4 Proven Approaches to Start a Business
Most of my clients want to start a business, but they need a little help figuring out how to do that.
If you’ve never built a business from scratch, sold a product, or hired employees, it can seem pretty overwhelming. There are many different ways to design the business of your dreams, and you can figure out what strategy works best for you.
Here are 4 proven approaches to start a business.
Whitelabels are essentially clone sites of existing brands.
For example, let’s say you want to start a retail store selling Disney merchandise but don’t have enough capital to buy the license from Disney for your own name and logo.
You can find an available domain with a similar sounding name or use one that’s already established and start your own business with a near-identical look to the original company’s site, minus any mention of Disney in content or branding.
This approach doesn’t require much financial investment on the part of an entrepreneur because they’re just borrowing the established brand of an existing company.
The downside to this approach is it can be difficult to create a strong presence and viable customer base if your site doesn’t provide anything different from what’s already out there, which may make it hard for customers to decide why they should buy from you.
Franchises have been around since the 1930s when they were initially introduced by Dairy Queen. Now, franchising is one of the most popular ways for new businesses to get started because it typically requires less financial investment than starting from scratch and offers an established customer base that already trusts the brand.
This approach allows entrepreneurs to tap into the power and expertise of a proven business model with less risk.
But franchising typically costs more than other approaches because you’re paying up front to purchase your franchise rights from the company to operate under their brand.
Start a Service Business in Your Community
You can provide a service to your community, such as through home or garage sales, and it’s an affordable way to get started if you don’t have any money to invest because you’re not buying inventory upfront.
This approach means relying on your own schedule and connections to generate business, which can be challenging to grow in a competitive marketplace.
The “test the waters” approach involves providing a service or product for free, often through an initial pilot project with minimal investment up front. The goal is to test the viability and interest in your business idea before committing money or time. If you want to offer molding services, you might want to contact an Injection mold manufacturer for advice and guidance.
This can be an inexpensive way to start out by allowing entrepreneurs to make smart decisions about what’s best for their situation without risking much up front.
With freelancing, you can work on your own schedule and don’t have to worry about the overhead costs of running an office or storefront because all you need is a laptop, internet connection, and basic equipment like a camera.
You’re not able to offer the same level of customer service as someone who has an office, which can make it difficult for customers to establish a connection with your brand.
The “gig economy” approach involves freelance work in short bursts or on-demand projects at different times and locations throughout the week so you’re able to work while traveling or around your other commitments.
Freelancing is a flexible way of working and gives entrepreneurs the freedom and ability to spend time with their family.
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