A successful business is not made overnight. It is a product of hard work, talent, and a bit of luck. There is no one secret formula to achieving success, but one technique has been proven to work: start small.
Starting small has many advantages. In starting small, you get to test the waters for you and your product. You get to evaluate your skills as a businessman and you get to see if demand for your product can sustain a full-blown business. Small businesses can be flexible as there are no hard and fast rules as to how you can manage it. Working with a handful of people can also make it easier to steer the business. The low operating cost can help you maximize the potential of your business. If things go sour, it will not be a deterrent to reverse your business direction. Starting a business can be a pain but if you start small, you might be paving the road for your success.
Choosing the Right Business
There are a variety of opportunities for those who want to start a business. Internet retailing is one. The trend has been moving away from physical-store shopping towards online-store shopping. People find the convenience worth the extra fee they are charged for shipping. Simply find a product you would like to sell and would personally use, put it up in your site, and market it in a way that you too will be convinced that you want to buy it. Setting up your website will not even work up a sweat. Social media websites are free and effective.
If having a physical store tickles your fancy, start with a kiosk. That brilliant product in your mind can be the next big hit but you need to introduce your product first. Doing it through a kiosk can help you strategically place your business in an area where there is good foot traffic. Find a space at a local market and put on your salesman hat. If your product is a hard-sell at first, your operating cost will not be too big to force you to shut down your operations entirely.
A franchise is also a great idea if you are still baking an original idea in your head and if you have some money to spare. The parent company can help you evaluate your place of business and will help you in every step of the business process. Some parent companies give free trainings and seminars to its franchisees which can aid you in future businesses. Manpower is also supplied and trained for you. Above all, you are given the license to use the company’s name. However, make sure that what you are franchising has a good reputation or your money will be going down the drain.
If all you have is your mind and body to work with, why not start a tutorial service business? There will be an endless demand for your services if you are good and patient. Your market is also vast as there will always be students who need help in learning a new language or solving their algebra homework. This business is low-cost and flexible.
Think of Your Customers
Textbook definitions of a small business could vary. Some consider the workforce size only, but some suggest that the total asset size is a more accurate measure of how small or big a business is. As far as the customer is concerned, however, it is the ability to satisfy his needs that determine how small or big your business is. After all, it is always about the customer.
Without your customers, your business will not survive. Identifying the needs of your market has to be one of the first steps you need to take when establishing a business. While there are businesses that can create demand for new products, the public may not welcome certain products. This is the case when the public does not see any need for the product or when your product is not perceived to have added value. Think of your customers’ wants and needs and try to offer something that will exceed their expectations.