Starting our own business is a dream a lot of us have at one stage or another. it may be sparked by a crazy spur of the moment idea or a long thought out decision but either way you will never really know if its going to be successful unless you try. But in an environment where businesses are failing on a daily basis and more and more well known high street brands are going into administration on a daily basis it can be a very daunting task. However in this mini guide I will suggest some different tips you can use to slowly work your way into the business world.
Making A Plan
Before starting your business venture its always a good idea to make a business plan. It doesn’t have to be very in depth as in this stage it would really just be a concept. But even designing a logo , name and what you would be selling would make a good start to getting your business plans underway. Speaking to friends and family is a good way to bounce your ideas off people and see what their feedback is as well as to see if there is anything else that you can add. After making a plan or at least bringing together several ideas you would like to try the next stage in your business journey is to build capital so that you have some money to start the business and get it on its feet
Money can be raised in a number of different ways in order to fund your venture. But one of the best ways to make money is by buying and selling online through e-commerce platforms such as amazon or eBay. The main advantages of these sites is there is a massive market available and a large variety of items that can be sold. A good example of a product trend that took off is fidget spinners. When they were first being produced fidget spinners could be bought for tiny sums from Chinese firms in bulk. At this stage there wasn’t much demand for them. However after a period of several months fidget spinners became very popular and a trend swept the nation. This trend was fidget spinners. Fidget spinners mainly throughout schools. As a result those who had bought them in bulk were able to capitalise on this and make a decent profit. Another popular trend was that of antique coins. There was a period where antique coins were going for a lot of money and originally they could be sourced fairly cheaply. A different way in which you can raise capital is through car boot sales or junk sales. Selling your old possessions can free up storage space for stock and also raise capital which you can save up and use towards your new business.
- Use amazon and ebay and continue to do so until you feel confident with the online selling process
- Ask other people for advice and look online for forums discussing ideas similar to your business ideas
- Make sure you know what your target market is.