Start my own business tips on research?Watch
Ive got my degree and have a job and i think i am good at making decisions.
I don't care what I sell but I want something to do on the side of my everyday job. I don't know how to do my research and get started.
I just want a simple business to begin with, Im prepared to put in all the hard work.
Any pointers would be much appreciated
Posted from TSR Mobile
People will tell you a lot more about their business then you expect.
As long as you are not directly competing with them, many small business owners will happily have a chat about how their business works and what they do. Far to many people are to afraid just to ask, which is a huge loss as it is the only way to get a really true picture of what you need to do, and how the market looks at the moment.
Do you have any family/friends who run their own buisness? they are a great place to start.. if you dont, then ask your family/friends if they have any family/friends who do.. amoungst your whole web of people there is likely atleast 3-4 people who do run a buisness, and talking to them is step1.
My 2 tips on business:
1, Be 100% clear on your niche. Its quite achieveable to fill a gap in the market (its what I do.. I opened a buisness in an area that had no buisness like my own, and people were travelling outside the area to find.. I just filled in a need). On the other hand its very hard (but often the most profitable) to create your own gap/niche. I have seen my friends who are starting buisness pushing to create a market where one doesnt exist, and sure its bold and can yield high rewards, but it is so much more demanding. I would personally say that if your starting out, first plug a hole.. before you then try and expand into new areas and create new niches.
2, Be patient. So many buisness fail because they are rushed. A young person thinks 'I will do X in a year'.. and often they dont.. things always take longer then you expect, and you need to be prepared for that.. take your time, build slowly but sustaniably, without triyng to push to big to fast, and prepare yourself both mentally and financially for how long it will really take.
I work in a client based business. For me I worked really hard to get my first client to trust my services.. after that it took 3 months to get a 2nd client. After that it took another 5 months to get a 3rd client. Since then though I have grown to well over 30 clients in a comparitivly short space of time. Reputation grows, word spreads and buisness picks up, but you can never try and rush it. Your reputation and market presence will grow natrually as long as you are doing a good job, with a decent buisness idea. The only short-cut is money, throw huge amounts of money at a buisness and sure you could probably do what I have done in half the time.. but without a lot of investment, you just need to be patient.
Do you want to sell a product or service or both?
What skills do you have that people will pay money for?
How much money do you have to invest in the business?
Given you already have a job, how much time can you spend on your business?