Take a count of how many possible products you can buy. Whether you buy on the internet, or high street. There must be thousands if not tens of thousands of services or products you can buy. Actually, let's rethink that. Worldwide, there are thousands of products and services you can sell. So how on earth does a new company choose what product or service to offer? Starting with the basics, you need to choose whether you want to offer a product or service, and how do they differ.
Provide something you are very good at
It makes perfect sense when you think about it. Talk about labour of love- provide something you love offering. Ever wonder how a lowly baker ends up with a string of bakeries several years down the line? There's no doubt if you enjoy doing something, you'll make a better job of it. Choosing to offer a service you aren't sure about isn't always a good idea. While you can employ experts to fill the gaps, its always a good idea to be good at what you are offering.
Work 9-5 on your product or service
This comes from the voice of bitter experience! Don't get me wrong, running a business is hard work, but then so can be the rewards. However don't listen to those telling you you need to work 7 days a week to make a successful business. If a business relies on you that much, something is wrong. Don't offer business web hosting, or provide game servers if you value your hair. You will never have a social life. If you want to work happy, setup a 9-5 company where you work from an office.
Separate your business from home
Make sure your business runs from a shop or office. For the love of God, don't believe anyone that tells you working from home is a good thing. Working from home will mean you'll struggle to motivate yourself, and you'll never know whether you are at work or home! Also consider you won't really have anywhere to meet and greet your clients. If you can't meet and impress your clients, your business is going to struggle.
Form a highly profitable company
Why else would you want to work? Pick a product or service that is going to make you good money. Before you setup a company, do your research on what you want to offer. Do some competitor analysis. What prices are your potential competitors charging? Research different suppliers to find out how much it will cost to provide your service. Before you sell a product or service and setup a company, know what you are offering.
Running companies should be great fun
Once you have found the best company formation agent to form your company, you will spend at least eight hours a day working. Also remember there is the time taken to travel to work. It's arguable you will spend more time working than you do any other activity, including sleeping! So when setting up a company, it's vital you enjoy it. Choose a labour of love. If you enjoy your work, you are more likely to offer a better product or service, and thus more likely to have a successful new company.
Provide something you are very good at
It makes perfect sense when you think about it. Talk about labour of love- provide something you love offering. Ever wonder how a lowly baker ends up with a string of bakeries several years down the line? There's no doubt if you enjoy doing something, you'll make a better job of it. Choosing to offer a service you aren't sure about isn't always a good idea. While you can employ experts to fill the gaps, its always a good idea to be good at what you are offering.
Work 9-5 on your product or service
This comes from the voice of bitter experience! Don't get me wrong, running a business is hard work, but then so can be the rewards. However don't listen to those telling you you need to work 7 days a week to make a successful business. If a business relies on you that much, something is wrong. Don't offer business web hosting, or provide game servers if you value your hair. You will never have a social life. If you want to work happy, setup a 9-5 company where you work from an office.
Separate your business from home
Make sure your business runs from a shop or office. For the love of God, don't believe anyone that tells you working from home is a good thing. Working from home will mean you'll struggle to motivate yourself, and you'll never know whether you are at work or home! Also consider you won't really have anywhere to meet and greet your clients. If you can't meet and impress your clients, your business is going to struggle.
Form a highly profitable company
Why else would you want to work? Pick a product or service that is going to make you good money. Before you setup a company, do your research on what you want to offer. Do some competitor analysis. What prices are your potential competitors charging? Research different suppliers to find out how much it will cost to provide your service. Before you sell a product or service and setup a company, know what you are offering.
Running companies should be great fun
Once you have found the best company formation agent to form your company, you will spend at least eight hours a day working. Also remember there is the time taken to travel to work. It's arguable you will spend more time working than you do any other activity, including sleeping! So when setting up a company, it's vital you enjoy it. Choose a labour of love. If you enjoy your work, you are more likely to offer a better product or service, and thus more likely to have a successful new company.
