Try counting how many products there are to purchase. Whether it be on the internet, or in the high street. Thousands, if not tens or hundreds of thousands of products and services must exist. Actually, let’s rethink that. There are millions of different and products and services you can sell worldwide. So as a new company, what product or service do you choose to sell? Starting with the basics, you need to choose whether you want to offer a product or service, and how do they differ.
Run a service that you excel at
Logically, that makes perfect sense. What better job, than to provide something you love doing. This is why for example a cake maker might end up with several bakeries years down the line. Providing something you have passion for, you are more likely to offer a better service. Offering a service you aren’t sure about however, can be problematic. While you can employ experts to fill the gaps, its always a good idea to be good at what you are offering.
Work a 9-5 product or service
This is the voice of bitter, bitter experience! Don’t get me wrong, running a business is hard work, but then so can be the rewards. However don’t listen to those telling you you need to work 7 days a week to make a successful business. Something is very wrong if you are having to work that hard. Don’t offer business web hosting, or provide game servers if you value your hair. You will never have a social life. If you want to setup a company, make it a 9-5 office company.
Separate your business from home
Work from an office from the very beginning. Working from home is a bad thing, don’t listen to the rumours! Working from makes it incredible hard to motivate yourself, and you absolutely won’t be able to separate work and home. Unless you live in a mansion, it won’t look impressive when you want to meet and impress clients either. Without the ability to create a good impression on clients, your business will struggle.
Form a highly profitable company
What other real point is there in working? If you are going to setup a product or service, make sure it’s as profitable as possible. It’s vital to do your research on a product or service before you set up a company. Competitor analysis is always a good idea as a starter. What prices are they charging? Look at suppliers- how much will it cost to provide the service? Before registering and setting up a company, you need to know your product or service inside out.
Running a company should be fun
Once you have found the best company formation agent to start form your company, you will spend at least eight hours a day working. Also remember there is the time taken to travel to work. Think about it, you spend more time at work than you do anything else. So when setting up a company, it’s vital you enjoy it. Continuing from above- pick a product or service you are passionate about. If you enjoy your work, you are more likely to offer a better product or service, and thus more likely to have a successful new company.
Originally posted 2015-07-22 17:49:07.