Let’s start a business!
When I say this, I can see many of you getting excited. You guys are like, wow that’s the word that belongs to me. That’s my ambition, that’s what I crave for and much more. If you are someone who wants to build a business and passionate about growing yourself, then this medium page is just for you.
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The Word Business might be fancy and sometimes have a lot of responsibilities inside it. But if we say “we wanna be a Business Tycoon” we visualize ourselves being on the thirty-eighth floor of a sky scrapper attending a corporate meeting in my blazers on and racing across lots of appointments. But in reality, It takes a lot of time a really lot of time to achieve such fancy luxuries. In a Business man’s language, the first mantra to be registered deep in the mind is, “nothing is impossible” With this being said, first let’s understand what it takes to get started.
So, to get started with, now you have two choices. Are you going to be an Entrepreneur or a Business Man?
If you were that one person who thought both are the same, here is a surprising fact for you. Both of these are uniquely different. The only commonness between them is, for both of these you need strong will power and determination. Above all consistency. Consistency is the key.
The Process of having a new product that is your brainchild and adding value to your consumers through your product is called entrepreneurship. With Entrepreneurship you not only have a business in your name, but you have also gifted mankind with a product that will ease one of the difficulties he had faced in his life. Entrepreneurs need something more than just skills and sale power, after all, entrepreneurs don’t need sales skills (if you have that too, it’s a bonus) all they need is tons and tons of creativity and problem-solving skills. It takes a unique eye’s power to identify problems that are lying across the society, bottling them up, finding where the real problem lies, and adding in a solution that would shut it down all at once. If you are someone, who solved problems with out of the box thinking, then Entrepreneurship is just for you.
The real business lies far ahead of Entrepreneurship. When a designer/a manufacturer gets something new in town, he is a creator. When a creator creates something, he becomes an Entrepreneur when he sells the product and establishes a fixed position for himself in the market. If you are someone, who has the total zeal to do business, but are not much into creative idea generation, never mind. The Business world welcomes you with pleasure.
If you are still searching the synonym of the word business, then you must have known about what sales and finding customers mean. When a new product comes into the market, or when an old product takes a new form, a businessman understands the potential of the product in the market, purchases it from his manufacturers, and sells the product with his branding. So, in short, I would label business as Branding of products that would make the customers reliable.
I can give you a solid example for this, take a normal municipality tap which gives water under the label, ‘drinking water’ we hesitate to drink it, but when the same water is branded with a sticker of XYZ waters, we buy it. I would call this branding as a business.
When you take business, there are multiple classifications. To start with, I am here explaining you 6 Major streams under which you can do Business
Franchising is for someone who understands brands better and wanted to earn from the already created brand name. If you wanted to represent yourself with someone else’s brand name, you can do it once you have prior permission for the same. This isn’t a plagiarism or copyrights issue unless or until you do it with the complete brand franchising.
Franchising is a term used to denote when a person (let’s call him Mr. X) represents the brand ‘ABC’ as his enterprise but with complete authorization of brand ‘ABC’. So, when Mr. X wanted to have the franchise of company ABC, then he approaches the person in charge of franchising from brand ABC, then gives them the request showing off the space he has for the store and pays an initial amount as the investment. Now with the investment what the company does is register Mr. X as a franchiser and renovates the space he has for the brand with its aesthetic theme. So once the store is set up, Mr. X will buy products from brand ABC and sell them in his store. The marketing of the franchise will be completely taken care of by the brand ABC. In return, Mr. X pays a certain sum as commission for the brand.
If you are someone, who has enough money but no time to start and publicize your brand, then you can go for franchising. With the already developed brand name and marketing is taken care of, you are free to improve your sales and run your business.
Perks of Franchising
- Leverage an already outgrown brand
- Get products ready without manufacturing
- Establish your business and gain consumer trust
- Increase your marketing scope
- Attract easy consumer
After years of experience and tons of expertise, nobody wants to work throughout their lives. But everybody wants to earn a living. So, what industry experts do is, once they are done with their job years and they are off to retirement, they resign their jobs. But by then what they have gained is loads of knowledge that is waiting to be shared. That is when they start their consulting business.
