If you are an employee and have been thinking of improving your life or aiming for independence, then this article is for you. Starting a business for the first time can be scary. Read along to learn the three ingredients that will help you in starting a business from scratch and how to use them through the early phases of growth.
Don’t ditch the job
Many people who have a job, start a business thinking: I can make 50k a year having a “job”, I should be able to make more than that in managing my own “business”. Not really! Starting a business is like deciding to become a musician after spending your whole life as a stock broker. Your knowledge about your job has little or nothing to do with how well you manage your business.
The good news is, your ability to generate money from your business is similar to your job, it is largely dependent on the combination of your experience, education and resources, which you can build.
Starting a business
Start small, start cheap and learn along the way. If you sell one product to one customer, then you have started a business. So why not start a business and learn along the way? I started my blog site iamwealthytoday.com before even knowing what a blog is. If I didn’t do it, I wouldn’t have started writing and you wouldn’t be reading this article.
So, let’s get started. Here are three steps to get you started and grow through the first stages of business life.
By Brian Tracy (now for only $1)
“Business Growth Strategies will help you to become more successful in every aspect of your business and your life!
It’s an online membership program with 5 categories in business and personal success for you to choose from. The best part is… each course is programmed especially for YOU based on your answers to an assessment.”***
1. Select the right products
If you haven’t started a business yet, most likely don’t know which products to sell. There are many products out there that you can use for your business. Which one(s) will work for you? When I built my first technology business I sold everything to everyone. It was a great learning opportunity. It taught me which products do well with my selling style and thinking logic and which ones produced most profits and value to my customers. I have specialized more during the years and focused my attention on the vital few that work for me and my business. If I would start again, I would do the same!
To get you started, pick an area which you have already some background, experience, or passion, and start by listing all the possible products you can start selling right now. Write on a piece of paper “The possible products I can sell in my first business are…” and complete the sentence in as many ways as possible.
Next, prioritize your list based on the products you know more about, likely to provide you with more profits and are easier to sell. This will generate loads of product ideas that you can immediately use to start your first business.
2. Select the right customers
If you haven’t sold before, you will need to sell to everyone and anyone until you find your “right” customer. If a customer pays on time and keeps buying more, she is an excellent customer and you need to find more like her with the same needs and same buying habits.
In your initial search for ideal customers, you will have to rely on your initial network of people you know personally/professionally to start selling to. To get you started take a piece of paper and write “The possible customers I can sell to in my first business are…”.
The list of customers can help you get a view of where business might be waiting for you. Hint: If you cannot come up with any names, ask friends and family for “who would buy these products?” and go from there.
3. Select the best fit
Along the course of your business startup you will sell different products to different people. After a while you will start favoring certain products and certain customers. For example you may find that certain products are fit for an age group, a company size, a geographical area, etc. Your experience with market is the third ingredient to business success.
Use fit to grow
This “fit” of what products sell to which customers, will develop with time. It is your “capacity” for what works and what doesn’t. Your job is then to take this newly developed “capacity” to a larger group of customers and continue selling. The more you sell your favorite products to your favorite customers and enjoy the process, the more you will feel wealthy every day and the more you can grow your business exponentially.
Remember, to get started, all you need to do is to sell your first “product” to your first “customer” and enjoy it!