Sultan Alhokair is a young, Boston-based financial analyst with Retail Group of America who has particular ideas about how start-up companies should operate and plan for the future. According to him, such businesses should first evaluate where they want to be in five years. This will help set them up for success so that they can clearly understand what they need to do in order to become a thriving company. Bloomberg recently reported that Alhokair feels businesses should also scope out the competition. There will always be a rival company, so knowing who they are, how to differentiate one’s business from the competition, and how to compete with them effectively is also important. Another crucial step in the business process is creating a unique product or service. Sultan Alhokair recently told mashable that believes one needs to be different than any other company around so customers will want to use the product or service, rather than that of a competitor. Therefore, businesses need to be created to be unique from the beginning.
Sultan Alkohair, who is also an angel investor with Valia Investments, provides advice for what small start-ups should do to attract angel investors. One important quality such investors look for is a strong profitability plan. This not only means having a solid business plan but also a good overall scheme to make money so that investors can get a return on their money. Additionally, there needs to be an exit strategy. What if the business simply does not work out? Then investors like Sultan Alhokair would want to re-coup their initial seed money. Start-up businesses need to take this into consideration so that investors will know they ultimately will not be losing money in the venture. Start ups should also be very frugal with the funds they do receive. The start-up should function to do as much as possible with as little money as possible. This can guard against sizable losses from investors. It also demonstrates good business sense.
It is said that most businesses fail within five years. Although start-ups may be difficult to create and make profitable, getting sound financial advice from business people like Sultan Alhokair, may make the road to success easier. Follow Alhokair on Facebook or Twitter.