NF: TheSmall Business: Start you Own Business


Step One – Idea Generation


One might think that it would be absolutely essential to have a great idea as far as it comes to setting up a business that will reap great dividends over time, right?
Well, you couldn’t be further from the truth if you thought the same. In fact, some of the best ideas are really the most common ones – the tried and tested, the ones that actually work.


All you need to do is take a great idea that is already existing out there, and then put an entirely new spin on it so that you pack a punch where it comes to achieving success in your work out there. In fact, by doing so you are really creating your own unique business idea. Let’s take a look, then, at the process of idea generation and all that it entails in order to make it successful! Personal Evaluation This is extremely important when it comes to the successful idea generation for your business.


At first you must take out the desired amount of time to actually spend on brainstorming what you are truly passionate about. Once you have found out the same, you have to see if your skill sets matches up to the ‘idea’ that you have thought of; it might not be a very good idea to pursue something that you might not be best equipped to do.


Once you have aligned your skill sets with the idea that you imagine could catapult you to entrepreneurial fame, you have to see if there is a real ‘need’ out there for the product or service that you are proffering to offer. If there is, you know that you are headed in the right direction!


Assessment from external sources You might wish to look up to people like peers and your family in order to get the best possible advice as to whether the business idea you have chosen in the point above, is really indeed most worthy of the merit that you have bestowed upon it, or not.


You have to understand that by doing this you get an unbiased ‘outside perspective’ on your proposed business idea in the form of things like constructive criticism that might go a long way in ensuring that your idea does indeed hold water and that you are well poised towards launching your new venture. You might wish to talk to a few entrepreneurs as well; they have been there and done that and they will most certainly be able to offer you the best possible advice on how to take that idea of yours forward in the smoothest manner possible.


Consider all possibilities
The very fact that you have a brilliant idea does in no way imply that you are ‘sorted’ when it comes to being on the path to entrepreneurial success. You have to understand that there will be a lot of hurdles along the way, which could indeed lead to a lot of disappointment should things go askew in the process of setting up that business.


Of course you need to be mentally prepared for the same; the last thing you want is to be discouraged by the potential hurdles that come along your path, to the point where you want to throw it all away. By being apprised of the hurdles that might come along, you are preparing yourself to be a lot more resilient than you otherwise would have been, thus paving the way for you to face any obstacle that might come your way.
In fact, some of the most successful entrepreneurs out there are those that have embraced failure time and again, simply because they believed to the core in the ideas that they felt would change the world.


Of course it is vital that you have a great business idea to begin with.
Sometimes you might just get that ‘Eureka!’ moment when you’re sitting in a mall and observing things around you.
But in addition to the pointers that we have discussed, one also needs to do a thorough amount of research into the idea that they have stumbled upon, in order to assess its viability in the market out there. The following chapter is an endeavor in just that. Let’s take a look!


Consider all possibilities
The very fact that you have a brilliant idea does in no way imply that you are ‘sorted’ when it comes to being on the path to entrepreneurial success.
You have to understand that there will be a lot of hurdles along the way, which could indeed lead to a lot of disappointment should things go askew in the process of setting up that business.


Of course you need to be mentally prepared for the same; the last thing you want is to be discouraged by the potential hurdles that come along your path, to the point where you want to throw it all away.


By being apprised of the hurdles that might come along, you are preparing yourself to be a lot more resilient than you otherwise would have been, thus paving the way for you to face any obstacle that might come your way.


In fact, some of the most successful entrepreneurs out there are those that have embraced failure time and again, simply because they believed to the core in the ideas that they felt would change the world. Of course it is vital that you have a great business idea to begin with. Sometimes you might just get that ‘Eureka!’ moment when you’re sitting in a mall and observing things around you.


But in addition to the pointers that we have discussed, one also needs to do a thorough amount of research into the idea that they have stumbled upon, in order to assess its viability in the market out there.


The following chapter is an endeavor in just that. Let’s take a look! @Amazon.Kindle.

Step Two – Proper And Solid Research 
Of course you must do an adequate amount of research into that small business idea of yours that you believe is going to reap ‘big’ dividends for you. Not doing so would only be akin to walking in the dark. Let’s take a look, then, at how we can do the requisite amount of research that is required to literally ‘confirm’ that business idea of ours while at the same time lighting the path that will take it to fruition. 

