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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How to Launch Your Own Business
When you work for someone, you are building their business. While working to build someone else’s business has its rewards, it can never be as satisfying as building your own business.
When you start your own business, you can define your legacy because you will be working on your own terms. Now instead of merely making a living, you will be sharing your passion to make the world a better place.
Here are a few suggestions on how to build your own successful business.
Follow Your Passion or Ride a Trend
By monetizing what you love to do, you can build on your strengths. So, first, identify your passion, then figure out a way to use it to solve a problem for a niche audience. Once you know your “why”, your “how” will fall into place.
Another approach to finding a good business idea is to analyze trends and see what wave you want to ride. If, for example, you notice that baby boomers want to stay fit and you have spent most of your adult life working as a high school football coach, then you could consider getting certified as a fitness trainer and open up your own fitness studio to teach people how to stay strong and healthy.
Find an Untapped Market
Many business ideas that would not do well in the United States could do remarkably well in Mexico. While, for example, the waste disposal industry in a developed market economy like the United States has stiff competition, only a few companies that provide this important service in Mexico because it is an emerging market economy like Mexico. So, if you decide to get into this untapped market, your new company will flourish, benefiting immensely from the IMMEX Certification program, which was organized to improve the Mexican economy by empowering foreign companies to set up a business in Mexico.
Fund Your Business Fast
Deciding on your business concept and finding a good market will not take you far if you don’t have enough money to start your business. So, once you have an idea about the type of business you want to build, start looking for ways to fund your startup.
After determining how much money you must launch your business, consider self-funding, using crowdfunding, getting venture capital, applying for a small business loan, or investigating the small business administration investment programs.
Build Your Dream Team
Your business will only be as good as the people who work there. If you hire employees who don’t share your vision or who don’t bring the right knowledge, experience, skills, and attitude to the business, you will have many management problems. If these interpersonal conflicts are severe enough, you might even have trouble earning enough revenue. You can avoid all this grief by carefully selecting the right people to join your team.
Get Good at Sales and Marketing
Marketing will inform people about your business, while sales will convince those who inquire about your products and service to buy from you. Unfortunately, many business owners prefer to focus on business building and developing operations rather than mastering sales and marketing techniques. While you can, of course, hire marketing agencies and salespeople, you may not have the capital to afford these essential services when you first start. Until your revenues increase, you may have to do much of the marketing and sales yourself because you will have a skeleton staff.
The Happiness Advantage
Starting your own business will not only help you find a more interesting way of making a living, but chances are that you will be a happier person, too. A happiness survey by Vistaprint found that 77% of small business owners who took the survey reported that they were happy with their decision to do their own thing, with some reporting that they were extremely happy.
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