Forgot your password?

Read This Before Starting Your Own Business

By Edited Mar 31, 2014 0 1

Want To Start Your Own Business?

Many people will think of starting their own business and have dreams of being their own bosses. However, only a small percentage of those people will actually put in the hard work and invest their time and effort to realizing their dream. From those people, even a smaller percentage of people will actually see their business becoming successful.

Build It Around Something You Know About

Everyone can have many different ideas for building a profitable business, but it wouldn’t make much sense for you to do something that you have absolutely no idea about.

Let’s say you are a musician, then a potential business for you will be to open a music studio, or sell musical instruments, or teach aspiring students how to play instruments. It will seem like an awfully bad idea for you to delve into the Engineering field or anything seemingly unrelated.

The main point is, to relate your passion, hobbies or your skillset to your business that you are building. It makes your business a part of you. If you are passionate about your own business, then you won’t be likely to give up and quit halfway.

Combine that with your knowledge of the field and being in the community of your skillset (Eg, guitarists, drummers, etc), you will subsequently have a significant advantage when creating your business.

Executing Your Ideas

Don’t daydream about your ideas for too long, until you never actually get around to it. Taking action and executing the idea is the hard part.

It doesn’t mean much if you’re a really passionate person, not even if you’re the biggest fan of guitars or the music industry. Being excited about your idea can actually affect your judgment on certain aspects of the business, like accounting.

Regardless of how awesome your idea sounds, you must create a business model that will actually work out. You have to start crunching the numbers and see how much estimated sales you will have, how much is your cost of production, how much is your profit, how much time you have to spend daily, etc

Remember, you are building a business, not expanding on your passion or hobby.

Don’t Just Quit Your Job

After you have did all the math, or even if you have actually started the setup in motion, it might be tempting to just hand in the resignation letter and work on your business full time.

However, it might not be such a wise choice to do so. You should consider keeping your full time job, while building your business at the sidelines. That way, you will still maintain your monthly income to have enough money to support yourself some time.

The income derived from your job will help you to pay your bills, have a roof over your head, buying groceries, and basically helping you survive. Unless you’re super wealthy and don’t need to live off your income, it isn’t advisable to quit your job unless you’re sure your business can hold up.

Think of your job as a backup plan if your business model fails.

Creating Your Product

You have to have a product that people actually WANTS. You have to find a target market (eg. Middle aged housewives, high school teenagers, etc) and from there, brainstorm on a product or service that will greatly benefit them.

The benefits can be in terms of cost saving, time saving, energy saving, etc. To understand your consumers, you just have to ask 3 simple questions.

Who am I serving?

What do they need or want?

How do I reach them and get them to buy?

Firstly you’ll have to find out your targeted consumers that you are marketing your products to. However, it doesn’t mean that you have to sell your products to them forever.

Lets say you are targeting high school students, it doesn’t mean you can’t target university students, or young working adults in the future.

Next, to find out what they need or want, you’ll have to put yourself in their shoes and ask yourself that same question. Either that, or you’ll have to go out and do market research such as surveys, interviews, and basically studying them and their lifestyle related patterns.

Lastly, to reach out to your customers, you have to be able to effectively market your product or services. If you were successful in doing so, you would already be able to make sales before you even building the product. However, if you already have your product, but are unable to market it, then you probably won’t make much sales.



Feb 13, 2014 1:24pm
Good article!
Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.


Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Business & Money