Once you’ve decided to walk the entrepreneurial path, the next question to
ask yourself is, “What type of business do I want to start?”
There are thousands of choices. What specific industry or even what niche
appeals to you or would make the best use of your abilities, aptitudes and
assets. Today we are going to make you clear how you can choose a
business with proper plan . We are going to share with you the 5 steps.
If you follow these basic 5 steps you are able to think exactly in which
sector you should move Or so to say in which sector do you want to start a
Follow Your Passion
The best option is always to make or sell a product or service that you know
about and love. If you’re looking for someplace to score a short-term hit just
for the sake of reaping a financial gain, that’s fine – get in; make your
money; and get out.
But if you’re looking to start a business for the long haul that suits your
temperament, your strengths, and the lifestyle you want, you must choose a
business that you love. Before starting a business always try to find what you
love to do. Some People say that happiness will not pay your bill but the true
fact is happiness will pay your bill because when you are happy with what
you are doing you are more energized. If you follow your passion it will help
you to earn more money because when you follow your passion, your work
does not seem so hard because you are doing what you like to do
Research your Business Sector
To start a business, the first thing you have to do is MARKET-RESEARCH.
Market research blends consumer behavior and economic trends to confirm
and improve your business idea. It’s crucial to understand your consumer
base from the outset. Market research lets you reduce risks even while your
business is still just a gleam in your eye. If you don’t research the market,
you will have to pay for this which means there might be some changes to
lose money on your business.
- Market Size
- Economic Indicators
- Market Saturation
- Market Share
- Strengths and weaknesses
- Your window of opportunity to enter the market .
- The Importance of your target market to your competitors .
- Any barriers that may hinder you as you enter the market .
- Indirect or secondary competitors who may impact your success
Clearly define your business
If you figure out which business you will start and research the market which
business is trending now. So, now your second step is to clearly define your
If you want to find a sponsor or investor for your business, you must have
clear documentation for your business because without clear documentation
the investor will not invest in your company because of your unclear
So, it is your duty to clear your business idea. It must also have a focused
service or product and a distinct target customer.
Develop your business Idea
- Consider and analyze the relevant markets.
- Note down your ideas and expand them.
- Carry out competitive analysis.
- Model your business.
- Create/design/sketch your mockup and then test it.
- Execute a market survey.
- Develop your final product.
- Gathering customer feedback and measuring your businessresults.
This part covers the various aspects of how you plan on marketing your
product or service. The areas you will need to address include:
- Marketing budget
- Promotional strategy
- Publicity and public relations
- Sales force
- Sales promotion
This part addresses the way you plan on pricing your product or service.
The aspects of pricing you will need to address are:
- Bundling (if you have related products/services)
- Pricing flexibility
- Pricing strategy
- Retail price
- Seasonal price (if applicable)
- Wholesale (volume) price
Also known as Distribution, this part is all about the delivery of your product
or service to your customer. Here are the areas you will need to cover: