This article is for anyone who has a passion, skill, or hobby that they want to develop into a business. You may enjoy making cakes for friends and family and aspire to do it full-time, or you may have a flair with words that might be converted into a commission. Perhaps you paint or sketch and wonder whether those who compliment you would be willing to pay for your work, or if your flare for fashion could lead to financial gain. Whatever your talent, you can most certainly convert it into a business with people paying for the high-quality products or solutions you provide.
COMING UP WITH A CONCEPT
The first stage in beginning a business is to come up with a concept for what the business will accomplish and on which of your abilities it will be built. Many talented people cannot come up with a single concept; they have too many ideas! In any case, bear in mind that a niche business is frequently the finest form of business.A niche is great
Create a product or service based on your interest, passion, or ability that fits the demands of a very specific audience. For example, a baker focuses on manufacturing specialty items.There are two key benefits to having a niche business.
1. You keep marketing expenditures low because your target is properly defined: you know where your audience is and you've researched and understood the kind of marketing communications that would elicit a response from them.
2. Customer loyalty remains strong when you establish yourself as an expert in your industry or the exclusive provider of particular items, encouraging consumers to return and buy from you in order to benefit from the specialized product, service, or experience you give.
Consider how you may shape your talent into a concept with a clear goal for a specific audience.
"Get your work out there, tell people it's for sale, tell them how much it costs and make sure it's something people will pay for." -Emma Henderson
"Research is essential. Make sure that there is a market for your product and research whether potential customers are willing to buy what you enjoy making." Carol Powell
To tackle the problem of having too many ideas, spend time working on them all while focusing on the product or service that sells, i.e. let the market define which concept gets your attention.
Researching the market
Visit competitor's websites, online trade sites/forums, study reports and seek intelligence from specialists to research your potential consumers, the competitors and a pricing point. Look for material that will provide answers to the following questions:How many prospective consumers can you serve, and how do these customers like to be served?
What are their qualities, spending patterns and significant influencers?
Who is currently providing service to your market?
Where are your potential customers looking for goods and services?
What do they appreciate and more crucially what do they dislike about what they're getting (since this gives up opportunity for you to improve on the status quo)? Is there a business here in light of the above discussion? Is there a market for your product or service and is there a desire for it? If this is the case, you should consider how much you could charge for your product/service. Price yourself competitively with other market suppliers, taking into consideration the amount of time, personal service and extra value you bring and that will make a profit at the end of the day!
Research tools
Visit forums and sites where your target consumers interact to discover answers to your queries and to gain information about rivals. Find out who's out there and what others are saying about them by using Google and following links posted on social media sites like Facebook and Twitter.Visit rival websites and contemplate buying from them or utilizing their service to get a sense of their strengths and shortcomings - so that when the time comes to start your own business, you know what you like and what you don't!
Another alternative is to collect primary or firsthand data by organizing a poll, asking questions on social media, or going out into the streets with a clipboard! This may be a terrific method of receiving information direct from your target customer so when you launch the business you know you are positioning it effectively.
Starting a business from home will save you a lot of money, which you can pass on to your consumers, giving you an advantage over other enterprises. However, be certain that you do not undercharge for your skills, ability and understanding. Consider charging less for tasks that will benefit your image of the business, such as in the media or with a reliable customer.
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