9 Researches: How to Build a Business Empire from Scratch
They are many businesses with different ideas or the same ideas but one thing should be understood on how to build a business empire from scratch.
1. Research on your Idea
The idea, What do you mean by the idea – A new product or service introducing to the globe,
Existing product or service introducing to the globe in a different way.
So many ideas will come to our mind. Yes, but 1 thing should understand whether your idea will make you happy & wealthy.
People are interested to choose your idea, your idea can make money to investors and you.
2. Research on Market
The market, It is one of the reason businesses failing. There should be understood before going to start a business.
Your idea has market whether it is service or product. There should be a space to enter your idea.
How people feeling in the existing industry is there a chance to fill up space on your idea.
3. Research on Availability Workforce
Workforce, We have so much workforce with degrees yes. Yes, We have but you or I have to understand they are skillful or we have can train them in our way.
Some businesses failing not on the workforce on lack of skillful. One thing should be understood when you are starting a business. You need at least 80% skillful workforce otherwise it will kill your business.
But one thing you have to understand, Why skillful guys should work on your fucking business when they have a choice. Because they are bigger fuckers in your industry and they are trustworthy.
You can acquire them by giving a better package, share on business, better incentives, better atmosphere to work. Better timings and well treating.
4. Research on Resources Availability
What are Resources?
Things you need to develop a product or service by the idea.
You need to do some research on whether it’s available or not. It’s hard to maintain or easy. Whether you have to import or available locally.
Things you need at affordable prices to make a product or service because your customer needs an affordable price from you.
5. Research on Existing Businesses
Existing businesses or your competitors, When you starting a business you have to eye on competitors about
- No of Sales,
- No of Employees,
- Customer Satisfaction,
- Business Planning,
- Services they Offer,
- Their Failures & Success Past and Present,
- Why they Fail & why they are Successful.
These are difficult to know but you have to research on basic things at least.
Don’t worry about your competitors whether big or small. Be passionate about your idea & planning.
6. Research on Pricing
Pricing, Few businesses failing only because of pricing. Why?
Because they are new or not experience in financial management may be. One thing you have to understand before you pricing a product or service by quality is very important.
Price based on a product through hard work, quality of product, competition & no of sales.
If you start a new business, Few things have to know about pricing.
- People will not trust you when you are giving big discounts.
- People will not trust you when you are selling a product at a low price.
Because of You are not a – JIO 0r TATA or MICROSOFT or APPLE or TESLA
What have to do:
- The product should not be low price or premium.
- The product should be an Affordable price than your competitors.
How to Offer:
- Give a few products for free to different customers and ask them social networking review & feedback.
- Just give only 20% Offers
- Give 30% Offer on Festivals
- Give 1-time Offer or 40% offer on company founding day or like Black Friday.
Above 40% offer is not trustworthy to new businesses because you are not a brand.
These are bullish things only a few words you have to be in your mind, Are your business trust among the customers or not.
7. Research on Government Incentives
Government incentives, Every founder to understand the government will help you if your idea will create more employment, It should be unique, it should be profitable and their norms.
Some governments will help you if you can help them.
One thing you have to understand if your idea is helpful to people then you can do yourself.
8. Research on Funding
Funding is not an easy process you have to show your capability, scalability and unique.
You have to do hard work on these.
They are 3 types of investors sharks, dolphin, fishes.
Means funding companies and banks. These will not give you easily they will take the majority share to fund you with there norms. But one thing you have to understand if your business fails you have to ready with civil cases.
Family, friends. These will give you by only trust and some share on business. But one thing you have to understand if your business fails you can think what is the situation it’s hard & emotional.
These are customers. If you have the talent and some resources customer money is enough by selling to grow your business. This will work only to a few businesses not all
When you starting a business it’s not easy are you thinking about Funding & Growth.
We are talking about Parents, Neighbours & Friends
Coming to Parents:
Most of the parents do not agree to start a business because of lack of experience, Knowledge, Background, Fear & not Secure.
But they get some good feel because his daughter or son thinking different. We have to catch that feel and convince them to agree.
Neighbours & Friends:
Some of them good & some of them bad. I think you guys understand what I am saying. You can analyze them guys are they positive or negative about your carrier. Leave them who are not happy about your growth.