Business administration: what do you need to know to open a business?

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When we talk about business administration, it is necessary to have knowledge, even basic, of the main pillars of a business.

The more knowledge you have, the more experience you will have to overcome the challenges that opening a business demands.

Therefore, we have gathered here the main areas necessary for respectable business administration for you to delve deeper into and ensure the success of your business!

What areas of knowledge are necessary to carry out business administration?
Financial management
One of the most important points of a business is money.

Having your financial management in order is the first step to having a company in order.

Knowing how to manage your business' finances , control cash flow, carry out estonia phone number lead a feasibility study , and decide how to spend or invest money are some of the basic – and daily – demands of an entrepreneur.

How to choose your company's tax regime
Human Resources
HR is also an important strategic area in business administration.

Of course, if you are just starting out, are a company or have a small team, you don't need to invest so much in human resources planning.

But it's a good idea to already plan some actions that can help you when this process arrives, such as defining the organizational culture and defining the company's professional profile, with the ideal skills, abilities and personalities for the business.

Strategic planning
We've said it before here at 55Lab that without planning and objectives, no company can grow and prosper.

Having a medium and long-term vision, in addition to in-depth knowledge of the business, makes an entrepreneur stand out and take his company with him.

All knowledge about entrepreneurship and how to manage a business well is valid.

Here on the blog and on our YouTube channel , we have a variety of free content for you to delve deeper and understand more about entrepreneurship and management.


Logistics
Logistics is the sector responsible for managing the company's processes, mainly production, storage and transportation of products.

It is important to have knowledge of logistics to ensure that all processes occur quickly and perfectly, guaranteeing quality from start to finish.

Sales
We don’t even need to justify the importance of sales for a business, right?

Understand who your target audience is, what their interests and needs are, which sales approaches they are most open to, and which channels they consume the most content.

Learning sales techniques for beginners and understanding how to price your products and services well can also be a good start.

Marketing
The marketing area is responsible for creating brand awareness campaigns, promoting products and services and thinking of marketing strategies to propagate the brand in the market.

This sector is also responsible for business strategies, together with the planning team, thinking about how to improve the promotion and sale of products or services.

If you still can't have a team or hire a specialized company, study digital marketing and strengthen your brand on social media.