Ways to start a business on my own
In this week , I learned a lot of things about businesses and ways things need to get set up and also looking on how to get a new product or service that I would like to consider for my project or even in life later on. I learned a lot about business model and my favorite so far is affiliated and also advertising. I like affiliated as it is a good way for me to sell products or services online without having to worry about inventories, packing and so on. Also, as it has various options that could be something that I would consider later on after my graduation. This is a link to the business model that I looked at
I am considering to use the advertising model for my product that my friend Jamie Smith is making that are knitting different things such as bags, sweaters, dolls, hats and many more customized products that are created depending on demand. Moreover, I love the some of the tips for brainstorming that we learned in class. We can basically get ideas anywhere and even from others by looking at website or products as well as services that has been successful in the past and currently. Here is a link to this page that can be use for future reference in case I decided to have my own business on day.
Furthermore, it is very interesting to learn about google Adwords as it helps me to make comparison between competition of a certain product and be able to analysis if it is high or low. Example a 1 would be high and anything 0.32 or below is low and in between is medium. I was able to see clicks and also I could see potential products competitions. In addition, learning about different ways to go to start a business specially the things we need to consider such as the target audience that is very important to determined if we are going towards a more quality goal or more towards more money. It was interesting to see that alibaba.com is a website that many had interact with and some had bad experience whereas others had great experience. An advantage of it would be that they have very cheap products and most of the type it is good quality but it takes a lot of times to come and there are language barrier as it is coming from china or other international countries. That obviously has some barrier and as a business that consider time efficiency as their goal this might not work for them. Also, making mistake is ok as that is how we can be successful to get ride of those drawbacks that prevent the business from succeeding. Here is a link to some tips in the future to find a wholesaler: https://www.thebalance.com/how-to-find-a-wholesale-distributor-2531713
Also , it is important to know the quality of my product or basically what is my target audience so I can set my goals. I learned to always total everything to 100%. For example, if I was selling a shirt with high quality then it can look like this:
That equals 100%. And this can be used as comparison to other businesses that sell the same kind of product and then if there is any need for this evaluation to change then it can be compare and modified. Here is a useful link with examples as well:
Therefore, it is important to make some research and comparison of the product or service before it is an actual business to avoid any difficulties or reduce risk of failure. Moreover, even though it does not work it will help you analyze what could go wrong and then it can be anticipated or even the owner can have a backup plan. I will look forward in trying my business using these advice , tips and ideas.