We’re living through a time where many of us are getting extra time on our hands and, removed from our usual day to day routines, are getting the opportunity to consider our careers and whether they’re what we really want to be doing. Some of us, while we’re taking time off work to slow the spread of coronavirus, are finding that we don’t actually enjoy our jobs. They aren’t making us feel happy or fulfilled. We’re not interested in our field of specialism. We’re not earning as much as we’d like. There aren’t sufficient opportunities for progression. Whatever your consideration, it’s important that you know there are alternative options out there. Why not take a few steps towards following a new career path and starting up your own business instead? This will help you to choose your own path, choose what field you specialise in, choose who you cater to and potentially make a whole lot of money at the same time! Here are a few steps that will help get your journey started in the right direction!
Choose Whether You Want Brick and Mortar or Ecommerce
Setting up a business nowadays can be carried out in a traditional way (by setting up a brick and mortar store) or in a more modern way (by setting up an Ecommerce store). Generally speaking, even outside of the current situation where many brick and mortar stores have had to close their doors, Ecommerce tends to be a better option for first time business owners. There are a number of reasons for this. First, setting up requires less commitment and up front investment. When you set up a traditional brick and mortar store, you’ll have to sign a lease, committing you to a set number of months paying rent for the store. If things don’t take off as you’d planned, you could find yourself having to find a way to meet payments even once you’ve given up and stopped trading. Ecommerce also reduces overheads besides rent payments. You don’t have to pay as much for commercial gas, electricity, and water either! When you run an Ecommerce store, you also benefit from being able to sell all day and night – even when you’re not monitoring the store – and selling to a worldwide audience.
Overcoming Problems with a Saturated Market
Seeing as setting up a business online is so relatively simple and straightforward, it’s not all too surprising that there’s going to be a lot of competition online, no matter what kind of product you’re selling. This means you’ll have to work to stand out from the crowd. The following steps will help you to achieve this.
Coming Up with Something Innovative
Coming up with a completely innovative product is your best shot. This will minimise your competition and will encourage people to buy – as you’ll be offering something they haven’t seen before, or have hoped would come onto the market eventually.
Differentiating Your Product
Of course, you don’t have to come up with something brand new to grab people’s attention and make money. Instead, you can offer something that is similar to other products on the market, but which differs enough from common options to encourage people to buy with you instead. Emphasise the difference between your product and the rest when marketing it. Shout about what makes it special to secure more sales!
Setting Up Your Website
Once you know what you’re going to seel, it’s important that you take time to really focus on your website. Building a website can be straight forward and there are platforms out there that can make it simple for you to do yourself. For example, you could use a powerful website and funnel builder. This tends to be great for startups who have relatively little to invest. However, as your business begins to grow and expand, and you have more money to put into your website, it’s a good idea to collaborate with professional web designers and web developers. They’ll be able to bring their expertise to the task and make your website really stand out from the crowd. They can ensure that your branding is consistent across the site, that there’s great user experience (or “UX”), that people can easily find all the information they need and, ultimately, that making a transaction is appealing and easy.
Protecting Your Intellectual Property
Of course, all of these steps take a lot of work. You’ll invest time and effort into branding, creating stand out products and attracting positive attention. You don’t want others to be able to simply take all of this hard work and sell it as their own. This is where protecting your intellectual property comes into play!
When you first start out, you’ll probably work with a lot of third parties to get things off the ground. Enforce confidentiality with your contracts with them – whether they’re web designers, web developers, graphic designers, copywriters, market research agencies or anyone else! Whether they are employees, outsourced staff, freelancers, or anyone else. This will prevent them from stealing and selling on or using your ideas themselves for profit. Confidentiality clauses can be put into their contracts easily.
Trademarking and Copyrighting
When your product is ready to put on the market, trademarking and copyrighting becomes essential. This is a legal process in which you can prevent others from using your intellectual property. This could be your logo, your font, your taglines, your jingles, and anything else that can encourage consumers to buy from you or associate your products with their brand. If someone attempts to use something of yours that is trademarked or copyrighted, you can legally send a cease and desist notice and pursue further legal action.
As you can see, setting up your own business is likely to take a fair amount of work. But when’s a better time to get started than now while you have time to think and get started?