Money can’t buy us happiness, nor poverty can. So it’s crucial to earn money even if you are not inclined towards being a rich person. As grown-ups, we all think to make money. Some opt for jobs, while rest try to do business. Jobs are easier, have fixed monthly income with predefined office timings. No headaches as such. So why people turn towards doing business?
Broadly there are two categories of people who start a business viz.
- Not interested in doing job
- Want to do something of their own
People of both categories initialize a start-up business at some time in their life. But, do you know that 8 out of 10 businesses fail in their first 18 months. They fail because most of the businesses are fueled mainly by money. When the money runs out, the business takes its own course and lead to failure.
Business is loosely defined as busy+ness. If you know your product and do improvisations in your product, you are going in the right direction. This article deals with three basics of business, hierarchically. If you follow these basics, a successful business is guaranteed.
Are you completely aware of the product you are doing the business of? Are you proud of your product? If you are one of the persons who thinks that his/her employees will do all the work and he/she will enjoy the profit, then it will not work in the long run. Most of the big businesses today, started in a backyard with enthusiasts about that product. They succeeded because they loved what they were making, they were proud of what they were doing. You need to be passionate about the product you are doing the business of, and it should be something original. If you want to start a business and still don’t know what to do, then find your passions and you will find the product. A good product can never be denied by a market. Everyone likes to have good things.
A market behaves like a herd. Once a product has been seen as a garbage, it takes a huge amount of time, money and tactics to re-establish itself. Don’t let your that awesome product be seen as a garbage, just because it does not have a beautiful clothing. Give it your best or hire someone who can help you with that. Packaging is how you present your creation. You definitely do not want it to be seen as a garbage.
This is the easiest part of any business. Today in the era of the internet this part has become quite easier. Almost 25% of total money for marketing of various businesses is spent on internet. Your that awesome product and its beautiful packaging will go in vain if no one knows about your product.
If you invest only money in the business, you won’t last long, but if your product is genuine along with beautiful packaging and wise marketing, you can build the brand that can shine.