Starting a business might be a scary process to some entrepreneurs. They fear to make risks that sometimes result into losses to the entrepreneur. Sometimes they look at existing big brands and fear the competition.
Are you worried of starting the business? Here are comprehensive business ideas to get you started. They have helped several entrepreneurs to develop good business from scratch.
- Choose a product; the first thing an entrepreneur who wants to start a business is choosing a product or service to offer. In this process, it involves one (entrepreneur) to look at his business skills and what he can offer best in regards of his skills. Secondly, an entrepreneur has to go in market and look for product, their demand and supply, price and the product policy as for as regulations are concerned. He may also carryout survey from product buyers about the price, demand and supply so as to get success and failure measures. A mistake most entrepreneurs make is to start product without market survey, understanding the taxing policy, pricing methods and the marketing mix measures.
- Create a good brand name; after understanding which product to produce and sell in the market, the second the thing a serious entrepreneur should do is to choose a good brand name’ logo and trade maker. The brand/business name should have the following qualities;
- Should be easy to pronounce
- Should be short to prevent confusion
- Should contain the service or products the business offers for example, milling companies would like to name their business with xxy millers, etc
And the logo or trade mark should at least look exactly like the products or services your business are to offer and like a business name, can even be abbreviated if the brand name is long.
- Register the brand name, trademarks and logos
Of course a serious entrepreneur would like to start a legal business. And this involves registering the business name, trademark, logos and to get the license from the responsible government organizations for commerce. Why should you register your brand name/your business name, trademarks and logo?
- It is easy to get financial assistance for a registered licensed business from financial providers in most countries.
- It prevents brand name impersonating and scams, registered businesses obtain a registration certificate, registration number, TIN (tax identification number) and so many legal documents, these serve in the way that no one claims your name or steals after successful registration.
- It creates a big business reputation to clients and most of the clients would trust products/services from a legally registered business.
Avoid registering long business names that may confuse customers.
- Carryout market survey.
This is the most essential part in starting any type of business. This gives a clear mark for entrepreneur to understand the pricing system, competition, demands and supply and where to locate a business. Market survey helps in finding our;
- Competition; an entrepreneur should understand the competition in the market, demand and supply for a product. This may be obtained by questionnaire method, asking the sellers, buyers and suppliers. It is an essential because an entrepreneur would understand how to compete already existing businesses and by which methods.
- Price; after carrying out market survey, an entrepreneur should be in position to understand price in the market over the similar products he is willing or likely to produce and sell. This helps entrepreneur in setting a price near existing price in the market or slightly a higher price than in the market but increasing the quantity and products a buyer gets per price.
- Go online
Most businesses now days to succeed need to have an online presence. This involves designing a website for a business; social media handle on social media to increase social brand awareness to customers, stake holders, asking for reviews, recommendations and feedback on entrepreneur’s products and services.
Websites and social media might help a business owner in;
- He may decide to sell both online and offline his products and services saving his customers on transport cost especially when there is free delivery.
- He may charge addition charges for delivery hence increasing his sales and so many others.
- Choose a better location.
After all that, find where most customers come from, choose a better location, you should choose a place which is strategically located, to save you on transporting products if you are to deliver products on doors of your customer.
The place chosen should be near services your business needs, like water, electricity, transport routes, labor and so many for its efficiency smooth running.
After establishing your business and now it is in operation, the essential thing an entrepreneur would need to do is to advertise his business on advertising channels like television, radios, magazines, and social media and on websites.
Tell customers about new product arrivals, discounts, special events and other information they would need to hear from you. The advert should be short and convincing, avoid making long boring advertisements.
- Offer discounts and guides
Once or twice a month, offer discounts to your customers to incent them to buy more products. The discount might be in percentage, buy many – take one free etc. but you should be careful in giving discounts. And give guides/tutorials to customers; just assume that they do not know how to use the products, you can guide them through print out, blogs, guides and articles or opening a forum network on your website on how to operate and use the product or services you offer. How to store the products and how it is important to their life and health etc.
- Save for the business and invest
Now that your business is making more sales and profits, it is not yet time to jubilate; create separate accounts, for your personal interest and business saving account. Save for the business with the aim of expanding and diversifying it. It is also better to invest half of the business sales into other ventures such that you don’t depend on business sales only. The investments might be owned by your main business and might take care of the business needs so that the business sales alone are all saved.
Following the above ideas, will help an entrepreneur to develop a successful business from scratch and can also help entrepreneurs whose businesses are not making large sales yet.
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