So let’s get back to the basics of actually starting the journey as an entrepreneur. How do you build your business? Where do you even start? Having a good business idea and actually making money from this idea are two very different things. You need to know how to execute the idea in a way that will make it profitable.
Your first task is you refining and narrowing down your idea and offering as much as you can. Don’t let your imagination run too wild and end up trying to do too much with few resources. Be as specific as you can and it’s even better if you can focus on a particular group to sell your product to. Once you know exactly who you will be selling to, the next step would be for you to go to the market and test your product. You might think your idea is genius but the market may have a different view to yours. Before you mass produce whatever it is you have make sure you test it first. When testing don’t take any feedback personally but listen and learn. Take notes and improve where the customer suggestions.
Once you’ve gotten a green light from the market then your product is ready for takeoff and you can start building that business you’ve been excited about. Stay away from expensive fixtures like a cool office and hiring staff. Yes, we are trying to create employment but we need to become sustainable first. What you should invest on is a great brand. Make sure you create a good image from the very beginning especially if you are going to be creating and packaging product on your own.
Remember the two most important things that will make any business a success is CUSTOMERS and SALES. Without these two you have no business to talk about. Make sure you learn as much as you can about sales and nurture your customers as much as you can. These two are what will keep your business alive. I’ll share more on building a business in a video later this week! Happy Tuesday!