During this first week of Web Business Creation I’ve been able to learn a handful of important things that will help me get a business up and runnning. It has been interesting to battle whether to choose a business model or a business idea first. Both have their pros and cons and in class it has been a great group conversation to understand why it would be best to come up with one or the other first. When it comes to my opinion, I’m more on finding the problem/idea and the solution first and then the business model. Both are great and success comes from whichever one you choose first but for me it’ll be easier to do the latter.
Ever since joining this class, my minded has been going a billion miles an hour just thinking of business ideas and exactly what I want to create in this class. There are so many business that can be made but the most important decision I’ll make is what I’ll be most passionate about and enjoy doing. When it comes to starting a business you need to start asking questions. Some great questions I’ve found are from Choosing a Product or Service to Sell
- What kinds of products do you like, enjoy, consume and benefit from?
- Do you like the product or service you’re planning to sell?
- Can you see yourself getting excited about this product or service?
- Would you buy it and use it yourself?
- Would you sell it to your mother, your best friend, your next-door neighbor?
- Can you see yourself selling this product or service for the next five to 10 years?
- Is this a product or service that you intensely desire to bring to the marketplace?
- What is to be sold, exactly? Describe the product in terms of what it does for the customer.
- To whom is the product going to be sold? Describe your ideal customer.
- What price will you have to charge for the product for it to be profitable?
- Who’s going to sell the product?
- How is the product to be sold? What method of sales, or process of promotion, will you use?
- How is the product or service to be manufactured or produced?
- How is the product going to be paid for and by whom?
- How is the product or service going to be delivered to the customer?
- How is it going to be serviced, repaired, guaranteed or replaced?
Be able to learn about Google AdWords, Google Trends, has been incredible to research what people want and what people don’t know what they want quite yet. It’s super helpful to know what people search for and how many times each topic is searched. Another battle we have to face is it we want to go into the low competition market where people aren’t as much going to search for your product yet when they do they you will be one of the only ones, or if it is better to create something that is super competitive that a lot of people want but somehow they are going to choose your business.
However, most recently what I have been learning and battling is what type of manufacturer to go through. After recently discovering Alibaba, my mind has been opened to ever more opportunities and possibilities. However, I still need to do research on US wholesalers and see if honestly that would be the better route or not. I’m grateful for Excel too. Excel is the absolute best program that allows us to keep records of all of our stats and projections. It also helps up weigh very critical options when it comes down to making important decisions.