Peter Chua | How to build a successful business?

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Peter Chua How to build a successful business?
Speaking from experience, Peter Chua feels that,
when a professional decides to start a business
from scratch, it is not enough just to have money
and willpower. More than that, it is essential
to gather a set of skills and knowledge to ensure
the success of the investment. Among the most
important steps is planning. Without it, the
company will not be able to establish clear
objectives or well-defined processes, resulting
in the worst possible outcome, which is to close
the doors.
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• Peter Chua discusses the 4 best tips on how to
  plan to open a business aligned with market
  conditions.
• Conduct market research
• According to Peter Chua, most businesses are
  born from ideas that aim to seize good
  opportunities and serve an audience that knows
  what they want. There's no problem with that, but
  what you need to do is get to know your audience
  and your market in advance.
• This means that when planning the first steps of
  your company, you need to research in-depth the
  market in which you will operate. This study may
  involve things like
• who your customers are and their needs,
• who will be your main competitors,
• growth prospects in the sector.
• This is a good starting point for your
  go-to-market surveys and research.

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2. Get to know the pain-points of your potential
clients Peter Chua also believes that, clients
will be the main focus of the business, as they
directly impact their sales and results.
Therefore, the pain of the clients represents one
of the most important areas that needs to be
studied. Understand what the needs and wants of
your clients, are and how your company can help
them in these areas.
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We can say that the client's pain is the reason
they need you. But how do you identify the
pain-points of these clients? There are some
useful practices, such as looking at existing
solutions, and determining if they are effective
our not. You can build upon and fine-tune things
that are working right now in the industry and
eliminate whats not. Then be creative and try to
think of solutions that have never been developed
or introduced to the market before.
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3. See the best communication channels In a
competitive market, you will need to find ways to
highlight the products and services of your
business and get closer to the public. The best
way to succeed in this item is to invest in the
right communication channels. Diversify channels
based on your audience's interests and find the
right strategies for each audience. You can
invest in traditional channels such as print and
broadcast media, and then integrate this with
influencer engagement activities, as well as
online and digital media outreach.
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4. Understand all financial aspects of the
business Peter Chua illustrates that, it is
essential to know the current state of play of
the industry youre looking to enter, and to
ensure you have sufficient finances and funds to
cover your market entry, survival and
growth. Prepare a sound finance plan to support
the key phrases of the early existence of your
business. Bootstrap as much as possible x but
find adequate funding for areas that absolutely
require financial support. Your business plan
should have a financial plan which mirrors and
supports each stage of your business plan and
journey from research and intel, building your
business model and developing technology, to
building a team, launch event, and sales,
marketing, business development and
growth. Conclusion
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By following the above tips, you will be on good
stead to ensure the success of your future
business. Surround yourself with smart people,
and be open to guidance from advisors and experts
who have succeeded before and can offer insights
and advice to help steer you and your new
business to success.