Am I very big businessman? Have undergone through very reputed business administration course? Nope! So you should exit from page instead of going through whole blog about business. Wait let me elaborate things. I started and ran many small businesses successfully as I also handle business development tasks for my and other’s businesses too. I am going to explain you about How to start your own business cost effectively?
As each area whether it is career or investment or business need goals on which you need to fix you decisions that what type of business you can start and run successfully. So we can divide whole this process of starting business in some phrases accordingly.
Few important phrases of starting your own business
1: Research :
As there is already have big competition in various fields , so of course you would not love to insert your hands in the big competition and you should not because competitions always tends to various risks. So what you need to do is give your some time to market and select some areas where you will get less competition. Make one list of all business that you selected.
2:Select one business from list you made:
Now only completion factor can not make your business successful. Think out of box now like can you bring some variation to any business and make that business unique ? If you can then it’ll always great than starting business typically. You might be thinking that I haven’t talked about market demand yet, yes this is the time where you have to select one having great scope or demand so that you can sell you product or service and make your money as well. While doing theses things you also need to identify that do you have your interest in this field ? Do you have skills that can make your business effective ? Can you afford initial cost for that business? If yes then finalize that business and move forward to next phrase.
Consider you planned or finalized business which sells variety of products online like mobiles, tvs, cameras, food, clothes etc. Now what you need to do is make an exact plan if you can, like how exactly the business flow will run ? finalize your requirement that what would you need to execute this business I mean you will of course need one eCommerce store or website where you can keep your products. So it would be better thing if you are developer but if you not then at least hire some one who can create your eCommerce store. I am not going deeper towards developing and coding as it is just example. Similarly hire some cost efficient resources which might be your delivery boy, market or business developer. Like wise you can apply same strategies on other businesses too , even from salon, general stores, online store to any big business like construction, travels or hotels etc. After finishing things move forward to next phrase which will bring closer to success.
4: Build your right marketing strategies for direct & indirect revenue:
Now you have set up all the things and it is enough to stand your business. As I said at the end of last phrase move to the very important phrase of starting business that is marketing. Build perfect strategies by involving right persons and fix your marketing goals. I’ll suggest you to go for online marketing first, trust me it is the only method which will stand to your back and support you very effectively to reach your business goals. Yes online marketing will also save your tons of money and reduce your marketing cost drastically. You may get more information about here what is online marketing? . As per my experience you assign some small budget first on trial basis, design and run your campaign accordingly. Remember one thing make your goal fixed before running campaign i.e. what you are targeting, I mean you want to create you brand first or you are targeting leads directly. I’ll suggest you to got to brand creation, maintenance etc . that will definitely help you in branding and then will generate direct money too. Obviously you will be having expertise from that field so I hope he’ll care of all things. Now you are running business no matter small, medium or large but it’ll definitely be running successfully. Keep some patience for couple of months and start analyzing, monitoring your efforts and move to next phrase.
5: Measure success of your efforts taken on business:
After passing couple of months, may be some and it’ll depend on type of your business if you are dealing with B2B business it may take some extra time & B2C may take less time. Start measuring and rating your efforts that is it beneficial or at least not in loss or no profit no loss etc. Now you are one of the startups and need to focus on growth of your company that I’ll be explaining in my upcoming blogs.
“So stay connected and please do share your remarks. All comments will be welcome including positive, negative or suggestions. See you in upcoming blog soon.”