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To build a business from scratch may seem very difficult for people who have never been in the business world. Not only does it need capital, but founding a business requires good insight and skills. However, don’t worry. These things can also be learned as the business grows.
Indeed, building a business from scratch often makes people, especially beginners, doubtful. However, as mentioned in the previous Distri article, 75% of people who become business owners are happy with their decision to start a small business. Some even reported profit.
But of course, the first step you take to build a business (and of course make a profit) must be carefully prepared. So before building a business, you can do the following four tips.
4 Things You Must Do If You Want To Build A Business From Scratch
1. Market Research
The key to building a business from scratch is comprehensive market research. Before determining the type of business and your product, analyze the community’s interests first.
Find out what things or products are trending, learn about each of the advantages & disadvantages, who are the competitors, determine target consumers, find out estimated market prices, and so on.
Find out all the ins and outs of the business you will run. With that, you can create a business strategy that is right on target, generating significant profits and business growth.
2. Prepare capital
In building a business, owning sufficient savings is also essential. Make sure the capital required is within the available amount.
Make a budget as detailed as possible. Estimate the profit and loss by rough calculating capital, operating costs, selling price, and potential profit & loss. Make sure it doesn’t go over the budget.
The most important thing is to start, no matter how little capital you have, as long as you don’t force yourself when the money is insufficient.
Read more: 3 Financial Statements Your Business Must Have
3. Determine Product Uniqueness
In a very competitive business world, your product must have uniqueness and advantages compared to competitors to continue to survive in the market.
Make sure it is unique, attractive, and has good selling power. In addition to bypassing the existing competition, the goal is to attract awareness and make consumers remember your product better than competitors.
4. Marketing strategy
The right marketing strategy is necessary if you want to start a business. First impressions. How you introduce your product to the market is very important.
From the research that has been done, create a comprehensive marketing strategy. Make sure your targeted market sees the uniqueness and attractiveness of your product. Don’t forget to take advantage of social media & e-commerce!
To test the water, you can also try giving the product to your acquaintances for free and ask them to provide an honest review. Then, if the reviews are good, ask them to market your product on their social media!
Read more: Why Does Your Business Need E-Commerce?
Those are the initial steps to building a business from scratch. If these four things are done well before launching your brand to the market, it’ll be easier for you to deal with the obstacles that may arise.
Suppose you are interested in building a business from scratch and becoming a business owner and need software to help you manage business operations. In that case, Distri provides the software you can try at no cost, from sales & purchasing management and finance to business analysis.
