David Deicke shows the Top 10 ways to start a business
David Deicke discusses the Top 10 ways to start a business below, we hope it gives you some guidance!
- Making something
Although this will take some initial cost for supplies, the final product may sell many times above the original cost. However, this requires passion as well as recognizing a need for the product in a given market niche/demographic. Apart from selling the products locally, one (entrepreneur) can use a number of online channels (such as Etsy, Bonanza and Abe’s Market) to sell to a wider market. By selling products on multiple platforms, an entrepreneur will get more exposure, which is necessary for business growth.
- Re-selling goods/products
Since not everyone can make or create a product, one can start a business by re-selling goods or products of value. Businesses such as Sophis Amoruso are a good example of a successful that started by buying and re-selling of vintage and unique fashion products. This was achieved through the use of online channels such as EBay. With well over 200 employees in 2011, the business grossed a net income of $24 million. Re-selling can therefore be one of the best ways of starting a successful business.
- Selling services
This is one of the best ways of starting a business with little start- up capital. Depending on the interests, experience and determination of an individual, there are various types of services that one can offer. Although this may require some level of education in some cases, it may also require a certain level of experience or expertise. For this to succeed, it is essential to market the service and thus get exposure. This may be achieved through a variety of channels such as Craigslist and Fiverr, which have created channels of meeting interested customers online.
Given that starting a business without funds may be an uphill task, it may be possible to do so through barter. In this case, one may exchange the products they have (electronics, books, furniture etc) for what they need in order to start a business. For instance, one may exchange certain furniture for a good laptop in order to start a business online.
- Using low-cost services
With millions of individuals offering their services online, an entrepreneur can take advantage of the cheap services they offer to start a business. In this case, one may act as a middleman, getting orders from others and getting the jobs done cheaply.
- Working with investors
For a majority of people with excellent business ideas, capital is one of the biggest problems. Although the idea of working with investors may sound scary, investors can help lift a business from the ground within a short period of time, give it exposure and get operations starting in no time. Shark Tank, a television reality show is a good example of what investors can do for a business. On the other hand, one may seek for donations from family, friends or even partners for the business.
- Buying a business with potential
Both online and locally, one will find different types of business on sale. For creative entrepreneurs, this may be the best chance to implement new strategies and ideas that will grow the business. Buying a business that already exist gives an individual an opportunity to learn about the strengths, weaknesses, opportunities and threats of the business, and thus come up with the most ideal strategies to grow the business.
For those with money, investing may be one of the best ways of making more money and establishing a business. With many more business looking for investors, one may open a business that funds other business and get some interest. Although this has its risks, investing in other businesses can be one of the best business ventures.
- Building up on an existing business
This would particularly work best in a partnership or family owned business. With an existing business, an individual can gradually grow another business, which may separate once the new business is strong enough to stand on its own. In this case, a business will have an opportunity to grow, and get exposure.
- Getting a loan
For those who may have some savings, getting an additional loan from a bank or lending institution may be the best way to get enough capital to jump- start the business. On the other hand, one may get a loan from government institution that tends to support small businesses or offer loans for starting small businesses.