When it comes to starting your own business, most people think they know what it takes because they have read articles and blogs and how to guides and been to seminars, all of which confirmed what they already thought. You need a fresh idea and lots of funding, passion and knowledge, and a solid understanding of different marketing trends.
Yes, these will all help, but they are not the be all and end all, and you can certainly make it without having all or any of these things. Richard Branson didn’t know everything when he started, not did Steve Jobs. In fact, they were both known for having a ‘screw it, let’s do it’ attitude and that is it.
So let’s go through some of the myths:
The Freshest of Ideas
Way too many entrepreneurs get bogged down in this idea of needing to have a fresh idea in order to be successful. They think they need to innovate, and be unique and fresh and come up with something that hasn’t been done before. Well, you don’t. In fact, we would warn you away from this. The problem with coming up with something that hasn’t been done is that there is no established market for it, and to educate people on a whole new market requires a serious amount of cash and time. So look for existing markets and just figure out a way to make it better, more efficient, more attractive and more sellable. It is better to go where there is a market than where there isn’t.
The Thing with Passion
Sure, passion helps. It can even help a lot. For example, if you’ve decided to go into kids entertainment – and even found a commercial bounce house for sale – then passion is going to be one of your best assets. That is because it is part of the business you are selling. But more often than not, your passion tends to be focused in the wrong areas. So switch up your perspective. Instead of thinking about how awesome it would be to create something new, why not think about how awesome it would be to create a business and outsell the competition. Have a passion for selling, or hitting that target of shipping 25,000 units. Passion is what you make of it, not what you make.
The Millions in Funding
Don’t get flustered by the money thing. Yes, it can help, but it isn’t necessary to have thousands and thousands, and millions of bucks. That is because you can start a business with just a few hundred. It is just a matter of knowing how to get traffic to your website, and that is a matter of knowing about performance-based marketing. Put it this way, if you spend $2 to get a user to your website and they ended up spending $10, well, you are succeeding with your strategy. It is just a matter of getting traffic and monetizing that traffic. Another great asset – and one that is risk-free – is to use affiliate marketing, where you pay a commission-based fee to someone every time they make a sale. No sale, no fee. But if they do get a sale, well, you are making money. And look at that, you haven’t needed to spend hundreds of thousands of dollars either.
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