Want to start a business? Here’s a fail-proof plan
- by siteadmin
Are you looking to start your own business? Have an idea for a revolutionary product or service, but don’t know where to begin? Here is the perfect fail-proof plan for any budding entrepreneur.
First, create some demands that are unmet by other products on the market. You can do this in several ways:
1. Try using Google Trends and Google Keyword Planner tools to determine what people are searching for most frequently related to your industry, then make sure there’s no one else who’s already providing these services or products. This doesn’t mean it has to be original – you could even bootstrap off of something like Groupon!
2. Search online forums like Reddit for conversations pertaining to your industry. While it may be hard to find what people actually want, you can easily discover what issues they’re facing and how they’re trying to deal with them. Then make your product or service the answer!
3. If you really think there’s no way it could be done, try sending out surveys to friends and family asking for suggestions. This is not fail-proof by any means, but sometimes ideas come from the most unexpected of places (and the best things in life are free).
After finding a need that isn’t currently being fulfilled on some level, set up shop online so you can start selling as soon as possible. Platforms like Shopify allow you to do this quickly without having to learn complicated programming – plus, it makes advertising your product much easier when it’s already online.
Finally, find out what you’re best at and lean into that strength in your business. If you love sales, make sure all of your products are front-run by salespeople to show off the full value they offer. Or if your passion is marketing, consider working marketing onto any committees or departments in order to get free exposure through the grapevine. Most importantly, make sure these skills support one another instead of competing against each other!
Once you’ve done this, sit back and enjoy the profits from a successful startup – all with very little risk involved! Just remember: customer service is always king. In fact, most new companies lose money during their year only because they didn’t spend enough time on customer acquisition.
As an added bonus, here are five more fail-proof plans for when this one doesn’t work out!
1. If your company loses money during its first year of business, lay off all employees and close up shop. If no one is working for you, there’s nothing else to pay them with anyway! Just make sure they sign a non-compete agreement that prevents them from starting their own company in your niche (or at least massively inflates the salary if they do), then file for personal bankruptcy to avoid paying back any debts or liabilities associated with the failed firm.
2. If there aren’t enough customers to sell to, prices until demand goes up (in the short term). Just make sure you don’t lose money from selling too many products at a loss…
3. If your business still isn’t profitable, just keep producing more and more counterfeit goods that you sell for less than their cost! It might be a bit unethical, but hey – no one said entrepreneurship was going to be ethical.
4. Instead of selling through retail stores, try selling directly to other manufacturers instead! This will boost your margins significantly as well as give you an edge over the competition by offering unique items that aren’t available anywhere else. And it’ll save you all those pesky commissions too!
5. Put together a massive report detailing what not to do in your industry and distribute it widely (free of charge). This will eliminate the competition much better than any product you could ever make.
However, if all else fails, just go back to school and get an MBA in entrepreneurship! One failed startup isn’t enough to prove that you can’t make it big in business – it’s still not impossible to eventually launch the next big thing (though good luck with that)!
Are you looking to start your own business? Have an idea for a revolutionary product or service, but don’t know where to begin? Here is the perfect fail-proof plan for any budding entrepreneur. First, create some demands that are unmet by other products on the market. You can do this in several ways: 1. Try…