People come-up with different ideas for business and only few take their initial step and only hand full of them succeed. So to start a business in India or in anywhere in the world, you have to plan before you start
I’m about to put forth few criterias. Even if two of these criteria is similar to what you think, Then this blog post is extremely useful to you
1. You want to start your own business or to scale your existing business to the next level.
2. You have a passion for some interests and willing to gain financial freedom using that interest
3. You have very little money to invest
4. You have only a small team or a few members
5. Thinking that your annual income should be greater than $20,000
6. Even if you don’t have special talent and skill sets, you can start a business.
Now many will start thinking that if we can earn a good sum of money in our own business, why can’t we all do the same.
So to start a successful business you have to keep certain points in mind before you proceed:
1. Business Basics
Basically, we need 3 important components to start our business
- A product to sell
- A target audience or customers
- A payment method to receive the money
If we have all these 3 basic components, then we can also become an entrepreneur. Earlier it was difficult to maintain all the 3 components. To create a product we were in need of more money, employee, etc even if you have created a product, it was difficult for us to advertise the product. Thanks to the internet and technology, We don’t need to struggle these days. With the use of the internet, we can target a huge audience to sell our product. We also have many payment gateways for e-transactions. So when we start our business we spend most of our capital in these 3 components. But nowadays it is easy to save money from these components, Still, you don’t believe in it?, then you might actually miss a golden opportunity.
The joining area of two circles is what we call an intersection. The first circle represents our passion or interest. The second circle represents the need of people and what actually they care about? It is at that intersection we will be able to earn more money. Let’s consider that your passion is to review the gadgets and you’re a tech guru. When someone who wants to buy a new smartphone will immediately search for a review on your blog or on your youtube channel. What if the people don’t buy a smartphone and they don’t care about its review. Your passion alone will not work to start your business, It is equally important to know what people need and what they like. Comment your passion below and let us see who all have a similar passion.
3. Passion to skill conversion
A passion alone won’t make you rich. You should learn to acquire specific skill sets which are needed to earn money. For example, if you start the youtube channel to review the gadgets, you should have good videography skills and editing skills. These are the skills which are related to your passion. The right skills with a dedicated interest can make you a whole lot of money.
4. Add value to your customers
So if you have a product to sell. Focus on adding value to the customer rather than focusing on the profits. So how do we create values?
Know their needs and need not
- For example, some people want to earn more money and some need to gain knowledge.
- To decrease their stress
- And have no problems in their life .
Our product should be able to satisfy their needs and need not. That is when our business becomes successful. For example, Google makes our life easy and comedian helps us relieve our stress. So focus on providing value to your customers.
Have you ever heard of a software called ever note. People found difficulty in using the software as it was too complicated. So a person called brad published an e-book on how to use Evernote. He earned more than $80,000 by selling his book. All he did was to solve the problem of the people.
5. Know the difference between features and benefits:
It is important to know the features and benefits of our business and you should be able to explain it to the other person. For example, this blog is intended to help people know more about the latest technology, start-ups, and Entrepreneurship. These are the features of the blog. People get to know about the investment opportunity on new technology and start-ups and gain good financial knowledge, These are the benefits of this Blog.
All these points were explained form a book called a 100 dollar start up
Also, comment on your opinion about this topic and share it with your friends who’d like to start his/her new business.
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