Launching New Business: Young Entrepreneur’s Study Guide

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The statistics for the startups are rather sad in the United States for the last several years. As USA Today claims, almost 80% of new businesses fail during the first operating year. Those who survive are still at risk depending on the market trends.

We have developed this mini-guide for students and professionals with the following goals:

  • Launching a brand new online business;
  • Expanding the existing business or service to an independent online store from a famous marketplace such as Amazon or a brick-and-mortar;
  • Taking B2B directly to clients with the help of B2C website.

Right, everything from whether your business should be B2B (business-to-business) or B2C (business-to-customer) mattes when it comes to starting a business. 

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  1. Discover a niche.

The primary thing to think about when launching a business is determining the industry and specific product or service. A future business owner should also decide whether it will be a traditional business or e-commerce. The second option has more privileges today, so we recommend paying attention to this type of business. After all, going online means reaching any point in the world without any obstacles.

  1. Is the target market viable?

Once you define the good or service to sell, go deeper into its viability, meaning various details that could help or destroy the chose business. What you should evaluate in the first turn is the number of stock keeping units (SKUs) as well as shipping weight.

  1. In-depth market research is a must!

We are living in a highly technological world it means that in order to make almost any business profitable today, one should be aware of the ways to promote the product or service online (for instance, via social media networks) or select the proper keywords to make the search engine recognize the website. That is why it is important to analyze trends.

  1. Involve competitive analysis.

Under such analysis, we mean that you should assess the products or services of the profitable, known organizations working in the same field. It is better to evaluate the strengths, weaknesses, opportunities, and threats concerning successful rivals instead of the weak ones to make your product really good.

  1. Join courses in business law.

If you have a business law as a separate discipline in your MBA program, you are a lucky one. Anyway, it is necessary to get familiar with the local laws of commerce. If you decide to launch a multinational enterprise, make sure to study the rules and regulations of the target regions. Also, learning more about the religion and political situation might help.

  1. Gain extra writing skills.

Most of the business people today need to write A LOT. You will have to use professional terminology in most cases. Do not forget about formatting and structure! Writing in business is even more significant than in academic life. What you can do if you lack writing skills or simply will and passion for this activity is order custom papers for sale. Online gurus of writing can prepare a complete business plan or presentation for you. You just need to make the right choice based on the reviews and clients feedback.

  1. Source the product or service.

5 Ideas One Can Implement without Having Money

Authoritative sources like The Balance named several businesses one can start without investing any money. Those are all great ideas for students who are financially limited. Here we go!

  1. The idea is to be as active online as possible. People engaged in social media will love this profession! All they need is an internet connection, knowledge of trends, and a bit of luck. Not every video or post on the hottest topics become popular. YouTube and social websites are some great places to earn money without investing a cent! Well, unless you do not have any digital device and internet connection.
  2. Drop Shipping. There is no need to produce a huge inventory of goods, so it allows reducing the costs and risks of owning a warehouse fed up with things you did not manage to sell. Choose a company that specializes in drop shipping wisely! Think about using Amazon or its analogies.
  3. Affiliate marketing. This e-commerce model makes it possible to keep the inventory of personal goods – just select a preferred industry. Choose the type of product or service. Then, pick a reliable partner like ClickBank or Etsy.
  4. Selling information products or services. Digital information products prevent you from creating physical goods and investing money in the production process and materials. Simply type an e-Book (for example, a manual explaining how to use Mac or some software) and publish it on Google Books or elsewhere. Make sure your book corresponds to the requirements and policies of the store.
  5. Famous streamers are similar to bloggers. Once again, YouTube is the perfect option. You may also use Instagram and other popular social networks to succeed. Just share the episodes of your life online to collect more views, likes, and comments.

Also read :  How To Start A Successful Online Business In 30 Days

Some Basic Rules of Choosing the Product or Service to Sell

  • Choose the product most people are passionate about.
  • Focus on good and services that solve some problems. A great example could be online tutoring websites that help students.
  • Select goods with high branding potential. Explore the story of Nine Line to get the overall idea.
  • Hop on trends before anyone else. Use some good SEO and other tools to discover the potential hot spots. Those could be anything like a technological breakthrough, survival gear, vintage, healthy living, flash tattoos).
  • Discover products that fulfill guilty pleasure. A good example would be something to replace fat foods or alcoholic It could be an organic food or non-alcoholic beer. It really works!

To make the article complete, we should mention some of the best ideas for startups. The first one is quite trendy now, and you can see it on every second girl – original beaded necklaces. Another one is hand-made frozen yogurt that you can buy in almost every shopping mall today. Leather iPad cases work as people purchase more and more mobile phones every year. Baby clothes were always on trend, but try to come up with something more original than you see now. Almost everyone has fidget spinners, but this trend will not last for too long. You should better think about organic beard oil, bow ties, or wood apparel. The world of modern business opens the doors for every enthusiast, so come and join it!