Shark Tank aired in India recently and the chaos around can tell the rest of the tale. The show features India based entrepreneurs establishing a platform for budding entrepreneurs to raise funding for their respective ventures. The intense pitching, innovation and the entire “Made in India” concept on the show has instilled a wave of inspiration among people and there is an increased interest to know more about the world of entrepreneurship.
If you are on the lookout for entrepreneurial opportunities then this piece is going to be the perfect dose of motivation to take over your aspirations. The world of small businesses changed during the pandemic stage and while you may be inspired right now to have your own small business, here’s a list of reasons on how and why it is possible, all drafted with an intention to push you to go ahead!
1. Recognize a market for your product
This is the first and the most important step you should be taking no matter where your passion lies. Starting a business, irrespective of its magnitude, requires certain research as to if there is even a market for your product and for whom? You need to understand the aspects involved for a product to be launched for sale.
A quick survey can help you understand how much potential your brand has for growth depending on the results or if it is even worth the time, effort, and money. A lot of ideas have everything, but lack scalability in the long term. Thorough research and in-depth market knowledge would help you decide which direction to take your brand. Studying the market of your respective chosen category and the audience it caters to helps you understand how you should be introducing your product to your target audience.
2. Start your own small business with less than Rs. 10,000
Does this sound too good to be true? Well, in reality, it is possible. The digital backbone has been a huge blessing in disguise for small businesses. Now you don’t require a physical store to be recognized by people and can easily work from one corner of your house. This would save you a lot of money that otherwise goes into buying a physical space and incur additional costs to make the space a reflection of your brand. The only investment that you need is supplies, shipping, and packaging equipment that would not cost you more than ten thousand or maybe less if you find the right supplier.
Also Read: 6 Creative Skills You Can Turn Into Jobs
3. Use your creativity as a fuel
The pandemic gave us nothing but ample time to fuel new ways to start a side hustle and most of us succeeded in establishing one. I asked my fellow small business owners what was their number one factor that helped them in their starting phase and it was that one obvious factor, “creativity”.
When the pandemic hit for most of us it was a means to keep ourselves busy and entertained and most of my fellow small businesses also confessed that never in their wildest dreams would they have thought that their hobby would someday help them pay their bills. People had enough time to experiment and use creativity to its fullest. Since a lot of offices and institutions are still functioning online, if you’re looking for a side hustle here’s your chance to shine!
4. Use the digital model to your fullest
New age businesses are digital-first and then take a physical form. While this was unusual at a time, today, people have welcomed this concept with open arms and have built the trust to shop online from the socials of a brand.
For a product to be digitally aesthetic so that a viewer thinks it is worth buying is far more than just a brand’s presence on social media. Even while working digitally there is a lot of work that goes behind ranging from photoshoots, creative reel ideas, timely posting, etc. Working on these parts can fetch you the reach and engagement for conversions to happen and all of this can prove to be wonderful in helping your brand gain recognition.
5. Branding it right
Make sure you brand your product right. From naming to colouring, make sure your brand matches the segment you are targetting. If you have the vision to make your brand big, plan the brand so that it gets the required recognition all by itself. Sometimes your branding gives the required confidence to your consumers as well. Think yourself in a consumers’ perspective and then evaluate your brand.