In today’s world of social media, where almost everything is shared online, it seems that everyone is doing a start up business from their home.
From women on Instagram selling workout clothes to vloggers selling tutorials, everyone is starting up their own business.
To some it might appear that with the snap of a photo, these products are flying off the shelves. But unless you are a famous celebrity with a large following, or have a product that people would kill to buy, this is rarely the case.
The truth is, if a successful entrepreneur told you about all the problems they endured before achieving some success, you probably wouldn’t even start your own business. It’s a challenging path. But those who succeed say the rewards you reap beat the nine to five any day.
Below I’ll share some advice on how you can launch your own start up business, things you should consider, and some tips on how you to choose the right business that will bring you success!
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4 start up business tips
You may think that selling that product you dreamed up in the shower this morning is as easy as putting it up on Facebook, but there are a few required steps. Allow me to explain:
- Decide what type of business to start.
- Choose a business structure.
- Figure out your niche and target customer.
- Competition, advantage and money.
As hard as it is to take the time to think about what you’re doing and how best to do it, you’ll thank yourself for it later.
1. Decide what type of business to start
Everyone knows that eCommerce businesses are booming. Online stores and services are selling more than ever — I mean, who doesn’t want their needs to be met with the click of a button?
Digital businesses have a huge advantage over classic brick-and-mortar stores — they are much cheaper to start.
GoDaddy Websites + Marketing makes it super easy for anyone to create their own web store without having to know code or website programming. From products and services to videos or digital fiction, Online Store helps you easily display, promote, sell and ship your goods.
Not the eCommerce type? Read this for ideas on how to land on a business idea you’ll like. Just about everybody has at least one.
2. Choose a business structure
If you are just starting up, your business structure is one thing you may not have thought about. But you definitely need to have your business legal matters in order to look professional and file your taxes.
A sole proprietorship is probably the best route to take if you are starting small.
Becoming a sole proprietor is the easiest, simplest and cheapest legal structure for a business. It is also the least complicated, which allows you to focus on growing your business, and improving your products and customer service, instead of worrying about bookkeeping and paperwork.
As a sole proprietor, you are 100% in charge of your business and the profits that you make will be 100% yours. Keep in mind though, that you are the face of your company and your company is you. This means that if your business goes into debt, your personal assets could be at stake.
You can always change your business structure down the line as it evolves and grows and grows. If you’re not sure which structure to choose, consult with a lawyer or accountant to figure out which structure makes the most sense for you now.
3. Figure out your niche and target customer
Before you start up your business and invest your time and money, you need to first do some good ol’ fashioned research.
Find out what product you would like to sell and research your target customers. Where will you find your customers and how much will it cost you to gain each one? These are all questions you need to find out the answers to.
There’s an excellent article here on how to take a product or service from fuzzy idea to ready-to-sell. By creating a minimum viable product, you save time, money and effort on creating a product or service people will actually buy.
4. Competition, advantage and money
You also need to learn who are the industry leaders in your specific niche. Snoop around on social media and find out what their customers complain about. Can you offer a better or different product or service that will completely satisfy these customers?
Another issue is what things are worth spending money on in the early days. For example, is investing in a fleet of delivery vans a good idea considering the rise in drone deliveries?
If you have the funds, a meeting with a business consultant might be a good idea as they can provide advice on such questions.
In praise of recurring revenue
Once you have a few hundred followers on Instagram or YouTube, you can try to make additional money by selling products that complement (but don’t compete with) your own products.
One popular option is Amazon FBA (fulfillment by Amazon). If you enjoy shopping and are usually the one to know which products will be popular next season, Amazon FBA is a great way to start selling online with little start up cash.
Improve your odds with these start up business tips
Becoming an entrepreneur is an exciting new journey that can definitely change your life.
Before you quit your day job, consider starting a small side business, where start up costs and risks are low.
Register a .ca domain name and launch a website to test out the waters and see how potential customers respond to your idea.
Make sure to do enough research to ensure that you are investing your time and money in launching a product or service with promise. Once you hit on something you believe in, tell the world about it.
Best of luck!