The Next Big Thing in Business Startup

Tuesday, 5th March 2019

 

The Next Big Thing in Business Startup

Are you’re ready to change your career?

And you’re still unsure about what career to pursue?

Or do you see yourself just wishing to start a business but running out of suitable business ideas.

In this article THE NEXT BIG THING IN BUSINESS

Everything that do seem too big in  business are carefully picked and cleared for you so that even if you have nothing in mind,  at the end of this article you will jump up and immediately start something that will give good result in a reasonable time.

 

Looking at the booming industries year by year can be tempting, it’s also a good idea to look to your strengths.

What is your skill set?

What are you great at?

This can be an excellent jumping-off point for coming up with the best business ideas. By focusing on where your skills are, and what type of thing you enjoy doing, you can come up with great business ideas that certainly ganna get you that pleasures you have already desired.

You can ponder on that a bit and when you feel comfortable read ahead and discover the hidden treasures.

There are no limits on who can become a great entrepreneur. You don't necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.

If you're an Entrepreneur, chances are high that you already have the drive, but you might not know how to start building your empire.

That is why this article is written to clear your doubts and get you started.

STEP BY STEP TO TURN YOUR IDEA INTO SUCCESS

1. Evaluate yourself.

Let's start with the most basic question:

Why do you want to start a business? Use this question to guide what kind of business you want to start. If you want extra money, maybe you should start a side hustle. If you want more freedom, maybe it's time to leave your morning till dawn job and start something new.

Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes.

Some of the relevant questions you should ask yourself include the following

What skills am I good at?

Where does my passion lie?

Which area can I perform excellently?

How much can I afford to risk, knowing that most business do fail?

How much capital do I need?

Being brutally honest with your answers will help you create a solid foundation and at the same time you will discover the best business that will truly suit you.

2. Think of a business idea.

Having followed the previous step diligently, you should by now have a good business idea in your mind. If so, congratulations! You can proceed to the next step.

If not, there are a ton of ways to start brainstorming for a good idea.  Ask yourself what's next.

What technology or advancement is coming soon, and how will that change the business landscape as we know it?

Can you get ahead of the curve?

Consider the kind of government in your country, the type of new laws, the kind of recent developments, and from there you can know what you need to immediately create a solid opportunity for yourself and if possible for others

Fix something that bugs you. People would rather have less of a bad thing than more of a good thing. If your business can fix a problem for your customers, they'll thank you for it.

Apply your skills to an entirely new field. Many businesses and industries do things one way because that's the way they've always been done. In those cases, a fresh set of eyes from a new perspective can make all the difference.

Use the better, cheaper, faster approach. Do you have a business idea that isn’t completely new? If so, think about the current offerings and focus on how you can create something better, cheaper or faster.

Also, go out and meet people and ask them questions, seek advice from other entrepreneurs, research ideas online or use whatever method makes the most sense to you.

With these few suggestion you will certainly get your hands busy wit something profitable.

3. Do market research.

Start researching your potential rivals or partners within the market by using this guide. It breaks down the objectives you need to complete with your research and the methods you can use to do just that. For example, you can conduct interviews by telephone or face to face. You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?” 

Just as importantly, it explains three of the most common mistakes people make when starting their market research, which are:

Using only secondary research.

Using only online resources.

Surveying only the people you know.

4. Get feedback.

Its obvious that people do give comments about their level of satisfaction when they have encounter with others. So as a business oriented person you must learn to use the power nature have made by trying to get feedback from your clients and know how they feel using your product or after receiving services from you.

The best way to utilize this step which is feedback is by following this simple step.  Push out a product, get feedback and then upgrade and update if necessary before you push out the next product, you can constantly improve and make sure you stay relevant and within context.

Note that you must have a predefined plan on how you receive feedback an as well how you react to the feedbacks you receive. This is because some of the feedbacks will be good while some of it won't be.

In the same vain digest the following conditions as you receive and handle your feedback

If someone doesn't like one idea, it doesn't mean they hate everything you've just said. Remember that these people are trying to help, and they might just be pointing out a smaller problem or solution that you should look into in future release.

If you keep hearing the same comments, then it's time to start sitting up and taking notice.

Listen with curiosity. Be willing to enter a conversation where the customer is in control.

Ask questions. Figure out why someone liked or didn't like something. How could you make it better? What would be a better solution?

5. Write your business plan.

A business plan is a written description of how your business will evolve from when it starts to the finish product.

A good business plan should include the following

Title page. Start with name, the name of your business, which is harder than it sounds. This article can help you avoid common mistakes when picking.

Executive summary. This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now. (Here’s what you should include in the summary and how you can make it appeal to investors.)

Business description. What kind of business do you want to start? What does your industry look like? What will it look like in the future?

Market strategies. What is your target market, and how can you best sell to that market?

Competitive analysis. What are the strengths and weakness of your competitors? How will you beat them?

Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.

Operations and management plan. How does the business function on a daily basis?

Finance factors. Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?

For each question, you can spend between one to three pages. Keep in mind, the business plan is a living, breathing document and as time goes on and your business matures, you will be updating it.

6. Finance your business.

Now that our business plan is have been gotten and some necessary prerequisites discussed, it’s time to talk about financing the business.

There are a ton of different ways to get the resources you need to start your business. Take a look at the great suggestions below and consider your own resources, circumstances and life state to figure out which one works best for you.

  • Fund Your Startup Yourself. Bootstrapping your business might take longer, but the good part is that you control your own destiny (and equity).
  • Loat Up To Friends And Family. It can be hard to separate business from personal relationships, but if you’re considering asking for a loan, it’s advisable that you first ask form those who are close to you in relationship.
  • Negotiate an advance from a strategic partner or customer. If someone wants your product or service bad enough to pay for it, there's a chance they'll want it bad enough to fund it, too. This source of income can be of great help and it shows that your plan is already seen as a good plan by others.
  • Seek A Bank Loan Or Line Of Credit. Here are 10 questions you should ask before applying for a bank loan, including whether you will qualify. If you do meet the requirements, a good place to start for loan opportunities is the Small Business Administration.

 

Now that we have reached to this point and I’m certain that you must have learnt something great.

Now having read through the article you should be able to tell how big a business is especially to newbies and those lacking the necessary advice.

No matter how big it might seem, following the correct advice and direction will always make you to see it as the easiest thing to achieve.

In the next article we covered how you can now set up and start the business.

Before then ensure that you have successfully digested the contents of this page so when you feel comfortable try new things.

 

 

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