Did you know that in Australia, 60% of SMEs fail in the first 12 months? For those of us who want to start a small business, this is a very disappointing statistic, perhaps if you want to work from home.
Does this mean that your business idea is destined to fail? Far from there! There are steps you can take to greatly increase your chances of success. With a little time and some serious research, you can get started. Let’s start from the beginning .
First of all, of course, you need to have an idea. In general, business opportunities can be divided into four groups.
1. Providing existing products / services in existing markets.
2. Introduce existing products / services to new markets.
3. Providing new products / services in existing markets
4. Presentation of new products / services in new markets.
At this point in the game, the only limitation is your imagination. Inspiration comes from anywhere. You may have a hobby that you want to be a full-time job. You may one day be a victim of poor service and decide to do better yourself. Or you may have the talent you want to utilize.
Once you find what you want to do, take a look at the market and see what’s offered.
Pass the test
So you have a great idea and can’t wait to follow it. Now is the time to test it. For exercise, you are passionate about a healthy lifestyle and want to distribute a variety of lifestyle accessories that promote a healthy life with a DIY approach.
Ask around: Is there a market for products that promote a healthy life? What kind of products do you have? Who do you compete with, and what do your competitors offer? Do you have the skills you need to run such a business, or more specifically, what are those skills? Where is your business?
After answering these questions, you should have a pretty clear idea of what your business will look like.
You stock up on the product and decide to do additional research on the line of lifestyle products offered by a company called Vitality 4 Life. Your own life experience and the work you have done as a dieter has given you the skills you need, and you can work from home and give you more time for your family I believe in giving. There is a market, but there is room for expansion. Now is the time to take a closer look.
Should it be or not?
It’s time to work on nuts and bolts. You don’t want to dive into something first and find a difficult way that your budget isn’t working.
To get started, sit down and decide if you need to hire staff. That is, you have to pay your salary.
If you rent space, you need to be able to afford the rent and the location is suitable for your business and your target market (that is, you need to carefully consider what your target market is). .. You also need to determine the expected demand for your product / service.
Okay … We found that there was ample demand for high quality high end juicers, lifters, water filters and other accessories to try out home business opportunities with distributors. Now you need to make marketing decisions.
Look at me! Look at me!
Advertising can be expensive, so you need to make sure your advertising budget is being spent wisely. In other words, this time we will be doing more market research on a one-to-one basis. Create a profile for your customer group so you can target your marketing to the right group of people
Write a quiz (short quiz-walking too much will result in lack of patience) and hang out outside some gyms