Everything starts from zero. It doesn’t matter whether you are rich or poor to start a business, what matters is how you plan / work on the idea together with passion, dedication and commitment. Passion has always been the key to start an endeavour and convert in to a successful business. Even the richest persons in the world such as kings like Bill Gates and Warren Buffett started from zero. Moreover, the Fortune 500 companies have also been stated from the scratch as they were not there since start of the world. The foremost important thing is to figure out what you want to do. In this blog we have enumerated some of the important things one must keep in mind while starting a business or key steps to start a new business.
1. Find Niche Market: Research
Finding a niche market is one of the most important and key steps to start a new business. It is the stepping stone for the business. Niche market is segment of market with its own unique preferences and needs. To find a particular section of market one needs to go deep and study market as an expert. Find major players in your segment and do both primary and secondary research to know what is missing in your market segment. It has been observed that usually entrepreneurs get discouraged if the market has many players, In fact this is an advantage for new business. It means that this particular target market is working for those people and you can make it work for yourself too. There is demand, just need to seize the opportunity.
2. Mission statement: Realistic financial goals
After finding Niche, one has to set goals every three months for couple of years and always go a mile head in achieving those goals. Always stretch a bit to get your initial mark. Sometimes one need to work backwards and figure out what he/she needs to do each day to get to the goals.
3. Start With Your Product or Service
Goals set above can be achieved by selling a product or Service. Product and service design is science which should be based on the challenges customers face in your Niche market. As an entrepreneur one must have solution for audience in his product or service.
4. Market your Business
Once product has been finalised, it is important to let people know about your business. There are many ways to do it but contemporary social media tools are widely used for this purpose. Always make a platform like website where you can put all detail related to your product.
You can always use Social media such as Facebook, Twitter, Instagram, YouTube etc. to convey your message and market your products. Nowadays, Social media has been a necessary tool for every business.
You can also join online community or forums relevant to your Niche and get in touch with other members of the community to gain initial support.
5. Feedback
Always take feedback from customers and improve your brand accordingly. No one has ever launched perfect product for first time. Entrepreneurs believe in keep improving.
If you are interested in knowing 5 steps to establish a new business in Pakistan, please click here.
