It is always a daunting thought to set up a business and even more so if this means to be your only source of income. The decision can be made easy once you commingle the business concept with a hobby or a favorite activity. This way, you at least know what you are doing, are bound to give your best shot and be engaged in the process, without worrying too much about the outcome.
No matter what you decide to do, it must be carefully planned and marketable for it to progress and succeed. More so, it needs to stand out and catch people’s attention.
We will look at 10 uncanny inspiration ideas for you to kick start or enhance your business.
- Quit Your Job
This is quite insane and radical. However, if you have a business idea and funds which requires full time attention and is something you have been meaning to do all your life, then it is worth a shot, without burning any bridges with your career profile and contacts. You must do a detailed research and analysis on the benefits and the level of risks you will be faced with. All of this can be easily achieved whilst staying at your existing employment and then you can take the plunge, once you are ready.
- Lighter Versions of Products
You may have a very successful product in the market with all the features one could possibly think of. Having said that, not everyone is interested in a ‘fully loaded’ product or will have the money to purchase something like that. They would be more than happy to pay a lesser price for a much ‘lighter’ version of it. By introducing a newer version, you are basically diversifying your product base which means more choice for the customers. If they are happy and satisfied then you are in business.
- Sponsorship & Giveaways
Sponsoring events can be costly but you can always cut costs by negotiating a good deal, picking the right audience/events and not be the main sponsor. This is one of the best ways to project your company and get noticed by people and organizations from all walks of life. You may also consider posting your ads in free magazines and newspapers which are read by a wider audience, given they are free. Alternatively, you can offer prizes, discounts, coupons or vouchers which can be given as freebies as a part of a competition on print and electronic media.
- Advertising on the Go
This is probably one of the fun ways of expanding your business. You can create specialized and customized stickers and notes that can be distributed in markets and stores which people can stick on their car screens, homes, offices. This sticker or note can have a public service message, a quote or a funny text which people find interesting. Don’t forget to add your company’s details at the bottom and any discount or freebie that you may wish to offer in case anyone is interested in your product or services or just wants to explore your business.
It is worth assessing and reviewing (perhaps by means of a survey or formally approaching people personally) as to what the market’s response is like to your product or service and any adjustments and improvements you may require to address any problems and issues they have had.
If you believe in your product or service and really want more people to notice your achievements and credentials then you must reach out to your ‘happy’ clients and request them for a testimonial. You can flaunt all this praise and kinds words on your website, outside or within your store, magazines and newspapers or any other marketing material.
- Impart your Expertise
If you understand your industry and can conduct yourself in a public gathering then you must endeavor to provide free training classes or workshops to inform the existing and potential customers on their areas on interest. You may also contribute to their knowledge development by writing blogs and making them interactive for customers to contact you. Your content should eventually attract people to your business and with that in mind you must target the audience and your narratives.
- Unite Forces
If you can’t beat your competitors, join them, unless you think you can sustain on your own. This can be a big decision and must be an informed one based on the review of the market, your business standing, time period you have invested in the business and so on. You need to understand and appreciate the synergies, if any, between your company and the target entity and then weigh the pros and cons before taking the plunge. If it means more business, better service and more revenues, then why not?
Donating your service or product to a charitable entity can be seen as a ‘humbling act’ and is bound to be appreciated by existing and potential customers. This way, you can show the other side of your company which believes in corporate social responsibility as well.
- Guarantee or Warranty
If you have the confidence in your product or service you must offer a guarantee or a warranty. Nothing upsets the customer more than a faulty product or poor service for which they pay and then have to live with. They start bad mouthing your company and it spreads like wild fire. There is a risk of people misusing this offer, but in the overall scheme of things, it is a mandatory requirement. You may even be under a legal obligation by the laws of the country you operate in to provide such guarantee and you need to be aware of that.
So which of these options will become your inspiration?