There’s nothing wrong with aspiring to be the next tech-guru or self-made millionaire. In fact, dreaming big will help you get there. But no one ever ate an elephant in one go. It’s easy to come up with plans and a timeframe for a business; the hard part is actually starting and launching it. You just need the right combination of skills, work ethics and basic marketing knowledge.
We’ve all heard the saying “You can’t give what you don’t have.” This concept is often applied to physical and material things such as money and gifts. When it comes to business, it’s totally acceptable to start with what you have and what you can offer (products or services), rather than starting from scratch.
Focus on a target market
First, get clients and find customers. They are the ones who will help keep your business up and running. However, you never know how your business will thrive. Rather than generalizing your products and services to reach a wider audience, focus on one niche and target market.
It’s easier to satisfy the needs and preferences of one certain group than trying to keep up and meeting expectations of many.
Money and Manpower Matter
If you’re sure about your business flourishing, having a limited budget shouldn’t be a hindrance. There are many ways to secure money you don’t have (yet) or useful methods to utilize existing sources. Just make sure you separate a majority of it from your personal finances. No matter how small and slow your business is starting off, remember to keep an inventory system updated as well. Don’t hesitate to hire an accountant, bookkeeper or a secretary if you have to. Just because you manage a business it doesn’t mean you have to be skilled at everything.
Any source is a useful source
You don’t immediately need to buy and set up a property or “office”. Even Google, Microsoft, Apple and Amazon – one of the world’s biggest and most popular online sites – started off in a garage.
Once you’ve decided to set up a business online, you can establish a partnership with companies that offer drop shipping. By having someone else handle the orders and deliveries for you, you cut yourself some slack. Dropshipping cuts down the need to spend on holding and buying stock.
Having an external supplier is a safe move. Sites like Shopify and Colourblocker are some of the leading sites when it comes to this service. Keep in mind that even though your products may be enticing, not all consumers will be willing to purchase.
Start selling on your own
For those aiming to launch a smaller, simpler business, Etsy and Café Press are the leading sites when it comes to personalized, handmade and DIY goods. You can basically set up a “store” or an agency from behind a screen. Instead of selling products, you also have the option of offering freelance services such as web design or content writing.
Have a support system
Managing a business on your own is possible, but it’s not recommended. It’s a lot of pressure and stress being your own boss and employee at the same time. Aside from extra support brought about by manpower, you also need to establish a financial, physical and emotional support system when things get too hard. We wouldn’t wish it on any business, but protecting yourself from startup failure is a form of assurance.
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Ayah Granada is currently a content writer and editor for Scoopfed. Formerly a student journalist. Full time writer, part time bibliophile and TV series hoarder-slash-enthusiast.
