What Business Should You Start?
Hey there everybody, hope all of you guys are safe and ready to consume content that will empower you to go back of your dreams to ultimate success. After knowing all the categories of business and every requirement of it, you might end up with a question. “Which of these is for me?” If you have that question after reading my first blog, then here is the answer for you.
Okay so, I am Saranya Narayana Moorthy a passionate and ambitious layman working towards empowerment and upliftment of everybody around me. When you make people around you grow, you grow automatically, that’s what I believe in. Knowledge is the only pool of resource, that grows when you share it enough. So why wait here, let’s hop on to discover and experiment with various strategies that would make sure that you grow, reach out and make an influence in the life of people around you.
What Business Should I Start?
Every successful businessman has a history of businesses. But Why? What is that there is no success with the first one? Oh, Wait. Is there no success with the first venture?
Now this answers the entire question.
There are three instances which you have to consider.
1. Starting a Business because the market demand is high at that point
2. Starting a business for your expertise level
3. Starting a Business for your passion
Now let’s analyse all of these cases in detail.
1. Starting a Business because the market demand is high at that Point:
Many a time, we don’t think of a business idea. We don’t dream about it. There comes a calculator which says you get this amount of profit if you do this business in this particular time zone. Then we pick it up. This is also known as a seasonal business. Recognising what product or service is in demand at a particular time will make get us a spark of the hit in the market as we start selling what is required.
This kind of business is more like a fad. When there is a high demand, it flourishes, and then slowly goes down. But few businessmen utilise the demand accurately by exploiting the statement or purpose of the current market. These kinds of businesses, establish their brand name with a unique product and when the demand for that particular product goes down, they come up with another variant of the high demand product in the same brand name. This way they not only retain their brand name but also achieve high success ratios by understanding the market properly.
When we speak about demand, there are two variants in the way the demand retains.
1. Necessities
2. Luxuries
When we talk about necessities the vegetable vendors are the best example. Though there are lots of vendors in and around the city, we always have one of them chosen for our daily needs. We hover around 90% of the time when we need supplies. Only at times when they aren’t available, we go towards some other options. This happens the same with whatever business people you are dealing with. There is a demand for certain products the entire year. These are some points where you need to have a well-researched analysis before getting into the business sphere.
As I have already made a point there, for all these demands certain anchor points must be researched prior too. Most of the consumers have a regular vendor attached to them for their necessities. So, in that case, when you go in and set up as a business competitor there, you attract another obstacle to our business which is called customer migration. Now, this is a term which denotes the number of customers who leave their regular vendor and come to you to buy the products. This becomes a challenge when you need to break the loyalty they had to their previous vendor over the years and migrate to your brand. To get a clear understanding of this, you need to look upon competitor SWOT analysis. This competitor SWOT will give you a clear idea of how the businesses that are already setup has an emotional index with their current consumers. If the results are in favour of the previous business, then establishing your business over there can be a hurdle unless or until you have a very innovative idea that would magnetise consumers towards you.
If you think you don’t want to face such competitive hurdles, choose a target market which is currently in demand but consumers are having trouble reaching the same. This way, when you have your portal set there, due to demand and dissatisfaction with not being able to access the product so far, the leads of your business will be generated without any hassle.
The Luxury Demand:
Instead of naming this type of demand as ‘luxury’ the word ‘wants’ can be a better alternative. The best example of this type of demand can be a candy shop. So, when a candy shop is setup people or majorly kids (as kids are the perfect target market for candy shop) get attracted by the kinds of variants available and the attractive props that are displayed the best. This makes us understand one important trait of the consumer.
When we understand the real underlying interest of the consumer, we can have a clear idea of what kind of way the merchandise can be pitched. Though the quality product is a necessity, what one must clearly understand being in a business world is, the way you pitch a product is generating more sales than the product you pitch. Make sure you have well-elaborated research performed way before you establish your campaign.
While handling business that comes under luxury demand, the way you project a product tends to give you most of the results than the consumer analysis. In this kind of business consumer loyalty to a brand comes with terms and conditions. When the consumer finds a more appealing product that becomes a high point of attraction, consumers easily fling. It is mandatory to keep updating yourself and keep innovating your business with new ideas even if you have a solid consumer base. This will make sure that the consumer doesn’t migrate.
