HOW TO START A BUSINESS FROM SCRATCH

HOW TO START A BUSINESS FROM SCRATCH 


To successfully start and run a business you will have to follow the underlisted guidelines.  This guidelines are not one of the several theories you have come across in many articles online. But it is a practical approach to starting a new business from scratch. I use it every time I start a new venture and it has not failed, with or without capital.

I may not be as old as you are in business, but my 9 years as the CEO of BIIS,  income44, School ResultSet etc. has position me well to advise the younger business start-ups, based on my experience on the 5 practical steps to starting business from scratch .

5 PRACTICAL STEPS TO STARTING A BUSINESS FROM SCRATCH

  1. Choose a niche market (sectoral strategy)
  2. Find the needed product or service and research on it
  3. Product/Service development ( Personal, Synergy, Reseller, Partner, Merger)
  4. Start your business – Register, Capital funding,  Staffing, Accounting & System and Processes
  5. Marketing & Promotion Strategy


I will be explaining each of this 5 practical steps to starting business from scratch below

CHOOSING A NICHE MARKET


So what is a niche market anyway? Well, a niche market is a specific subset of a larger market where a customer with a set problem or problems have been identified.

Entrepreneurs are professional problem solvers. We go about searching for human sectoral problems and challenges, find solution to them and make huge income in the gap. To make money in life you must be providing solution to some specific problems. This level is one sure level you must spend time on finding and analyzing the intensity and profitability of identified niche problems.

What Makes A Good Niche Market?

  1. What is the number of potential customers present in the market
  2. How much money is goes around in the niche, as not all niches are big money makers.
  3. What are the specific problems present with the audience in the niche.
  4. What are the products/service you can promote to this market
  5. What are the types and cost of traffic source.
  6. Is the niche an area of interest for you, Do you have at least some knowledge on it.
  7. How is the competition

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