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5 factors to pay attention to when launching a startup

5 factors to pay attention to when launching a startup

Friday 18, 10 2019
The startup trend in Vietnam is growing dramatically, and there are some factors that you must pay attention to if you want your business to succeed.

1. Know your business partners

Running a business, whether big or small, means you will have to cooperate with other people, and it is important to understand who you are dealing with, to get a thorough knowledge on their situation, their finance, their operation, and their business history, etc. in order to make the right decision on your cooperation partners, thus stimulating your business’s performance. However, it is not always an easy and economical task to gather all the information on a business, or even on multiple business. In that case, you may need to seek helps from provider of credit information, such as the VietnamCredit company, which could provide you with various business information reports, giving you the information you need. 

2. Know your customers

Beside business partners, it is also vital to know your target audience. When running a business, you are required to get the ideas of which group of people will be using your products, in order to do research on them, gather their feedbacks, and to make the alterations and adjustments needed to satisfy their needs by leaving the unnecessary elements, thus improving the sales of your products or services.

3. Hire the right people for the jobs

You cannot operate a business alone, and that’s what employees are for. However, it is not always an easy task to choose the right people, since you can’t just go out on the street and randomly pick anyone. You need to gather information about the applicants, including their history, their capabilities, their degrees, etc. in order to pick someone who are reliable to help stimulate the performance of your business. And this is also a service which the information providers can give you, as it would be faster and more economical for them to look into the files of the target to gather the information regarding their performance, thus helping you in recruiting the right employees which can improve the situation of your business. 

4. Use the Internet effectively in advertising


Nowadays, the Internet is having influence on multiple aspects of our daily life. As the number of people using the Internet is increasing, it would be a wise decision to promote your business on an Internet platform, since it would be able to reach your desired target quicker as they access different website on the Internet. 
 
However, in order for your customers to pick you services or products just by looking at your website, there are a few things which you need to take into consideration. Firstly, you must make sure your website have a proper presence. Your website should not be too simple since it may not be able to transpire what business you are willing to deliver to your customers, but it also should not be too complicated for the customers to look what they need. Thus, it would not be a bad idea to sit down with your team and discuss on the most effective website designs, giving your business a good presentation on the Internet. The website of VietnamCredit could be a good example of an effective website. 
 
Secondly, you must also make use of Social Media. It is undeniable that the effects Social Media has on advertisement are tremendously significant. As people use Social Media also every hour, business runners may pay the Social Media platforms to advertise their services or products by showing them directly to the customers, and if those customers find what you offer suited to their interests, it would be quite likely for them to make the purchase. Some effective social media platforms which you can use are Facebook, LinkedIn, Instagram, etc. 
 
Last but not least, you also need to show the world your latest products much prior to its release, since it would be too late otherwise. You need to make people excited about what you are developing by building up the hype through advertisement, events, etc. and once the products are released, everyone would have heard about it and might want it for their own. Some examples of this might include the new Iphones’ reveals of Apple, or the trailers for some long-awaited movies, etc.

5. Track your progress

You must remember to track the posts that gained the most attention, the amount of people visit your website, how your business is doing, and the efficiency of advertisement, etc. After gaining the information, you need to analyze the data and make good use of it by making the accurate adjustments and improvements.
 
Moreover, as you track how well your business is doing, you may see that there are ups and downs along its operation. You should not be too hyped by the gains, but you also should not be too disappointed by the losses, since they are there to give you experience which may help you in better your business by increasing the gains and reducing the losses. 
 
No matter how hard you try, it is still impossible to get fully-prepared for various types of difficulties, changes, and events which may occur during you operation, and we’re not going to lie, it could be quite stressful when mishaps come. However, with these tips and tricks, we hope it would at least help you a little on achieving your success.
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