In collaboration with Empower Administrative & Business Development Services.
Capitalise on Your Passion
“Only passions, great passions, can elevate the soul to great things.” – Denis Diderot.
A relatively easy route to establishing a venture is to monetise the things you are good at and actually enjoy doing. Essentially, find a way to get paid for a hobby that you were already doing for free anyway.
Chances are high that a market for your particular skillset already exists. Therefore, it comes down to finding your niche in that market and capitalising on it.
Monetising your passion often requires no formal education or training and is usually cheaper and faster than a traditional path to small business ownership.
Just make sure you follow whatever legal guidelines are applicable to your enterprise and get started doing what you love while earning an income.
“Passion is energy. Feel the power that comes from focusing on what excites you.”– Oprah Winfrey.
Should you require any advice or support in this regard, then contact Empower Administrative and Business Development Services.
Acquire Knowledge
Gone are the days of wallowing in ignorance. This is the Age of Information where humans have the world of knowledge at our disposal thanks to the internet.
While it is prudent to be cautious about the information available online, it is still in your best interest to research as much as you can. Find reputable sources, compare the facts and advice presented, and then formulate a plan that feels suited to your particular objectives.
Do not hesitate to “google” and read as much as possible about new/cheaper ways of manufacturing/producing your product/service, your competitors and their product/service offerings, and even tips for success, time management, and efficiency.
Standardise Product/Service Quality
Make sure your product is fantastic, make sure it works, and most of all, ensure its quality is consistent. Inconsistent quality dissuades customers and might even deter potential investors.
Begin by unveiling a “basic” product or service that attracts initial attention and attempt to get that off the ground. Then, once you find a footing, let customer demand drive your decision to make revisions or additions to what the business offers.
Set Up Adequate Infrastructure
Ensure that the appropriate infrastructure is in place to competently manufacture and provide your product or service. The structural make-up of the organisation must have the capacity to resourcefully operate all business practices, including the handling of cash or cheques in a safe environment.
However, it is advisable to have a measure of efficiency within the process. The lower your overhead costs (lights, telephone, raw materials, transportation, etc.) the more profit can be made by undercutting or matching the set market price established by your competitors.
Thus, customers will be attracted to the excellence and affordability of your product or service.
Register Your Business
Once you have carefully considered every aspect and successfully completed your business plan, it is crucial that you register the business to protect both yourself and the business.
Do not feel intimidated by this process; it is not difficult. All the requisite forms are conveniently online, and you can always talk to a Ministry employee or another business owner if you need clarification about any step of the process.
If your business idea is objectively original and innovative, you may also need to apply for the recommended patents or trademarks to protect your hard work, creativity, and inventiveness.
Be Social! Use Social Media to acheive conversion
The importance of brand awareness cannot be overstated in this modern era of ad saturation and technological advancements. It is imperative that you design and build a unique identity for your brand, one that creates a lasting impression.
It could help to jot down some points about what sets your brand apart from the crowd. Decide what specific message about your product or service you want to convey to your customers and then tailor your marketing to suit.
Visual representations of your business should reflect the message as well, such as the logo and even its colour scheme. Just make sure that the design is coherent, consistent, comprehensible, and, most importantly, memorable.
If this seems like a daunting prospect that requires more creativity than you think you possess then, don’t despair, there are experts who are capable and willing to assist.
Paradox Studios has an amazing team of professional artists, writers, and designers who can creatively turn branding ideas and concepts into reality, so definitely give them a call.
Concerned about the cost?
“If you think hiring professionals is expensive, try hiring amateurs.” – Red Adoir
Engage in networking activities
Relationships and connections (personal and professional) are invaluable tools for expanding your business. Networking provides limitless prospects for positive reinforcement, referrals, and possibilities for collaborations. Every individual you add to your sphere potentially has the power to catapult you and your business to new heights of success.
Remember, of course, that networking is a two-way street so be sure to facilitate opportunities for others by making introductions and recommendations whenever you get the chance.
“You don’t build a business. You build people, and people build the business.” – Zig Ziglar
