People often start businesses thinking “what’s in it for me?” but the real key is to making profits when starting a business is to think “what’s in it for others?” This is because whatever is in it for others is what is going to create a demand for your product. It is no time to only be thinking of yourself.
It is not just about profits. Success in business is also how you can serve others. If you get good at knowing how to serve others and how to create a demand for what is wanted then you will succeed in business beyond your wildest dreams.
This means doing some research. First of all you need to ask yourself, “What do you have to say and offer as a company and business, organization or entity, that is different, will need to be fueled and informed by what you learn and get to know about the market you are in?”
To answer this question you may have to do some research to develop a through understanding of the business that you are planning for yourself. You may think you know what it is that people want to buy. This means looking into major and minor players, market sectors, global competitors, trends, gaps, strengths and needs of everyone involved.
You might also want to look at what the competition is doing and look what price they are selling their goods and services. You need to ask yourself – “ Is there any way that you can innovate on what they have done?”
To know your business you need to know the other brands, the names of your competitors and who owns them. Knowing all this makes you knowledgeable and user friendly. Your competitors will think you read their minds.
Ask questions of your client base by going to forums that are related to your sphere of business and ask them what they would like to know the most.
Keep in mind too that there is no such thing as a foolproof business. Although some businesses can be described as “evergreeners” (such as selling food, clothing, gas and other essential services.)
Before you start any business make sure you tap into any, make sure you tap into things like surveys, polling, casual inquiries, conversations and relative circles and other matters.
