Are you one of those people who has an entrepreneurial spirit but you have no clue what business you should get into? Well this post will help you on the road to business ownership.
The most unoriginal advice people give to entrepreneurs is to follow your passion. That’s great but what if your passion is thumb wrestling? I don’t think there is a market for that so my advice is a little bit different. The best advice to build business and make money is to fulfill the needs of your customer. They are the ones paying you! Your passion should be your customers and fulfilling a service. The more you think about those two aspects of your business, the more money you will make. We create a business to provide a service. So if you don’t know what kind of business you want to own start by asking yourself:
When was the last time you wish you had something or received crappy service and you told yourself you could do better?
- Maybe you can do it better. This could be your business.
Ask yourself do people need this service? Have you done research and looked at the numbers?
- Check out the demographics of your community so you can target your audience. For example, are you in a young community? Maybe you can provide a daycare service. Are you in an older community? Maybe you can provide services to seniors? Are you online? Look on the big sites and check out their best sellers.
Have you looked at competitive businesses that are providing this service? Are the major brands producing a new product? How can you capitalize on that?
- Make sure there is a market for your service.
- Make sure the market isn’t over saturated.
- If the market is over saturated it doesn’t mean you shouldn’t get in that market.
- Instead of competing with those businesses how about becoming a supplier?
- Instead of competing with these manufacturers perhaps you can manufacture accessories to their product and make money from a new trend or product.
If can YOU provide better service? What does that better service entail?
- Can you improve the product?
- Can you effectively and efficiently reduce cost and reduce production time?
- Can you create a unique customer service experience?
- Can you ship a product out quickly?
- Will the product be protected while shipping? Will you customize your packaging?
- Is the product easy to find on the website?
- Is the price competitive? Be sure not to make the price to low because you could be short-change yourself and do not price yourself out. I’ve seen small businesses do the latter because bigger businesses can produce products much more efficiently.
What do you need to start and improve that service?
- What materials do you need to make and how will you make the product?
- Where will make the product?
- Can you afford a facility? Will it be home based? Is it close to different modes of transportation?
- Will you direct hire or will you outsource? Can you find employees to do the work?
- How will you get your product to your customers? Is it the most efficient and effective mode to do it?
Once you have answered those questions think about these suggestions:
- Research!
- Start small and do test runs. This saves you money and time.
- Accept that we all make mistakes. I brought bad products that no one bought because I didn’t look at the market.
- Don’t take what the customer doesn’t buy personal. It is not about what you like. It is about what the customer likes.
- Learn from your mistakes and sell what sells.
- There is nothing wrong with being a niche. Niche means less competition and more opportunities. You become the expert and go to person for specialty items.
- The biggest misconception is that you need money. No you don’t. You need the time to do it. It starts by letting go of your fear of failing and doing it.
Starting a business isn’t rocket science. Every business started with an idea. You have to make it happen. Now get some guts and make that idea happen. Don’t forget to check out Six free eBooks & audiobooks every strategic Black woman must read to master and win at life. Please subscribe to this blog so you can get the latest and greatest first. Share this with the entrepreneurs in your networks. Remember the only limit you have is the one you have placed on yourself. Think and be limitless. Thanks for reading.
Thank you for this advice BBG!