So consulting is nothing but, offering ideas and strategies to people who are off to work at the ground. By their experienced strategies and unique ideas, consultants get high pay (approach 5000$/hr) depending on their field expertise. Once you establish your value, set off as a consultant, and start to skyrocket your business.
If you would ask me, “should I be a consultant only after my retirement or only after a certain age?” then the answer would be No! What a consultant needs are bare knowledge and enough field experience/ expertise to understand unique problems and offer personalized solutions. If you are a digital marketer, you can be a digital consultant too. This way you can offer solutions to people in the form of ideas and strategies and never really provide them with services. When you have a tight hold of some expertise, then you are free to take off.
Perks of Consulting
- Utilize the skill you have already grown
- No panic of deadline and submissions
- Your credibility speaks more than the training
- No risk of lead generation
- Zero Mess created
Coming to the sector that utilizes all of your skills with zero product sales is Services. When you offer services, then you assist consumers with the process of expanding their business or satisfying any of their needs with zero involvement of products. You don’t manufacture a product and sell them, but instead, you assist in the form of task completions or meeting targets. Say, for example, you are a marketing person then the marketing service you offer which helps them sell a product is a service.
Service-based businesses utilize all of your skills without interfering with the materialistic products. If you are an e-commerce store like Amazon.in you are a service provider. Because at that place, your service providing. You help the sellers/manufacturers sell the product without them stepping out of their market. This is one of the service examples that connects manufacturers with consumers.
Perks of Service Providers
- Provide the services with a tint of his uniqueness
- No dealing with products
- Take a part in the overall business growth
- Increase your marketing scope
The main reason why all the other types of business excel are because of this stream of business. Only when someone manufactures a type of product the rest of the businesses can work without any hassle. These are the kind of responsible for producing the bulk of products and creating demand and sales. Once manufacturers stop manufacturing there will be nothing else left to make sales on. There will be no sales, no marketing, no franchising, and ultimately no needs satisfied. Hence, even if it is expensive and takes lots of investments to set sail on, Manufacturing Industries take a huge poll on the Businesses that are run. If you wanted to conquer the market and give chance to all other businesses in your brand name, then start a manufacturing business. The Investment you need can be outsourced from various investors who are keenly having an eye on the innovative ideas coming in on which they can have their investment.
Perks of Manufacturing Industries:
- Product Originality
- Supply to various businesses
- Flexible Customisation on product
- Increase your marketing scope
Merchandise business is the kind of business we see every day. All the fancy shops out there, a major part of textile shops is all the merchandise industry. These are the kind of businesses that outsource products from manufacturing industries and sell them to retail consumers with a margin in the price. The difference in the cost price and the selling price is their profit. This kind of business eliminates the high investment needed to establish a factory and take care of the factory, instead of investment is required only in the part of buying products.
If you wanted to see how the business world works, the first of the kind of business you can try out is merchandising. Through this, you can learn how to deal with consumers, the power of consumer review, and how to manage time, money, and resources efficiently. One major point to note in this kind of business is when to but the product (Low price and less demand) and when to make sales of the product (High Price and High Demand). This way you can achieve a high profit on your sales. If you wanted to take over this business, the first skill you need to focus on is market analysis and market forecasting.
Perks of Merchandise Business:
- Direct Consumer Interaction
- Direct Material Acquiring
- No High Investment
- Increase your marketing scope
Saving E-Commerce Business for the last, this kind of business is the most flexible and easily marketable business. This business can be just like a merchandising business or sometimes a manufacturing business. The main role of this website is that products are sold via an online store rather than a physical store. This saves space, reduces overheads, reduces employee requirement, and what not, increase your customer base. People from all over the world can access your products and purchase from them. All you need to invest in is a website development and content costs. It also makes it easier for customers to shop. The number of products you list here wouldn’t be restricted due to the size of your shop. The benefits of e-commerce businesses are never-ending.
Perks of E-Commerce Business
- Unlimited store Space
- Low overheads and rent costs
- High customer base
- Easy and Quick Installation
Starting a business is a dream for many of us out there. Let’s never let the external circumstances lower our chances of establishing our own successful business. A curious mind like yours explores around for more and more. If you think this post has brought more value to you, Like, Share, and Subscribe to The Content Bot Social Media & our exclusive Podcast to stay Updated!
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