How do I start with my new business?
I am eager to start my own business and enter the market, but I am facing a problem in deciding what kind of business would that be.
I can't decide what type of market interests me or what types of market are the most profitable and are worthy for me to take the risk and enter them.
can I please get a clarification on how to find what type of market to enter?
Well, actually, it's hard to decide instead of you because we don't know what you eager for. Maybe it's just me but starting a business in a field you don't really like but find profitable isn't the best idea. You won't be able to set it properly if you don't know much about a chosen field, in the long run, you'll face burnout quicker than others because you are not really fond of your undertaking. I'm a digital marketing specialist and I love it, my passion helps me to be effective seven days a week 365 days a year. But in fact, there are some sides to my business that I just don't enjoy that much. For example, I never was interested in graphic design so I prefer to outsource this kind of tasks to Awesomic. This way I can get better quality designs, save money and what is more important, I save time so I can spend it on what I enjoy more.
You can do any kind of business you want. But the first thing you should know before landing upon a new business is how much knowledge do you have on that domain. You should choose a business domain based on your experience and backed by some bank balance.
For example, I have done jobs in software marketing for 10 Years and learned everything about it on the job. So when I quit my job I knew how to partner with major players in the market to get started and how to sell a product. Today I sell software products of other companies because I learned all the functionalities of business software on the job and this gave me the confidence to start my own business.
Secondly, you should find your passion and then decide:
1) What do you want?
2) And how do you get it?
Hope this helps.
In this digitalized world, Starting a business is a crucial one. You have to be very clear about certain things before starting the business. Here I have provided some steps you have to follow during your business launch.
Have Deep Research about your Industry.
Know the merits and demerits in your industry and derive your business plan based on it.
Evaluate your competition and their USP’s
Have an Innovative Business plan
Be clear with the your target audience
Don’t waste your time and money in marketing and build a digital setup like mobile apps are websites to offer a more convenient service to your customers.
Want to register your business? It is a simple and speedy process with vakilsearch. One of the most recommended ways to start a business in India is to create a Private Limited Company. With some limitations put on ownership, this form of company provides limited liability to its shareholders. An LLP has partners who own and handle the business. Whereas in the registration of private limited companies, directors can vary from shareholders.
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It is really interesting to read https://en.wikipedia.org/wiki/Car
Let me qualify what I am about to say with the fact that I am not familiar with the business atmospherics of Lebanon. Having said that, when I am approached by someone who wants to go into business for themselves the first suggestion I give is to seriously consider buying an established business that is already generating a net profit and whose owner is willing to finance the sale themselves. You then pay them out of the revenue the business is already generating. Often you can figure out a way to purchase a business with little to no financial capital if the seller likes you, trusts you to continue to grow the business, and is willing to be creative. When you do your due diligence and buy an established business, you are in a position to work ON your business and not IN your business from Day One. And it is SO much easier to grow a business that already has a solid foundation and working capital then building from scratch. You can afford to do proper marketing, you can bring in consultants as needed, etc. And if you still have the itch to do something from scratch, cut your teeth on your first business that you buy, grow it, learn from it and sell it in 3-5 years and use that financial capital and your newly gained business savvy to help make your new venture a success. There are some good books out there on buying and selling businesses. One of my favorites is "Buying and Selling a Business" by Garret Sutton.
P.S. So if your desire is to truly be a business owner and RUN a business that can afford you the income and time to do the things you are passionate about, collapse time by finding a way to acquire a business that already beat the odds and one you can continue to grow. It is possible.
It is quite difficult to answer something like this, especially when you are not particular about any business idea. Since others have tried to address your query as it is, in the best possible manner, I am not going to repeat their advices in my own words. However, I can help you in choosing the right business idea.
Here is an article that features 5 most potential online business ideas. https://top10websiteslist.wordpress.com/2015/12/19/top-5-online-marketplace-business-ideas-and-ready-solutions-to-get-started/
I hope reading about these business ideas will help you step further in your quest.
Going through your timeline of questions it appears that you have been pondering this for a few months now. While I agree you don't have to start in an industry you are not familiar with (e.g., the electrical shop you looked at), but it is very difficult in my experiences as the learning curve for the industry combined with a new set of players to market to got me frustrated when I tried it. If you like what you do today, then how can you grow your work into something you get excited about and remain passionate. The most successful entrepreneurs are extremely passionate about their businesses.
At the risk of sounding repetitive - because I haven't read the other comments in this thread - the first step is to ask yourself, "What do I feel the most passionate about?" Next, identify within this area of passion the one thing you really do well. Start with that - and don't deviate from it. Focus, determination, and perseverance will be the fuel for your engine. Preparation, research, and marketing will be the vehicle that gives your engine (you) the other pieces you need to reach your goals. Constant evaluate your actions to ensure that each one is a step towards reaching your goals. Eliminate the unnecessary - working hard without working smart accomplishes nothing.
I would avoid going into business with no experience of that industry. Volunteer, work part time to see if it is a good 'fit." Is there a company your admire? Is there an industry that you admire? who are the leaders in that industry making money?
hi, to resolve your quest for business you have to introspect what you love to do...? No one will be able to help you till you know the product your self...my brother its difficult to guide a boat without a radar...
Start by deciding product or service, then venue, then worry about profit. After all if you have no idea yet what you want to accomplish, you really should research what sort of effort it takes to be in each of the possible avenues available to you. Try a microbusiness selling something you can make or buy wholesale for 3-6 months and see how it feels, then you'll have a much better idea of what you want.
Food industry is very lucrative business. But we all know putting up a business is not easy. It will take you on a roller roaster ride. Knowing what you love to do or what interest you, will help you to decide what kind of business will you going to pursue. Doing what you love will help you not to quit in rough times hence will make you strive hard to get your goal.
I'm not a pro business man nor business planner but one of the things you should consider in putting up a business is what product/service will you going to offer, identify you target market, site a strategically location, set a goal and find a trustworthy partners or people.
Online business is also a boom today, but this kind of business requires you a big social network. It also entail a lot of efforts to build their trust to patronize your product or service you are offering and prove to them that your not one of those pyramiding scam or illicit MLM.
We can throw you a lot of ideas on what is the best market to enter but at the end of the day final decision would still be yours. Meditate, list all the things you love to do, list your skills, talents and capabilites and match it. Knowing what you love to do and what your best at, will help you to have a strong foundation to start up a business.
Product + Market + Passion + Business Idea.
You started off your new business with which one above?
I would advise you to have at least 2 the above of which 1 will be passion.
I have a free e-guide on lulu.com http://www.lulu.com/shop/c-k-yap/1-million-business-ideas/ebook/product-21920607.html which I wrote to help startups generate ideas and failing businesses make the right corrections. It should help everyone interested in venturing into business or innovation.
First Question...What is your passion? What is it that you find joy in and its not like work? What are you good at? Count the money last? NO matter your passion, if it strong, it breeds the success of a strong bottom line. It's time for self reflection and inventory of yourself.
Perhaps a visit with a Score Mentor would help you---Do u know your strengths and weaknesses...
Serge, you need to do a lot more homework before starting a new business that you don't have any idea about. Asking what type of market to enter is a wide open question. Open your eyes, and brainstorm with your mentors and experienced friends who own businesses. Then develop a solid business plan.
I would say like you need to be clear about whether you are going to start a product based or services based business and if so which category and then comes area where you are interested to run this business.