If you ask people about an idea they will all say “YEAH! THAT SOUNDS GREAT!” And then they don’t buy. Get past this base level of feedback. To figure out if your idea has legs it helps to plot it on a demand matrix like the one below:
Employ targeted promotional and marketing campaigns. It is important to get the word out about your company. Make sure the money you set aside for marketing is well-spent by conducting demographic research. This will help you tailor your marketing plan to be as effective as possible.
Make sure there are no prohibitive costs, such as equipment which is too expensive to make the business profitable. For example, cars didn’t take off until Ford figured out how to make them cheap by building more efficient equipment.
Use crowd-funding. If you still can’t drum up enough funding, use websites to raise the money you need to start. These funding sources have several benefits: you will not have to pay interest on the money you get (since it is money which is used to provide actual product or services) and it will help you not only gauge interest in what you have to offer but also help you build a customer base. You’ll start business with hundreds or thousands of customers already lined up and ready to tell other people about what you have to offer.
am very much inspired with these grt shares of wisdom about starting a new venture.thnx. am actually facing it difficult to start my own venture..i really want to start something interns of business but it a bit difficult for me … how do i start a new venture.?
Ensure collection methods are in place. Be sure to account for how your business will collect on bills due and outstanding debts to your company. A successful business needs constant cash flow. Being unable to accept customer payments or waiting on those who owe you money will disrupt your business.
The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
Who am I? I’m New York Times bestselling author Ramit Sethi, and I’ve created more than 15 products that generate tens of millions of dollars a year. I’ve helped tens of thousands of students build businesses so profitable they can leave their full time job.
To estimate your start-up costs, begin by creating two lists — one of things you’ll treat as expenses, one for your assets. Don’t forget to consider items such as brochures, business cards and website development costs or any security deposits you need to make. Consider whether you need the help of a consultant, tax adviser or lawyer to get started. Next, categorize these items as essential or optional — do you really need to spend money on these before you start making any kind of income?
All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
You will, of course, need to spend extra hours and work harder. But the transition from being an employee to a business owner will be far smoother as you won’t have additional expenses to worry about.
Pick your niche. Take stock of your skills, interests, and employment history to select the business best suited to you. Choosing a niche that you can be passionate about will help improve your chances of succeeding. Remember: Many small-business owners succeed in businesses that are hardly unique or innovative.
Make sure your business looks professional and is attractive to the eye. Have a professional logo, branding that is consistent and a professional website to support it. There are several groups that will help you with all this, for example. Startyourownbusiness.net.au and vistaprint.com.au.
Don’t think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed). Consider your own savings, investments, and salable assets and then talk to your friends and family before you look to outside sources.
Know your limits. Understand how much you’re willing to work to keep your company successful and where you’ll likely draw the line. Your willingness and capacity may change over time, such as if you’re emotionally prepared to work every waking hour for the first year you’re in business, but that you expect to take regular vacations once your company is established.
Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
Solve your customers’ problems. The best way to satisfy your customers is not by selling them products or services but by providing solutions to their problems. Understand the difference and market your products and services accordingly.
To avoid any derailing issues, you should also take some time to make sure you’re good to go with all your legal and tax obligations as a small business. It’s a good idea to consult with a reputable lawyer and accountant to ensure you’re not missing anything and are filing everything on time. You’ll also want to make sure that you’ve taken care of all the permits or fees that are required to do business in your province. You don’t want any future surprises that could eat up your budget. Ensuring you have all these things set will save you both minor and major headaches that take you away from running your business.
Here, it useful to ask questions of your service or product. For example, you may want to ask questions like, does my product/service appeal to younger or older people? Is my product/service affordable for lower-income consumers or is it a high-end purchase? Does my product/service appeal to people in specific environments? You won’t be selling many snow tires in Hawaii or beach towels in Alaska, so be realistic about the appeal of your product.
Recognize that getting your business off the ground will take time. Most businesses don’t become profitable right away, so plan for that in your personal life too. You will be making sacrifices to be your own boss.
Have a website. The world has moved online. Any business that wants to survive the next ten years is going to have a website. People will use it to contact you, find your location, learn your operating hours, ask you questions, make suggestions, and maybe even buy your products or services. In having a website and services which are available over the internet, you will be able to expand your service area out across your region or even the world.
Create ideas fitting your budget. Once you know how much money you have, research the costs of different types of marketing and come up with ideas which fit those methods and are effective for the price range. If you have a lot of money to spend on marketing, for example, you can consider shooting a commercial. If you have almost none, you’ll want to think about ways to use social media effectively, which is very effective for requiring little money.
Keep in mind that quality takes only moments to lose and years to regain. Quality isn’t a destination but rather a never-ending journey. After you’ve strayed from quality’s path, your journey may be sidetracked forever.
Depending on the type of business you’re starting, you’ll need several of the following types of insurance: life, disability, partnership, critical illness, key person, property, contents, business interruption, general liability, product liability, or professional liability. If you’re unsure what you need, an insurance broker can help.
Be sure it’s unique. Whatever your idea is, be sure it’s as unique as possible. This will help you eliminate or significantly combat competition, which will make your business more successful. Simply putting a small spin on a currently existing product (making blue Red vines or something like that) is not usually enough to build a business on, so push the envelope!
Secure a loan or other type of investment. Successful businesses need capital to get off their feet. Be sure that you have arranged and secured enough fiscal backing to cover all of your small business’ operating, production, and marketing costs until your business is in a position to generate and operate on its own profits.
There is no formal education required to start your own business. Many successful business owners created their companies when they had little or no formal education. There is still value in formal education and, in addition to business classes, many schools now offer courses on innovation and entrepreneurship.
Keep costs low As a startup or small business, you know the importance of spending less to earn more. Big businesses operate on this same philosophy. While big businesses are often able to leverage buying power to reduce expenses, there are many no- or low-cost resources small businesses can take advantage of.