2. Starting a Business for your Expertise Level
Growing your expertise is the key point for running an expert business in your field. Once you grow your expertise, you take the next step in it by developing your experience. The business many Entrepreneurs start after gaining experience from a 9 to 5 Job falls into this category. You take time to learn, to experiment, to gain user base, understand consumer behaviour and then dwell to create your product.
Many times, this ends up as a competitor for the business you gain experience from lately. Because you learn the tactics and tricks of the trade from an already developed business and then emerge with your skills as a competitor. Sounds bad right? This is one of the means as to why most MNCs sign a bond with the employees once they join in. This gives a buffer time to the MNCs as to how long the employees have to not start as their competition. This buffer time varies somewhere between 6 to 24 months within which the company can make sure that their trends can change before you can copy it.
Keeping in mind that expertise comes after experience, there are businesses that people start with expertise but without experience. Now if you wonder where this type falls, it comes under the third category of doing business because of passion. Before we move on to that, let me give you some more insights into this category.
So, when you commit to a business that comes with expertise, you can very well make sure that it is either a replica of the already available business or it comes with minor changes or methodological changes in the industry. So, for this, the only thing you need is consistency, a desire to make a change and the ability and confidence to fight amidst the competition.
There are two cases when it comes to building your business through expertise. One comes with demand and the other comes with better variants.
Case (i) evolves around the one demand in the market that is not fulfilled with the availing products but your formula has the tactics to get them right. This way you can learn the market and evaluate the ups and downs of it and then focus on getting them further equalised based on the demand existing. You can also have a proper understanding of the already available pool of participants who are your possible competitors thereby increasing your chance of better wellness.
Case (ii) comes with a difference in ‘how you do it’. If you would ask experts, they would say the emphasis lies on what you do majorly. But in the world of conflicts and competitive businesses, the major emphasis lies on ‘How you do’ it. There might be many numbers of businesses that do the same thing. But the rate at which they succeed lies in how they do it. When you figure out the right way to do business, that’s when you get what you always wanted. Products and services are dumped everywhere. The way as to how you get them together makes the difference.
3. Starting a Business for your Passion
Last but not least. This is the kind of business we all at some point in our lives dream of having. A passion and a hobby that gets converted to a cash-generating hustle. This might be a side hustle or a main hustle. But when we spend our time making what we love, that is when we reach our happy place. So, a business built out of passion is something like the same. Most of the time majority of the Entrepreneurs revolve around either making use of the innovation in ‘how they approach a particular problem’ or in the concept of getting their passion done right. When you have passion, ultimately the speed at which you master a particular skill gets high. This is due to the excessive desire and emotional connection you have over a particular field which gets you highly interested when you get started. This boosts up your excitement level and lets you go deeper and deeper into the concepts.
When we work based on passion, expertise follows just like that. We get into deeper learning which in turn gets the expertise over the skill high on point. So, when you start a business out of passion, the probability of you winning the business is high. This is not because you are naturally good at it and mistakes don’t happen. Mistakes do happen. But when you have a deep sense of intense passion for something, the probability of you letting go or the probability of getting deep into the idea of giving up never comes. This kind of consistency is the soul fuel that gets the engine going despite whatever rival it gets hit on. When you have this fuel up in the heat of your business, you are sure to succeed no matter how many trials it takes for you. So, make sure you drive the business with utmost passion. If you are having confusions with what kind of business you are starting, then give away through, getting started with the business. You will get insights on the various kinds of business available around you which can get you interested in the kind you would prefer.
No Matter how you start a business, whichever you do when driven with passion can get you on complete success. They say, “no emotions, that’s what business is” But the right kind of business does have passion towards it. My Dad always says, “Never get emotionally attached to people/things — because someday they ultimately leave.” But when it comes to business I would remark, the only way to never let your business drop is having your heart and soul attached to the same. Because when you have emotions to something, we never let it go. Be it people or things. It works the same way with Business. When you have no emotions and only money motives when it fails you give up easily. Giving up is the worst kind of a pandemic disease especially when it comes to business. So have your heart and soul connected so that you never get the idea of even thinking of giving up in your business.
Get your thoughts and Heart right. Align your goals and vision along with the same poll. Get your Expertise and Passion and Experience over the same grid. Make a killer combination of your hustle and creativity. Give in a product people dream of. That’s how you create something eternal. Success if all yours!
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Saranya Narayana Moorthy.
