business. This can happen as seasonal business venturing or long term business initiation.
Short term business based on trends are targeted for seasons; they are designed well before the season and are applied or run during the right time; that when the right trend is in the market. Long time businesses can be successfully initiated with trends too. For example, a football accessories stores can start and run for 50 years; but it would be the best to start the stores in a FIFA World Cup season. That will help the stores to get established or implanted into the customers during the trend so that it will run smoothly even when the trend is gone after the season.
Other factors that will lead to the success of new business venturing
An important factor that will determine the success of your business is a well structured business financial plan. You need to be able to account for all the outgoing and incoming cash flows, projected revenue and/or losses, and how to recover from the losses. How would the business budgets be planned? Where would the cash flow be coming from? Would it be from angel investors, unsecured business loans or other loans in New Zealand? These are things you need to consider.
Other than just a financial plan, one of the smart moves when you have a new business venture is to ensure that it is backed by a good business plan. Where is no proper documentation, it means that the business does not have a clear direction. Focusing on your brand are the other factor and this means doing everything to promote your brand. For example, a logo that is professionally designed will represent the business justifiably.