The Start of Your Own Business

This post will take you through the process of finding your own business niche, building a product to target customers, and designing your marketing plan. Along the way we’ll also address common questions surrounding starting out on your own. So strap yourself in and enjoy!

If you know that you want to start a business but don't quite know where or how to begin, there are plenty of resources available online. This article will walk through one method for finding an idea that is right for beginning entrepreneurs. You can also read on how to build a product targeting an underserved market and design an effective marketing plan.

Step 1: Decide if you have a knack for entrepreneurship.

For starters, it’s important to understand that being an entrepreneur is not for everyone and is in fact an extremely difficult lifestyle. Is there a chance that you don’t have the right qualifications?

Okay, I admit it. The title of this article was pretty awesome and somewhat misleading. I mean, most people starting out on their own are not going to be Bill Gates or Steve Jobs. Don’t worry, though... there are plenty of opportunities available to those who do want to start their own business but don’t think they have what it takes to become the next Gates or Jobs.

For anyone reading this article on how to start a business, it is important to first determine if you have the right qualifications for running your own business.

A big mistake that many do-it-yourself entrepreneurs make is jumping into their business without having the right mind-set. What I mean by this is that although there are many different profitable niches out there, some business ideas require more passion and determination than others.

Let’s take a look at an example. How about a dog walker? Yes, sounds like a pretty easy niche to get into. However, as I am sure you know, it takes quite some time and effort to attract clients and managing them is another task altogether. I know from personal experience that even with the best intentions in the world, it's difficult keeping up on all of your customer calls for walking appointments. If you don't have the passion for it, it may not be the business for you.

Step 2: Look for an underserved market.

Okay, so now that we agree that you are ready to start your own business, let’s look at some options that might be more suited to someone just starting out on their own.

One great option is to find a niche market that has been overlooked by other entrepreneurs. This can be accomplished in a variety of ways… Have you ever picked up the Sunday paper and found yourself looking through the classified ads? I know I have.

While looking through a magazine or newspaper, look for an industry that offers products or services to a niche market. You will want to focus on industries that offer less competition but still have plenty of potential profits.

For example, say you are looking through the classified ads and find an ad for a lawn care company. While this may be a good business to get into, there is a lot of competition in this industry from other entrepreneurs and established companies. What if we switched things up by finding a niche market within the lawn care industry?

Let’s say you found an ad for a lawn care company that offers low-maintenance garden designs. This is a great niche market to get into! There isn’t as much competition because homeowners aren’t willing to spend the time and money for an elaborate garden design. They don’t want the hassle and responsibility that comes with gardening. Therefore, these homeowners are willing to pay for low-maintenance lawn care.

Another thing you may want to do before going out in search of an underserved market is to think about why someone might be interested in your product or service over another similar one. For instance, say you are looking at a lawn care company like our previous example, but you aren't considering it because it sounds too easy since they offer low-maintenance designs.

Instead, consider how it is much easier to sell a product or service that you are passionate about rather than one that you aren’t. If someone is passionate about their business, it shows and it makes it easier for them to make sales and attract other people like them.

This brings us back to the dog walker from earlier since I have personal experience with this niche. While I am sure there are plenty of homeowners who would enjoy having a dog walker on hand for those times when they can't personally take their dogs out for a walk, this concept might not be as easy when compared to luscious landscaping designs that require less work and time.

If you decide to go with a niche market, it is important to do some digging into previous competitors. Find out how they are doing and what strategies they implement. This information can help you decide whether or not your company would be competitive in your chosen niche market.

The next thing you will want to do before diving into the marketplace is determine what you need to do in order to give your product or service a competitive advantage over other companies within the same niche market.

One of the first things that you should think about is how much time and effort someone will have to spend on your product or service before they get results.

I know that my dog walker business is better than most because I make the extra effort to schedule daily walks throughout the week. This is much easier when you have a lot of locations to cover.

Another thing that separates good businesses from those with poor results is how they price their products and services. Find out what other competitors are charging for the service you provide and then consider modifying how many hours per week your business offers.

For example, let’s say that one competitor charges $45 per hour for their service with two hours per week. If you offer three hours per week for the comparable price, they may not be able to compete with you.

If your particular niche market is fairly new, there may be a lot of opportunity to create your own business name. If this is the case, make sure that you do some research on how others in similar industries have branded themselves first.

One area I definitely recommend researching is how others within your niche market are promoting their businesses. Then, look for ways to stand out from them.

Conclusion

So, there you have it! Three steps to help you find a business you will love. If you don't love what you do, it won't be easy to succeed.

Let me know if these steps worked for you in the comments below and feel free to ask if anything else comes up.

Read More: The Best Time is Now for Starting a Business

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