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This post was written by Mae

No matter what business ideas you have, it is important to know that entrepreneurship is one of the most interesting processes that every person has to experience.

Excitement and enthusiasm are the protagonists in this new work scenario, however, there are certain factors that we must previously take into account when it comes to achieving financial self-sufficiency.

Before any business idea, take into account these 4 steps

1.Formulate the concept of your project

Write down all your ideas on paper

Whatever you are going to build, whether it is a business, a project or a building, you must put it down on paper.
This will allow you to better visualize what your project will be initially and will help you to think in parts and as a whole.

2. Research beforehand how your project could work

Regardless of what type of business you set up, there are four important parts that need to work together in order to achieve your goals:

  • Operations: they cover the delivery of products or services around what the project is built.
  • Marketing: it deals with how, where and to whom your project will reach and what benefit it might achieve.
  • Finance: it deals with money inflows and outflows and how they can be managed.
  • Customers: it is about all those on whom your project will have an impact. This includes the people who work with you, the people who buy from you and the people you sell to.

3. Talk to your future customers to see if they really believe in your business idea

It is clear that when implementing a project, people initially think it is a great idea.

However, later on it may turn out that nobody buys from you and it becomes an expense for you instead of a benefit.

Moreover, some people don’t even bother to find out what and where people buy the products or services of their potential competitors.

Here it is key that the moment you have a well-established idea, you discuss it with your prospective customers and investigate whether or not:

  • They are looking for a new source to buy from,
  • What those already in business are doing right or wrong,
  • Where do the customers buy,
  • etc.

This will help you to get an overview so that you can create better sales strategies for your project.

4. Get a mentor to teach you how business works

The other option is to do what most people do, which is to go it alone, believing that they will figure it out for themselves, through trial and error.

But, expect the same results as most people: 90 % of those who start an idea fail within the first 18 months.

That’s why it’s key that the moment you have any business idea, you approach people who know how to start a business.

Moreover, they should accompany you through the process and advise you on what to do in case of any successes or setbacks.

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Some profitable business ideas to start your own business

It is always the right time to start a business, as long as it depends on trends and demands.

Nowadays the most efficient way to start a project is through the Internet.

Since the world is becoming more and more digital and a lot of services are ordered through this way.

Apart from that, you can easily organize a lot of projects directly from home or wherever you want.

Here are some ideas on what business to set up:

> Dropshipping;

> Video blogging;

> Affiliate marketing;

> E-commerce.

Each of these niches is gaining popularity, so let’s take a look at each of them, to help you make a decision on which business idea to set up:

Dropshipping

The Asian continent is known for its enormous manufacturing capacity and surely most of its products are welcome all over the world.

However, there are currently several local businesses that are small, which do not have sufficient capacities to participate in and benefit from B2C sales.

This is where a business idea lies, as anyone can become an intermediary in this process.

Here you can develop an attractive website that demonstrates your values and gives customers confidence, and from there, start accepting offers.

Today’s delivery services are able to transfer orders as fast as 7 days worldwide.

Considering the prices you are likely to command, it is feasible to create a stable source of passive income without much interference at all.

Video Blogging

Ideal for those who want to combine their free time and income.

Here, you don’t have to acquire any specific skills, as your talent takes center stage.

The process is that you do what you like, film or broadcast it and monetize the content.

It’s that easy! Think of the richest vloggers on YouTube and Twitch who play games, discuss new memes and basically do what they find interesting. If you’re not a gamer or anything similar, here are some ideas you might find useful, for example:

-Cooking;

-Talking about educational issues;

-Travelling;

-Discussing about sport, politics or entertainment news;

Once you have enough people watching your videos, you can monetise the channel and receive an affiliate programme directly from a platform.

You can even agree an offer with any sponsors you find appropriate and suggest their services/products to your audience.

Affiliate marketing

This business idea works when you have a website or social media where you share various content, or make videos or podcasts, all in order to capture people’s attention and give them value.

Of course, this depends on the traffic you generate, regardless of the platform you use. Here are some strategies that could help you to get potential customers to affiliate with you:

-Offer banner benefits on your website;

-Mention your sponsors in the articles you write, linking directly to their website;

-Implement your sponsors’ products in your daily use and offer them to your audience on your social networks.

Generally, in the case if you use Google Adwords, the payment process is carried out on a CPC (cost per click) or CPA (cost per acquisition) basis.

This means that you receive remuneration for every click on a link or banner, as well as for every successful action (registration, download, etc.) implemented.

E-commerce

This idea is efficient when you have a great product in mind and you don’t have enough capital to open a physical shop.

Here the advantages of applying any marketing strategy are extrapolable, as you can negotiate 24/ with any customer (regardless of where they are), where you earn money at any time.

Use a CRM when setting up your business

Regardless of the idea you have, it is key to have a tool that helps us in the management, control and productivity of each sales opportunity you get.

In addition, with a CRM you can:

  1. You can save in it all the information you get (contacts in companies),
  2. You can edit and save from the same tool all the documentation, so that you don’t lose any detail.
  3. And the most important thing: you get your entire team to have your analysis so that it can be used for a presentation, with a prospect and much more.

Have you already tried Efficy?

 

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