Have an idea to start a business but not sure whether it will work on, take a look here

Greetings readers,

Hope you all are fine and doing good at your place. Today many young students and professionals want to start their own business it is because they think starting a business will make them more valuable and they will achieve their financial freedom at an early stage of life. But let me clear your doubt everyone is not here in this world of business. Some are a good gem in employees and some are a good gem of a business

So just starting your own business without knowing anything could harm you severely. So it’s important to mean to the aspects of business or entrepreneurship. We are watching today many people who have started their own company or startup and were very successful in few years like 1-2 years. But that’s one in 100 cases. So for starting a business or let’s just have an idea of the business you need to look into some important aspects and then decide if this would be able to work in markets or not.

Today we are having a startup fashion in our society and a fashion of achieving something great in small age. That could be anything like a good sum of money, a big name, fame in society, a high-class living standard, or anything else.

So let me clear your doubt here that no one becomes a businessman in starting years of his own business. You will not have a good and great office with glass doors in the first few months of the business. You will not have a broad room and investors in your business in starting months. So if you are just doing business just to have a great life from starting a month or a great life throughout. Then you must drop the idea.

So why start a business and how?

If you are passionate and want to start a business to solve a problem in the market then only you should start a business. Taking your core strength as a business model would not work every time. So think over your idea again and again and see whether the market needs it. Sometimes just for the sake of their own business, many young students start working on a project which is not needed in the market.

So figure out whether your product or service is crucial for the market or not.

Starting a business because some known to you is doing it or everyone is starting their business doesn’t work in real life. A true entrepreneur will start a business because he wants to create an impact or solve a problem that other people cannot solve.

So, by starting onto the real technical stuff let us get ready for it. So the first thing you need to keep in mind while transforming your idea into a business is to see whether a customer needs this service or product. Or if the same product is available in the market. What will be so special in your product that the customer would choose you over others.

Making these things clear will make you understand the market and needs of the customers. If you like to do something and you enjoy that thing doesn’t mean that everyone else would be ready to pay you for it.

Now if you have clear the first thinking about your customer need then to figure the market prices and other considerations you have to take market surveys, you need to ask questions to people and see if they would like to buy or subscribe to something which you are going to offer them.

Starting a business never means that investing in big offices and doing flight travels for meetings or setting up an office where everyone is equipped with a high-class gadget to work on. A business can be commenced with basic things such as a simple laptop or mobile phone at home. You just need to keep working on your actual product or service. Your team can simply work from a room without investing in big offices in starting years.

We have talked about this earlier also. So let us look into this now in deep. A customer is buying a product from XYZ Company and you are going to produce a similar product. So what would be special in your product that the customer would leave the XYZ company product and come to you? You have to find out that core thing. You have found your key points and work on them so that your product could make a place in the market. Also first figure out your product’s main market. Is it for high-class society or normal people, is it for students or non-professional? Find your market and customer.

The last element on which you have to focus is easy moving to second options. This does mean to demotivate you this is to make ourselves more secure. And be ready if something goes off track.

Now like always we are giving the actionable and key takeaways so that you can simply have the summary of the whole blog post and understand the things.

Actionable:

1. Find out customer needs and survey whether they would invest in a new product or service you will launch. Take surveys

2. Always do the pilot experiment before going on a big production and services. Always look into market trends for deciding the pricing and positioning.

3. Your business should work on the asset-light model. At the start, do not loan a big amount to set up systems and machines. Better take them on rent or hourly basis. This will save your cost.

4. Understand the customer by keeping yourself in the customer position. Understand them to relate to them and figure the main core problem they are facing.

5. Keep a backup plan. The backup plan doesn’t mean you will fail or something. It is important to keep your motivation secure and work on the thing if the idea doesn’t work.

6. Figure out if you are solving a customer problem. Or just giving them an alternative for some time from their problem.

We have given you so much learning and insights for commencing a new business or startup. Look into all the aspects and contact us you need any assistance from us.

We are always committed to bring a change to youth. Don’t forget to write your suggestion in the comments below. And if you need any more suggestion and want guidance, don’t forget to write us at connectwithoursolutions@gmail.com

We will get in touch soon. Till then take care and improve yourself every day.