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Mohamed
Mohamed

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WHAT KIND OF BUSINESS TO OPEN FROM SCRATCH: 12 TIPS FOR CHOOSING A NICHE

Today we will try to answer the question of what kind of business to open from scratch and give 12 recommendations on which niche to choose and what you need to know to start.

What kind of business to open from scratch?

If you are reading these lines, then you are probably dreaming of your own business, which will bring a good income. But in order to start moving forward, you need not only to put in enough effort, you also need to understand what specific actions are needed. And at this stage a lot of people give up on their dreams.

Of course, entrepreneurship includes many tasks that need to be solved. For example, market research, customer search, ideas, investments, etc. Therefore, we decided to create a small guide of 12 steps so that you understand how and why you should take your first steps.

If you are looking for a 100% working formula that will give results, then we will disappoint you a little. Alas, such a magic pill simply does not exist. However, there is an algorithm of specific actions that will help you increase the chances of success. And it will allow you to answer many questions when starting your small business.

Your business from scratch: Do you really need a business?

Many people are waiting for the right moment to start a business. They argue that you need to mature, there should be signs from the side, and so on. And alas, entrepreneurship remains only in the head, and, as a rule, no one takes concrete actions. Ask yourself one simple question: Are you ready to take action? If you didn’t scream β€œdamn it”, then it’s better to weigh the pros and cons again. Perhaps this is not your path and you should do something else.

Starting your own business is not difficult and anyone can do it. But to achieve really cool results is quite difficult. From the beginning, you must have the right attitude. Since there will inevitably be issues with sales, debts, employees, etc. And if you are not stress-resistant, then problems will beat off the desire to be an entrepreneur. However, the right attitude and willingness to meet failures face to face will help overcome all problems.

Before applying for an IP and choosing a niche, think about whether you really need it. After all, the path of an entrepreneur, alas, is not suitable for everyone, and in the CIS countries, owning a business is a rather difficult task.

What to start from scratch: Decide on a niche

Next, you need to understand which direction you like. Are there topics that turn you on? For example, you want to build a business around your professional skills. Or maybe you are fond of something and want to build your business on it? Take your time and do some introspection, because a lot depends on the right niche.

Of course, you can start with any topic from opening an online store to your own pastry shop, coffee shop, massage parlor, etc. You can start moving alone, or you can make a partnership project. It could be a blog, an auto repair shop, or a big startup.

In order to choose a suitable idea, make a short list of your hobbies. Write it by hand, or make it on your laptop. For example, football, music, dancing, languages, cats, cars, etc. Also use special services: Yandex Wordstat and Google Keyword Planner. They will help to understand how these ideas are in demand. It also doesn't hurt to use Google Trends. This service will help you analyze how popular a niche is in your area. Also, using the service, you can analyze how the dynamics of demand for your product is changing. For example, demand may fall or rise, or it may not change for a long time.

Also look at the top 3 keywords for each niche on your list. And also ask yourself the question: β€œHow much do I like this topic and will I enjoy it in 5-10 years?”.

Your business from scratch ideas

It happens that many people find it difficult to choose what to do, and if you belong to this category, then this section is for you. We will try to give some recommendations on where to start.

Alternatively, try your hand at making money on websites. From the beginning, you will have to make your web resource, fill it with content and start promoting it so that people find it in search engines. Over time, you will be able to sell ads on it. This type of earnings can bring from $ 500.

To learn more about this method, we recommend that you take a look at our free website building course . It will answer the questions:

  • How to make your website from scratch?;
  • What do you need to start making money on websites?;
  • How to promote your site? We also advise you to visit the section of our site business ideas for beginners. In it you will find a description of different business ideas, which will ultimately help you choose the direction for development.

What kind of business to open from scratch: Niche analysis

Well, when you have chosen where to start, you should find out if you can earn something here. Let's say you want to open a marketing agency. You can create websites, engage in SMM, promote sites in search engines, or provide all these services.

First, decide which direction is easier to start, in which niche you have more experience, where you can start with minimal financial costs, and which industry is the best to do. Once you've decided what you want to do, the next thing you'll have to do is planning.

To get started, you can use the search Yandex or Google. Enter your main query and see who is advertising in your niche. Study the sites of competitors and evaluate how much competition there is.

Set realistic goals and expectations

Perhaps the main problem of novice entrepreneurs is naive expectations. Surely you know about such people who start a business, spend a lot of money and believe that they will earn millions. However, in the end, they go into the red without earning anything.

Let's come down from heaven and draw a realistic scenario:

Most likely, your first attempt at becoming an entrepreneur will be unsuccessful. Since you have no experience, and there are certain statistics. Most people look at starting a business through rose-colored glasses. β€œIf the neighbor succeeded, then I can also do it worse than me?” You think. However, you only see the tip of the iceberg. Perhaps your neighbor made a single attempt before he began to succeed, or he has been in business for more than a year. And it is quite possible that this guy has influential relatives or parents.

Of course, a positive attitude is good, it's bad when people show pessimism all the time. But also do not think that everything will go like clockwork for you, you will move mountains and earn a million. If you look at all this with too much optimism, then most likely you will fail.

What distinguishes a successful business from an unsuccessful one is perseverance. Do you have enough endurance to move on despite the fact that there are many problems? Can you understand without outside help why your actions do not bring results? How long will you have the patience to wait out difficult times or do you hope for a quick result?

Now that you know that the first months of work will be the most difficult in starting your business, you may be more serious about your goals. For example, instead of trying to sell your product over the phone, focus on website promotion. Or maybe first you need to promote your Instagram account so that you have an audience that will be more loyal to you and your product.

