(If you haven’t read the last part, here’s the link: https://thebeastsone.com/before-planning-to-start-a-business-read-this/ )
What should you do? What business to get in and how to find the right gig for you?
You need to remember, to get more money, you need to make more sources of money for yourself.
Starting a business can be a bit of a hassle. Apart from getting all the money for the start-up, there are tons of other things to figure out. How to start a business is one of the most sought questions from people around the globe. In this article (series of articles actually), I will try my best to get you through the thinking process and the planning methods to get you ahead of the situation.
What you are going to find in this series:
- How to find the right sector for your business
- How to approach doing your planning
- To do and not to do
There might be some essential questions still left in your mind. All of them will be answered one at a time. Don’t worry. For this part, we will be just discussing these three starting points. Like I said in the intro, this will be a 5-7 part series. Small read, don’t worry. You don’t have to spend hours reading and finding out the main points. I will just straightforward lay all of them down one by one for you. After all, that is why I am here, right?
How to find the right sector to start
Let’s start with some basics.
When you are making the plan for a business, what is the first thing that comes into your mind? Apart from getting the capital money.
Many of you will answer that “to find the right thing to do business with.”
Trust me that is the central part that you need to do the planning for. After this part is done, all the other things will fall into their places on their own. You won’t even need to overthink them, to be honest.
Finding the right sector to start a business
First, ask yourself a question. Is there anything that you already have even a basic idea of? If you do, then that is the best starting point for you. Of course, if you are not into that, then that is a different situation.
Let’s assume you don’t have anything planned to start with at the beginning. Where do you start? And what type of business do you start?
There are a lot of options available in front of you.
You could start planning for a shop, maybe a café or small restaurant, perhaps you could go with a departmental store. The best shot, if you want things to turn out easily profitable for you, and you don’t greed too much for a profit, then you should go for opening a store.
There might be a lot of options in that too. Components, groceries, stationery, electrical; there are so many options to choose from.
But what if I tell you, you can get them all. I mean all of the things that you want to do. Yes, that is very much possible to do.
Imagine you are living in an area with medium dense like population. You are going to have some essential outlets in your area. A departmental store, a pharmacy, and so on. But it would help if you kept in mind that there are some things that people need every day. Doesn’t matter the type of lifestyle or the nature of their daily routine. That is food. You might ask that if you are going to open a store that sells food, you need to cook.
But that is not my point. The point is, when you are trying to open a grocery store, you get an immediate advantage. Groceries, from famous companies, don’t need extra branding. For say, you are selling confectioneries and ready to eat foods. When you have a store like that, people already expect some famous companies. And it doesn’t matter the weather or season; you will have a certain amount of sales in that.
Another thing is that, when you have a constant flow of cash, you can plan out the next steps that you want to take to increase the business for you.
Let me put out a little flow chart for you here:
- You start a shop for selling daily needed items
- You slowly increase the number of items that you are bringing in
- Don’t be greedy and make vast collections at first that would create a massive risk for you
- Carry on steady business with your shop, and save a certain amount from each profit that you gain
- When you have enough money for taking in more business, slowly start to take one step at a time
- When you manage to do that, your profit will grow more than before
- Try to increase the space if possible
- In occasions, try to decorate your shop to increase the amount of attention that you are getting
- If possible, do as much media of advertising as possible; print out a simple ad for your shop with a short description of what your shop is offering. Try to give out occasional discounts! It will help a lot to boost the reputation that you have
- Deliver the leaflets that you have printed to your neighbor’s doorsteps; this will slowly make an impression about the existence of your business into their minds. Everything helps
- Keep your store bright and full of light. People don’t tend to go to a shadowy store at first sight.
Well, that is about opening a business in the groceries and daily needs market. What if you want something else?
This is just a plan to create a steady business for you. By this plan, you can establish minimum cash flow for your self. And when you have done that, you just got a potential asset for you. An asset that will be giving you constant money to go on. Think of this as you are getting a steady source of income to plan the next step.
You might ask “I want to open a transport business,” or “I want to create a food chain”; what should you do in that case?
The planning that I am giving you is for getting your feet at a stable ground to stand on. If you already have a steady income and want to start a new business, then you already have a lot of things in your hand. But if this is the first business that you want to establish, my suggestion would be for you to start simple so that you are never lost in the complex processes.
I might not have mentioned this earlier, but this article will be best for those who are newcomers in starting a business.
So, as I was saying, when you have made the first and the most straightforward path of business stable, you can look for more scopes to increase income. This is just a start. You can’t just expect earning thousands of dollars in your first month.
The keys are getting the best shot at this are:
- Making a simple start
- Don’t take a huge leap
- Stay persistent
With these three things in your mind, you will succeed. It would be best if you were patient enough. Remember, there is no such thing as failure. The only two things that exist are the success and the path to success.
If you have any questions about anything related to this topic, Feel free to reach out. And this is just the first part. There will be regular posts on this matter. So don’t forget to stay tuned!
The next article will be posted within tomorrow. And by the end of the next week, you will be a lot wiser about how to make money making sources for yourself. You will have tremendous results in making your finances better than before in a short time. Take care.