Since early 2010, there has been a gradual change in the people’s behaviour patterns especially in terms of work-life balance. Working more than 40 hours a week for the rest of their lives is no longer an appealing prospect. People want to be more involved in living rather than being a work machine.
As technology becomes more democratised and facilities like cloud computing, make it easy to get things done at a fraction of the cost, more people are looking at starting a business on their own. The urge to start a business could be just to gain an extra income or to explore a passion to see if it can be used to make a living. It is a lot easier to create a business from the ground up today than ever before in the past.
So how do you get started?
There are hundreds of blogs and books on how to start a business and many of them are very good. But spending a month trying to read them all is not worth the effort. The best way to learn how to run a business is by starting one. But before you start, here is a plan that will help you minimise time and maximise returns.
Identify a problem that you can solve.
Customers will pay you money if you can solve their problems. Provide a service or create a product to solve a problem.
Does it have enough paying customer base?
It is always better to have 1000 customers who are willing to pay $4 for a product than having one customer who pays $7000. Figure out if your product or service has a market. Look at your competition, are they making money? If not, it may be worth a rethink.
Test on a small scale.
Whatever plan you decide to implement, test it on a small scale before you pour money on it. If you have $1000 as your budget, pretend you have only $20 and see if you can make it work in that level. Creativity gets better when the money runs short. So instead of throwing money at problems, get creative.
This is probably the hardest of all. Success takes time, effort and patience. So keep working, tweak your methods, work more or work less, but keep at it.
Following this simple outline will save you a lot of money and time when starting a new business.