Research that ‘industry’ Make sure that you ‘research’ your industry well. Of course the goal would be to ‘research here’, but it must be specific towards the industry that your business idea is associated with. 

You have to understand if the market that you are entering is growing or declining, and what are all the latest trends in the same industry. That will give you an idea of where you are really poised, as far as the industry you are planning to enter is concerned. Research your ‘target customers’ You might be catering to a particular niche and by researching your target audience based on factors like income levels and demographic factors, you will be able to get a solid idea of just how ‘big’ your target audience really is. The same goes if you are in the process of selling your goods online to a national or international audience; you have to understand the kind of numbers you are catering to out there. Research your ‘competition’ 

This is one of the most important things you could do. Make sure that you create a SWOT analysis so that you will be able to understand your competitors’ strengths and weaknesses and how they might present opportunities and/or threats to your business. You might wish to keep an eye on that indirect competition out there, as well. For instance, if you’re opening a fast food restaurant in a mall then you might wish to keep an eye on the fine dining restaurants in the mall as well, who might eat into that slice of ‘pie’ that you wish to carve out of the whole, for your very own. 

Make sure you do those ‘surveys’ Conducting surveys is one of the best possible methods that you could employ to understand what your potential customers out there really want; make sure that you use those online survey tools like SurveyMonkey and PollDaddy in order to get the best possible results. 

You could poll your customers on your website or even via email. 
The results that you accrue in this process will most certainly be most invaluable to you when it comes to getting valuable data for your business needs. Have those ‘focus groups’ Having a focus group is pretty much like doing a survey, but it is with a limited number of participants (usually not more than 10) and is far more in depth. 

You can ask those people in the focus group as to what they think about things like price points, advertising campaigns and service features. 

Of course you can have the meeting for up to 90 minutes, which helps you get more than the data you possibly need in order to understand that potential customer of yours. Of course you will have to pay them for their time, but you will see in time that it is well worth it! Get help Sometimes you will find that you might really get the best possible help from local colleges and universities. 

All you have to do is approach them for help and you might find that they are more than eager to do that market research for you as part of their research for a class project. You will be guaranteed a most high level of market research if they do. 

Of course it is most important that a good deal of research be done before we even think of venturing out there in the business arena. It helps give you that much needed sense of clarity to move forward in the right direction and meet your business goals and objectives!



Step Three –
 The Business Plan Now that you’ve done all the relevant market research that is needed to meet those business objectives of yours, the time has come to effectively plan your foray into the business arena so that you go through every step of the process in the best possible manner and with the least possible glitches. 

Let’s take a look at how we can effectively ‘plan’ our small business in order to take it forward. In essence, this means that we have to create a business plan in order to ensure that we are highly consolidated in our approach to taking things forward and most prepared for any eventuality that might befall us during the course of taking that business of ours forward. Let’s look at the things we need to keep in consideration when preparing the same. 

You Must have a concise plan Make sure that the plan is as concise as can possibly be, while at the same time ensuring that you do not miss any of the important details. If you’re going to be showing that plan of yours to an investor, you really do need to trim all that fluff because it will only deter them from the process of reading it.

So keep it to the point and simple. Make sure that all the key areas are covered You want to ensure that you do not miss any area that needs to be covered in that business plan of yours. 

Thus the areas like Company, Product/Service, Market, Competition, Management Team, Marketing, Operations and Financials should be covered in detail. Make sure that you use color charts and spreadsheets in order to make the relevant information presented in each of the sections far easier to understand. 

Pay attention to the USP of your business You have to convince the investor out there why it is indeed worth his or her salt to invest their money in that project of yours by showing them the USP (Unique Selling Proposition) of your product that will enable them to see just why that product or service of yours is worth investing in, as opposed to them merely keeping their money in a bank or investing in something like shares, in order for the same to grow. 

Pay attention to those sales projections While you will find that the costs are really rather easy to document, it is the sales projections that really need to be as conservative and realistic as possible. Make sure that you make a simple cash-flow and break even chart that will help you and anyone else who reads it gain a simple understanding into how many sales you need in order to cover your costs, and how much financing you need to raise in order to start up successfully.



 Changed has mad to ensure the Copyright. Read the Full book available on amazon.com



Open your mind open your business.
KhD

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