What kind of business to open from scratch: It's time to start planning

Surely you do not plan to take a loan from a bank, so you should not write a huge business plan of 100 pages. However, we still recommend creating a small plan on one leaf. He will have to answer the following questions:

  • What problem is your business solving?;
  • Who is your target audience? For example, people who have a cat, subscribers to groups that are dedicated to pets;
  • What are your strengths, weaknesses, threats?;
  • How will you promote your business and how to attract customers?;
  • What expenses will you incur? How will you earn money?;
  • What are your financial projections for the month, quarter, year?

Gather Feedback

So, you have chosen a niche, made a small plan and now it's time to collect feedback from other people about your idea. However, you should not immediately run to your mother, grandmother or grandfather. Your close relatives will not give you objective information.

It is better to communicate with those who are engaged in business. Surely you have such people in your environment. Ask for advice and talk to them. In addition, many cities have various conferences for entrepreneurs, go there and let strangers share their thoughts about your idea. You should not bypass this step, because you can be prompted with a lot of useful and valuable information, which will definitely not be superfluous.

What business to open from scratch: Find finance

You will most likely have to combine your startup with the main place of work, at least at the beginning of the journey. After all, while your earnings are zero, and you need to take money from somewhere. In addition, you will need financial resources to grow your business. Therefore, the easiest way is to save money on your main job. In addition, your first earned money will have to be reinvested in the business in order for it to develop. For the first time, you need to forget about expensive purchases, until you get promoted.

If you find it difficult to save money from your salary for your business, then of course you can borrow it from friends and relatives, or take a loan. But in this case, you must remember the responsibility that will lie on your shoulders.

We advise you to start with your savings, do not get into debt, it is better to start with minimal costs. Do not rent an office, work from home if possible. Do not buy a computer, but use your own, and so on.

Find a business partner

We have already said that entrepreneurship is quite difficult, and this path is not for everyone. You will have to put in a lot of effort and energy. And it would be great if there is a person next to you who will lend his shoulder. Thus, it will be easier for you to move and you will develop faster.

Your partner should ideally share your views. Can you trust him 100%? Have you had experience with him before? Have you had conflicts with your partner before and how did it end? Can a business partnership ruin your friendship?

Be sure to ask yourself all these questions, because a lot depends on the choice of a partner. If you start moving with the wrong person, it could end up killing your own candle factory and your relationship.

Time to come up with a name for your business.

Try to come up with a simple and memorable name for your business. Use 1-2 words in its title. In addition, you can use the keyword and your brand name. For example, ZeBrew Brewery. Although your name may be unique, consisting of one word, let's say Adidas or Fender.

However, before you decide on a name, make sure you don't use it. To do this, look for groups and social accounts. networks, and also check if the domain is free for your name.

What kind of business to open from scratch: Registering your business

So, to get started, you will need to go through the registration procedure. This is necessary in order to operate legally. You can register as an individual entrepreneur or start a company. What is better to say is quite difficult, it will depend on many nuances, including taxation. In addition, the registration procedure in each country will be different. For example, in some countries you will be able to work without registration until you earn your first money.

Therefore, at the start, it is important to collect information on how to properly register your activities and what taxation is better to choose in your case. It also does not hurt to consult with an accountant or with a person who is competent in this matter.

Your business from scratch business ideas: Your first product

Surely, when choosing an idea for your business, you already understood what product you are going to sell. If this is a product, then you need to understand where you are going to take it. Will you import it yourself, or will you find suppliers within your country.

If you provide services, then you must decide whether you will provide them yourself, or whether it will be other people who will work for you. What salary will they have and under what conditions will you work?

To sell digital products, you need to decide which format you should choose. Will it be a webinar, training, online course? It can also be paid consultations or you will train on Zoom.

If you decide to make your own informational web resource or blog, then you must understand what kind of advertising you will place on your site.

What kind of business to open from scratch: Attracting customers

To answer the question of what kind of business to open from scratch, you will also have to create your own product. After all, without it, you will not receive customers and, accordingly, money. But whatever business you have, you can use the following promotion methods:

  • Facebook advertising. A good way to attract customers is through targeting. To do this, you need to choose the right settings, upload the right banner and come up with text for your advertisements;
  • Instagram. You can make your account in this social. networks, arrange it correctly, post regularly and promote it. You can also set up paid advertising in the same way as Facebook;
  • Contextual advertising. Another good online advertising tool. To get started, you need to pick keywords, make the right settings, and write catchy ads;
  • Pinterest. Great platform to showcase your work. It works well for visual niches. For example, cakes, clothes, design, cosmetics, etc.
  • LinkedIn. In addition to Facebook or Instagram, you can use this social. net. To do this, create an account and start promoting your business here;
  • SEO promotion. Another great way to get customers online. Users will be able to find your site in Yandex or Google for certain key queries;
  • Offline advertising. Do not give up the idea of ​​advertising in newspapers, billboards, ads near the entrances, etc. It can also work effectively for your business.

Conclusion

Well, we tried to reveal the topic of what kind of business to open from scratch and went through each stage and tried to tell you the important aspects of starting. And now, if you start to act, an interesting and exciting process of starting a business awaits you. Of course, not everything will go smoothly and there will be various difficulties along the way.

But if you decide to take this step, then relax and enjoy this process. Try to perceive each obstacle on the way to success as an invaluable experience. We wish you success in your endeavors!

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