5 Things to Consider When Starting a Business

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Starting-A-Business

Do You Know What To Consider When Starting a Business?

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Now more than ever before is the perfect time to reinvent yourself and begin a new career. Right now we are looking at the end of the industrial age and the growth of the digital age. The job market, that was built around telling people what to do, is shrinking. Most people are unprepared, but you do not need to be one of them. Decide to make an impact on your future by starting a business. There is probably one big question on your mind right now.

Do I have what it takes to start my own business?

Granted that starting a business isn’t for everyone, but the reality is that anyone can do it. You must begin, however, with belief in yourself and passion to move yourself forward. You have knowledge, skill and experience that you can draw upon. Think about how you can repackage these and reinvent yourself. Ask yourself why you want to change. What are you looking for that you do not currently have? With careful thought and reflection you will determine the direction in which you want your life to move.  

The digital age has broken down all the traditional barriers to business entry. “Starting a business” on a shoestring budget is very possible. You can even start things slowly by keeping the stable source of your current income, and working on your new business in your spare time. The important thing is to take action and not get left behind. One day you’ll discover that spare time isn’t enough. Your idea of starting a business has flourished and requires your full-time effort.

So how do you get started?

    • Figure out your idea: Begin by deciding what you want to do by starting a business. In today’s social media environment, you need to make your idea interesting and note worthy. Your intent is to spread your idea across the social sites. To do that your idea needs to move people to action by liking, sharing and tweeting. The days of marketing to the masses are over and it’s the time of marketing to your niche group of followers. 

Getting that initial spark of inspiration can be tough, but there is plenty of help out there to assist you. Some people prefer starting with a more analytical method. Using one of the many market research tools available can offer new insight on your potential niche.

Another method is to stick with what you know. Maybe you have a hobby or interest that can form the basis for starting a business. You can also consider your own life experiences. Have you come across a problem that does not currently have a good solution? If so, then you have just found a gap in the market, which you can fill.

There is no right or wrong way of generating ideas. The key is to develop a strong passion for your chosen niche. This is what will get you through the tough times and difficult challenges and ultimately lead to success.

    • Find your audience: As your ideas form and develop, you will also be thinking about all the various products or services that will fit the idea. Many entrepreneurs make the mistake of spending too much time perfecting one particular solution which may not have enough demand. Avoid this fatal mistake, by identifying and more importantly connecting with your target audience. A few questions you should be asking yourself include:

                           1. Who is my potential customer?

                           2. Where are they located?

                           3. Where can I find them on the internet?

Your business needs to grow and encourage a loyal user base. Once you gain the trust and respect of the audience, all your efforts will be rewarded. This is even more important in this increasingly connected and social world. Find a group that truly cares about your idea. Then sell to those who are interested and listening to you.

    • Determine your competition: When starting a business it is essential to look at your competition. There are two types of competitors. First you have direct competition by someone who offers the same product or service as you. Then there is indirect competition by someone who offers a different product or service, but is within your same industry.

In order to determine the viability of your idea you need to know what sets you apart from the competition. A good place to start is by asking yourself what type of change you want to make in the life of your customer? If you can make your customer feel valuable, they will also find value in you and your business.

Initially the idea of starting a business may seem overwhelming.

Do not let fear hold you back. As long as you understand what you are trying to achieve and have identified a clear purpose you will be able to plan, position and promote your new business.

LET US KNOW WHAT IDEAS YOU HAVE FOR STARTING A BUSINESS.

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3 COMMENTS

  1. Hi Patricia, Nice blog and tips to starting your own business. Often the challenge for new businesses is finding experts to help when you do not have the funds to hire on a full time or even part time basis. Another challenge is to advertise your services/skills and get customers again with a limited budget. My partner and I have created a platform to match companies with local people looking for flexible work opportunities. Start ups can easily find local flexible help for a few hours or longer to assist in anything from a new logo, brochures, a company video, translation, marketing plan, web site development, data entry whatever the need. Also, If you are starting a small company that sells services to other businesses and want to advertise them you can do so for free at http://www.workhoppers.com.