Did you know that in Australia, and 60% of small businesses fail within the first twelve months? For those of us who wish to start a small business - and maybe even work from home - this is statistically not very encouraging.
This means that your business idea doomed to failure? Far from it! There are steps you can take, which greatly increase the chances of success. With a little time and serious research, can you hit the ground running. First things first ...
And a bright idea
First, of course, must come up with the idea. Generally, business opportunities can be divided into four groups:
1. Provision of an existing product / service in the existing market.
2. Introduction of an existing product / service to a new market.
3. Provide a new product / service in the existing market
4. Enter product service / new a new market.
At this stage of the game, and the only limit is your imagination. Inspiration can come from anywhere - maybe you have a hobby you would like to become a full time job, and you can be on the receiving end of bad service in one day and decide to try to do better for yourself, or there could be a talent that you enjoy them.
Once you have experienced something that you want to do, and it's time to take a look at the market and see what is on offer.
Test
So you have a great idea and you want to ride with him, and now it's time to test. For the purpose of this process, let's say you have a passion for healthy living, and want to distribute a range of accessories in the lifestyle that promotes a healthy lifestyle approach with do-it-yourself to it.
Ask around: Is there a market for products that promote a healthy lifestyle? What kind of products are available? And that you are in competition with what your competitors offer? Do you have the skills to manage such projects, and - more to the point - what could be these skills? Where is your company?
Once you have answered these questions, you should have a clear picture of what your company will look like.
You meet the product and decide to conduct more research in the production line of the lifestyle offered by a company called dynamic 4 Life. Due to the experience of private life and work, as did some of you dietician you the necessary skills, and I think you will be able to work from home, allowing you more time for the family. There in the current market, but there is room for expansion. Now it's time to take a closer look.
To be or not to be?
It's time to get to the nuts and bolts. You do not want to jump in feet first and find something the hard way that the budget does not simply do not.
To begin, sit down and work if you need to recruit staff, which means the payment of wages.
If you rent a room and you will need to be able to pay the rent, and will be designing your website to your business and target market (which also means you should think about all that is the target market). You will also need to work on the potential demand for the product / service.
OK ... I had worked there sufficient demand for good quality juicers, sprouters, water filters and other high-end accessories to take a picture with a distribution job opportunities at home. Now you need to make marketing decisions.
Look at me! Look at me!
And can be declared to be expensive if you want to be sure to spend your advertising budget wisely. This means that more than market research, and this time one on one. File your customer groups so you can aim right marketing group / s of people.
Preparation of a questionnaire (a short questionnaire - people run out of patience if you walk for too long), and some hang around outside the local gyms (for example we have in particular). Comes with a mix of open-ended questions (What do you think ........?), And closed questions (Do you have a gym membership Yes / No) sliding scales can be very useful.
For the health of business accessories we have, it may be a good question: "How did you hear about this gym? Radio, television, newspapers, etc.. Word of mouth ..." The question then give you an indication of media types that the target group better response .
Choose the name of the business, and print some business cards, and the purchase of securities and get ready for trading!
Measuring and managing it!
Said one of my teachers that, in business, if you can not measure, you can not control it.
You should be able to plan for the future, and this is what you need to know - or be able to accurately predict - your total sales. The equation is simple: the number of customers XX sale average frequency of visits per customer per year = total sales. Remember that, in many cases, revision, and measure your activity, you will be able to manage it!
Keep an eye on your line, and most importantly, always be aware of your cash flow - and the cold, hard cash you have in the bank. Made for periods of invoices (14 days and 30 days, etc.) when planning your budget.
Market has a life of its own, and no one can prepare for any eventuality. Put some thought into the idea you have, make sure there is a market for what you propose, research, research, and research, to enhance the effectiveness of your business, and always knows what goes into your bank account, cash flow and remember!
It's not perfect, but if you follow these simple steps, you will be miles ahead of the many new projects for small business. If you listen to a great business opportunity at home, or you have a product or service from your market, you're off to a great start!
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