Fear not! Starting a business is easy…

We’ve got to the point where starting a business can be cheap and relatively painless. Lucky us!

If starting a business is something you’ve always dreamed of, but never knew how or where to start – read on…

Finding your skillset

If you have just invented the first real iron-man suit, a way of visiting distant planets, or a way of stopping the polar ice-caps from melting, great! You have a pretty impressive product.

But, you don’t need a multi-million pound idea to start a business! Often, the more complicated the idea, the most susceptible it is to failure.

You just need an idea that solves a problem. An idea than someone can make use of. Many skills you possess can do all this.

It may be as simple as making great pizzas, being a dab hand at arts and crafts, or being excellent with animals.

If you have a skill or experience with solving common problems, I’m willing to bet someone out there will part with their money to make use of it.

Understanding your limitations

We all have certain limitations in our abilities. You may be great at making pizzas, but rubbish at finding the best ingredients. Excellent at designing new products, but not so good at selling them. You may love animals, but hate walking them.

Understanding your limitations will help you find a way of turning your skills into a viable business. It will help you find the areas where you may need business support. It could be as simple as finding the best local food market, looking for a great future salesperson, or deciding to train animals rather than walk them.

You can gain the confidence to start a business simply by addressing the limitations which are stopping you from taking those first few steps.

With this in mind, you’re almost ready to become an entrepreneur. So, what else do you need to know…?

The competition!

It is commonly thought that a business needs to be completely unique to become successful. Well, often the opposite true. Think about some of the biggest businesses out there. Facebook followed MySpace, Netflix followed Blockbuster, and Google followed AltaVista (for those of us who recall the days of dial-up).

The trick here is let the others do all the hard work. It is much easier to follow the herd than lead the pack. Market research, testing, and product development all take time and cost money. Allow others to test the waters and establish the market, and you can follow suit with new and unique selling propositions.

This can seem like a sneaky approach, but as history shows us, it’s certainly not uncommon.

The market!

Following the competition is a good way of reducing the risk to your business. But, there’s still more you can do to improve your chances and business viability.

Research your market. Understand whether the competition is successful and why. Look at who are buying the products. Find the going rates. Is this a growing market or one that’s in decline?

Swimming with the current is much easier than going against the tide. Make sure there is scope for a new entrant. Check whether your skills are a good fit for what’s missing. Make sure your limitations aren’t a deal breaker in the industry you wish to start in.

The better you know yourself and your market, the more likely you can carve out a niche for your business.

The offer they can’t refuse!

You know there’s a market. The competition seems to be doing well. The industry is growing and customers seem happy. Great, all the ingredients are there for a business to thrive.

Now, it’s all about understanding what and how you can do things differently.

Often, new businesses come in simply competing on cost. This is not always a good thing. It can reflect badly on your business image and can potentially hurt the industry as a whole. You’ll find that people are often willing to pay a premium for a great service or reliable product. As the saying goes, buy cheap, buy twice.

Find your own unique way of introducing your business to the market. Do things better and faster. Do things you love and do it with a smile.

Start a business today…

Hopefully, this has given you the confidence to start researching your business idea. If you still need a little more guidance, then sign up to our 100% FREE email training series. Here we will show you everything you need to know to start a business on a budget.

Click here to sign up now.

You've got this.

#startingabusiness #lowcostbusiness #smallbusinessowners #competitorresearch

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