4 Essential Things For a Startup
Can someone start a business even though he has no money? Whether saving money or money from their heritage property to be the starting capital? Normally, many believe that to start doing anything, as small as any kind of business, there is a need for capital. For that reason, many says “no capital money” to not start the business until now.
There are also companies that are forced to reduce their number of employees to save operating costs. Large companies are also no exception from the growing operating costs and the increasingly challenging market. Thus, people start to do a business even though they don’t have enough capital money. Because the world where people work on wages and can be relieved to work until the pension is less relevant.
However, many of us see the plunge to get the capital to start a business, just to find out, its business cannot go anywhere. So, the key is to make a prior study before starting a startup. Here we share 4 essential things that you need to look at and study and count before you start your business
How much money you have to spend so you can spread to target customers about your business presence and product offerings? How big is your capital? If you can use Facebook to distribute it, it is almost no cost and a good sign for your business. If free, that’s a dream situation. If you can start a business from your home or coworking space only without any office or factory, it’s best! The cheapest cost the better.
Is your product able to solve any urgent problems? The more desperate the better, so the bigger the problem can be solved, the better the product or the service in the market. If an urgent problem has been identified, how many are facing the problem? Who can benefit from your offer? Because the more the merrier. How much are they willing to pay for? The more expensive is good. If one product unit is cheap, can it be sold by a dozen at the same times so the price can be expensive? Know your market for your business.
Is your product or service have a unique value that people cannot imitate? If it’s yes, it’s good. Like an e-book, once you’re ready you can sell it for ever until you don’t have to write it all over again. Or are there any other follow-up products that you can offer to your customers? Even if you do not do the follow-up product, you can work with other entrepreneurs to expand your business.
How much time you need to take to start running the business? Meaning to be willing to make marketing and got a purchase from A to Z. If it takes you a year or two just to start, look for another idea. The best thing to do is to choose a business that you can start immediately. The high risk of high returns is a familiar statement in any event, especially in business and economy. Your organization certainly wants to stay long, so it’s best if you choose to take a risk. You will not be able to learn much if you always avoid problems, rather than having trouble and making it a learning process.
In summary, despite of having the idea of business or great product, it doesn’t matter unless you start. Hence, kick-start your business idea now with above essentials. Hope this article will help you fellow entrepreneur.