King bell
VIP Contributor
1. Identify your passions
The first step to success is figure out what you love and would be willing to commit a few hours of your time for each day. If you have a passion for fishing, then consider opening up an online store that sells fishing gear. The aim here is to find something that will make you happy while spending less time at work. Once you’ve identified your passion then it’s time to think about what kind of business you want to start, remember – if the idea doesn’t excite you, it won’t excite anyone else!
2. Choose a niche
Some people believe that when they start a business, they should try to create something that will be successful and become the next ‘next big thing’. This is not recommended especially if you are unfamiliar with the market and are planning to enter a competitive marketplace. Entrepreneurs in their early days can look for niches where the competition is small. However, this is not a good idea if you’re new to running a company because it might limit your potential growth.
3. Choose a passion that you are knowledgeable about
You should choose something that you know about, or something that you’re passionate about. If not, then at least try to understand the market you’re entering. Doing so will help you create a business model that is successful. Even if your business grows, the product or service has to be good enough for consumers to want it.
4. Understand where your customer sits in the purchase decision-making process
You should know how and why customers are buying products or services from your company and there are only three reasons as to why they’re doing it – customer value, necessity and costs of purchase.
The first step to success is figure out what you love and would be willing to commit a few hours of your time for each day. If you have a passion for fishing, then consider opening up an online store that sells fishing gear. The aim here is to find something that will make you happy while spending less time at work. Once you’ve identified your passion then it’s time to think about what kind of business you want to start, remember – if the idea doesn’t excite you, it won’t excite anyone else!
2. Choose a niche
Some people believe that when they start a business, they should try to create something that will be successful and become the next ‘next big thing’. This is not recommended especially if you are unfamiliar with the market and are planning to enter a competitive marketplace. Entrepreneurs in their early days can look for niches where the competition is small. However, this is not a good idea if you’re new to running a company because it might limit your potential growth.
3. Choose a passion that you are knowledgeable about
You should choose something that you know about, or something that you’re passionate about. If not, then at least try to understand the market you’re entering. Doing so will help you create a business model that is successful. Even if your business grows, the product or service has to be good enough for consumers to want it.
4. Understand where your customer sits in the purchase decision-making process
You should know how and why customers are buying products or services from your company and there are only three reasons as to why they’re doing it – customer value, necessity and costs of purchase.
