Start a Business
Start a business – Start a Business Empire!
Why settle for one money making enterprise, when you can diversify your business ventures and unleash many new streams of profit for almost no extra cost? Are you asking your self “how do I start a business?”, well carry on reading it could make you a lot of money!
How to Spot New Business Openings
Richard Branson’s Virgin empire began with a very simple insight. He saw an untapped market of poor, young, music- loving students – and moved right in to offer them the records they wanted at a price they could afford.
But this initial success didn’t satisfy his ambitions – and it could never have given him the £2 billion in personal wealth he now enjoys…
Re-Use and Re-Cycle Your Resources
Diversify your business interests, and you can leverage your profits many times over. The same basic resources you need to run one business can be used to open up new streams of income. Branson, for example, launched his Virgin brand into new areas of business. The hard work and financial support needed to create the brand was already completed – so he made sure he got the maximum value from it!
A simple strategy, which will help you identify profitable new markets you can easily exploit – with the minimum of extra effort. And everything you need to uncover these secret sources of easy money is hidden in your local newspaper…
Profit from the Gaping Holes All Around You
Search through your local free and bought newspapers and make a note of any businesses advertising there, who operate in a 20-mile radius of you.
Make a list using different headings such as shops, services, manufacturing etc and then fill out each category with a description of all the different businesses that are in the paper. This way you’ll create a comprehensive list of all the businesses in your locality.
When out traveling, pick up a newspaper from another area, with a similar population and services to your own and make a similar list. This time you’re looking for any businesses that don’t appear on your original list.
You’ll have created an incredibly hot document, identifying business ideas fresh to your area.
Start researching ways to build up your current services to offer this new enterprise. Will you need a cash injection to get started, is there any business specific training you’ll need to undergo?
When you have chosen an enterprise to adopt, personally visit the business idea that inspired you as a dummy customer. Find out what they offer and how you can replicate it.
When you have all of this information to hand you’ll be exactly in the right position to fill a gap in your own local market.
Time It Right for Maximum Results
When you start a business timing is key! To assess when is the right time for you to radically develop your business, start by finding out whether your existing enterprise can take the strain.
• Run a smooth operation. If you’re planning to focus on a new enterprise can your existing project survive? Consider whether you will be able to create orders or deal with customer queries. If your existing customers start feeling your interest is lessening, they’ll soon find somebody else to deal with.
• Keep yourself available. It’s important all your new and existing business contacts can reach you, so keep your mobile phone with you always.
• Retain your energy levels. Being innovative and enthusiastic about a new business venture takes a great deal of energy and it’s essential you are realistic about the amount your have to spare. You don’t want to be in a situation where you bring an idea through the development stage, but don’t have the resources to take it further. It’ll be a waste of all your efforts to date.
Are you still asking how do I start a business?
Set Your Own Pace from the Start
Monitor the development of your new start a business very closely. Don’t begin promising further services until the secondary business is established. Diversification is all about operating by stealth and you must accept you’re facing a gradual process. It’s taken Richard Branson over 20 years to reach this stage in the Virgin Empire.
But for the tobacco giant British American Tobacco, diversification has quite literally turned their business around. With smoking figures dropping fast across the world, they knew they had to have a major rethink. So BAT decided to become involved with Eagle Star insurance. This shrewd business move has seen their profits rise dramatically, and their future looks secure again.
Start a business you can expand but how are you going to diversify?
Effective Techniques For Self-Promotion
• If you’ve already got a mobile phone, activate its second phone line. You’ve immediately created an identity for your new business without incurring any further costs.
• Include details of any additional services you’re offering on the bottom of any letters, invoices and estimates you send out.
• Let everyone know what you are involved with. Buyers for one of your products or services may well become customers for another.
A guide on how to start a business brought to you by MoneyHitman.com