Brainstorming and creating a business over a cup of coffee:
Hey all, I know I haven't posted much during the holiday season, but I'm back in the swing of things now.Just yesterday I had a simple idea for a business structure, and I thought I would share with you all how I was able to bring it from simple idea so working business in about 30 minutes to an hour. The steps are fairly simple, but many people are too afraid to follow through with them. Therefore, the first thing I'll do here is abolish any type of fears that you may have.
- you won't lose money unless youinvest money: its very seldom that someone is sued due to a badbusiness structure. Its common if you start a multi million dollarbehemoth and don't hire a CPA, but If you're running a sock storeand someone decides that your socks aren't socky enough and sues youfor it, you can only be sued for the value of the socks (betterknows as a RETURN) moral of the story: accept returns and stay outof food service.
- People want to buy things from youin good faith: if you offer a money back guarantee, then people willuse it IF THEY NEED TO, people don't want to be sleaze balls,especially to a small business owner, that unamiercan, I've had manyproducts with money back guarantees, and you know how many peoplehave leveraged this option? Zero.Don't worry about the money back,but give it to people, because they like security. Also, if someoneis on the fence about a product, telling them that they can returnit if they don’t like it for a full refund is usually a hugeincentive.
- It's not sinful to make moneyeasily. People should be able to start small businesses and make acouple dollars on the side guilt free if they so desire. Giving it ashot, figuring it out and letting everything fall into place as youwork out the bumps is not something to be scorned for. My wifeconstantly hates on me for my “get rich quick schemes” which Idon't understand, as I was under the impression that one had to paymoney to some plaid suit wearing freak and then call a disconnectednumber for weeks for it to be a get rich quick scheme, but Idigress.Now that I'm showing (small) returns on some of my ideas,she's little more quiet, don't worry about haters.
Now that that is off all of our chests, lets talk about the semantics of starting a small, product based business in under 30 minutes.
- Brainstorm ideas for products.Think about three different things here IN THIS ORDER: Who is mytarget Market, what do they want to buy, and why will they pay forit? This is very important. Start with a market you are wither apart of (the best) or you understand. A 40 year old man sellingshoes for new moms that is successful is a fluke at best, don't fallfor it.If you like soccer, sell soccer stuff, if you like skiing,sell skiing stuff. Then think of a product that is hard to find orof low quality and target that. Find a need and cover it.
- Test for current availability onGoogle. Type in as many different permutations you can think of forfinding the product on Google. If the front page is filled withsites that cater to that item, forget about it. If not, continue.
- Find the product for sale fromwholesalers here area few options, my favorites are on top
- Set up a free open bid for theitem on eBay. This is a test bid, to see if people will pay areasonable price for your product. Generally you want to look for a3-5 times markup, to help with bulk payment and shipping fees(especially if its coming from china) but 2-4 can work depending onprice of the product.
- Invest or divest based on interestand numbers. If the price is good, go, if not, back to step one.
- Creates a website on www.webs.comwith the following parts
- money back guarantees
- Set up payment through Paypal.Just follow the steps.
And there you have it folks, how I started a small business in my underwear on new years day.I'll have the website public after I finish testing, but it looks promising! Wish me luck.