Wednesday, March 16, 2011

How to start a business in under a week!


2010 has seen a lot of new businesses – startups - in Hyderabad. The trend seems to continue in 2011 as well. And the entrepreneurs did not come from just category – the entrepreneurs ranged from fresh students to employed (many software engineers) and house wives as well. On the other hand, there are still many more that want to start a business but because of many reasons, did not venture into the entrepreneur world yet.

Few of the Inhibitions include
  1. Time
  2. Finance
  3. Support
  4. Inertia

Time

This is a never-ending topic with so many reasons that does take away our valuable time – work, household work, kids, relatives, the list is endless. But, many a famous leaders and authors talked about ‘Time’ and its management in many books and speeches. To quote just a couple, our telugu author and speaker Yandamoori Veerendranath and ‘The Monk who sold his Ferrari’ famous Robin Sharma have said that by waking up just one hour ahead each day, all of us have 30 more hours per month and 365 extra hours every year. Wow! Just imagine how much we can achieve in these extra hours.

Now that we have this one hour per day, what can we do with it for our startup?

First Day

Analyze yourself. What is it that you like the most? What is it that stirs you? Is it cooking? There’s a blog I saw that talked only about the lunch and snacks recipes that she made for her son and the tips on how she made the recipes interesting. And, there are many others that talked about crafts, cooking, how-to tips and so forth. Create a blog, take the help of Google ad-words campaign and sooner than later, money will trickle to your bank accounts.
Or it may be that you are the hands-on person and like to make cookies, sweets, flowers, dresses, greeting cards, or calendars. Once you put your brain to it, the list has no limits. Just analyze yourself thoroughly and pick the one thing that you love the most.

Second & Third Day
Now that you narrowed down your expertise, chalk down the ingredients.  Create a list of the materials and resources that are necessary for the product and start procuring them. If it is a blog, create the free accounts at Wordpress or Blogspot or any such you know of. If it is a product that you started to develop, look into your cupboards. May be you have few left from a previous project or may be from your parents or good friends who are just about to junk them.  Be frugal. Only after you have done a preliminary check, go to the market and get the products.

Fourth & Fifth Day
Start working on the product. Start small. Even if you would love to design and decorate a big decorative piece, if it gets delayed for any reason, it is easy to lose motivation. So, stick to the basics. Quick and short is the mantra. The product should be completed within two days at the maximum.

Sixth & Seventh Day
Now, that you have the product in hand, show it to your friends and family. Be straightforward. Tell them you are starting a business but since they are your friends, you would give it at a reduced price but cannot give it for free. Visit a nearby retail store and ask if they would showcase your product. Tell them they do not have to pay anything up front. They just have to pay you if it gets sold. A good friend of mine just did this and the store guy was quite okay with the concept and she got her first foot into selling.

Oh! Do not forget to add a label to your product with your own brand name and contact number. When someone likes to order more of your products, how do they reach you?

If it is a blog, it is much easier. Show the blog to your friends. Most of them will ‘follow’ you on the blog. If some did not, do not lose heart. If you wish, you could submit your blog to other established sites like fullhyderabad.com, indusladies.com and such.

That’s it! Sounds simple? It is indeed simple if you are confident and just start working on it.
You did it and reached the first milestone! Your business is ON! Now, at a regular pace, continue doing what you did the first week and you will achieve many more milestones!

Bon Voyage!

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