One of the most effective ways to make money in today’s world is to run a small business. Particularly one that can cater to people’s needs to social distance and spend more time at home. Of course, before you can run a small business successfully, you must go through the stages of setting it up. A task you can read all about in the post below.
What Will You Sell?
The first stage of setting up a business is identifying what you will exchange for money. There are two main categories to consider – a product or a service. A service that sells well is anything that brings value to another person or helps them solve a problem. Services can range from things like advice, expertise, or support.
When you break it down, even a service is a type of product that is exchanged for money. Avoid limiting yourself to only physical products. What is common sense to you may not be so common for others.
However, it is worth noting that your business’s structure and the way you market it may be considerably different when offering a physical product or service. Additionally, your distribution method will differ, although providing a service online may be the best approach when starting a small business in today’s Pandemic world.
Who Is Your Market Or Target Audience?
If you follow my blog, you will know that I target first responders and other people who are struggling with debt. I target those who need help putting together a plan to get out of debt and start building wealth even on a low income.
By understanding your target audience and the people you intend to sell services to, you can create a product or service that helps others overcome obstacles.
Once you have your audience targeted, you must carefully consider what product or service you intend to sell. Indeed, for most small businesses, this step is combined with the development of the product itself. The idea being the more you can craft a product to the needs of a niche market, the better your sales will be.
The best way to get to know your market is to conduct market research. This is something that many small businesses choose to do themselves at the start-up stage. Primarily because getting a professional firm to do it for you can be expensive.
However, remember that if you want to get to know your market most effectively, the tried and tested methods of focus groups hosted by an objective party can be useful.
Decide On A Location For Your Business – Physical or Virtual?
Another critical aspect of starting up a small business is locating the perfect location from where you can operate. There are several things to consider before making your decision, the first being that if you are supplying a physical product, you will need space to store and pack it before you ship it to your customers. However, physical locations can add issues considering current social distancing guidelines and restrictions.
It’s also worth considering that operating out of your own home can be a cost-effective and safer way to start up a small business, especially if you offer a service online. The reason being that you won’t have to worry about overheads or contamination. Of course, some people are reluctant to do this because they fear customers will not think they are professional or take them seriously if they don’t operate out of a physical storefront.
However, there is a way around this problem. One option is to use a virtual address for your virtual service, which can help create a much more convincing professional image. While at the same time, you can cut costs by working out of your home, garage, dorm, or even a hotel room without having to worry about a physical address.
While it may be an uncertain time for many small start-ups, being able to factor in issues that the pandemic has caused and cater to them can increase the chances of success. When I decided to create Arrest Your Debt, I knew my audience but I didn’t know what service I wanted to provide. I knew I wanted to provide helpful information but I had no idea how to monetize my time and effort.
Now I monetize through a few digital products and online advertising while keeping the core information free to users. There are several ways to offer services or products to those who need them while benefiting both you and the consumer at the same time.