It might be hard to know where and when to start investing your time, but at some point you’re going to wonder: “What is the best way to invest money?” Eventually, you will have to make that decision, whether you print 100 Curriculum Vitaes or Resumes and look for a job, whether you decide to invest time and money into furthering your education or putting your faith in an idea or business and have the confidence to back it.
The main problem with working for an employer is they are making substantially more from your work compared to your compensation (why else would they employ you?).
Even if you have a degree, you are highly qualified and your employer is in fact paying you a decent wage, how could he pay you if he wasn’t in fact making more?
Let’s talk about the third option: let’s assume you have a product idea or you have a passion for business and you want to market other peoples’ products or services. How can you go about this if you start from scratch?
Starting a Brick and Mortar Business
Finding a store location balance
You need to think about the kind of business you are setting up, if you start a local business that requires the public to visit your shop, then you want to carefully consider the position of your store.
For example, if you are in a really cheap place outside the town, you won’t get enough passers-by to look into your window to purchase your product. On the other hand, if you are right in the center of town, you may very well get good business, but due to the premium location of the store, you may not be able to afford the rent and this could send your new business sinking.
You need the local community to back your business
You also want to become known and recognized in the local community. You must aim to be the first port of call for your service or product and to do this you must research your local community’s needs. For example, you want to see what your competition is doing.
Of course, you should offer something they don’t. Also, if you don’t have competition you might want to determine if there is a market for your business. Don’t necessarily let this discourage you completely; you might be innovative enough to be the first to think of this in your area.
Marketing your brick and mortar business
You should also think about advertising, how are you going to let your target customer know you exist? In the local community, you should rapidly get in the phone directory, leave flyers advertising your new store as well as consider signposts to your stores or even billboard ads. Ensure that your business is listed in Google Places so you can be found on Google+ local by your future customers- that’s free advertisement!
Starting an Online Business
You still need a desk somewhere…
If on the other hand you want to start an online business you should either do it from your house as an initial set up or a low cost business park style office.
Marketing your online business
You should get your website set up and use every possible free channel available in an attempt to drive the desired traffic to it. Use social media channels to engage with your desired audience, make sure you make yourself known in whatever niche you are fighting for control over and try to be a reliable source of information, so that you can work your way up to being an authority on the subject.
As far as advertising is concerned you should create a digital marketing plan. Spend a few days listing yourself on relevant business directories, so you can be found easily. You also want to educate and possibly invest in SEO services. This arm of internet marketing makes your webpage appear higher in search engines and subsequently makes you more likely to be found by prospective customers.
Ideas Without Action Are Nothing
The main thing to do, is if you have an idea that you truly believe in, you should put forth the effort to make it a reality. Many people sit in cubicles, not because they don’t have good ideas, but because they let them remain just that- ideas.
This post was written by Kevin Donovan. He often writes articles about how large financial matters effect our daily lives on his own blog businesstimes.org.uk. Ensure that you stay true to your business principles and your business financial future is guaranteed.