Secret Way to a Successful Business Only a Few Businessmen Know

here are tons of ways to start your business or add something more to it. But, you'd have to keep in mind that, the existing competitors have already thought one step ahead of you. Now, don't you worry. You're in the right place for guidelines.

Secret Way to a Successful Business Only a Few Businessmen Know
Secret Way to a Successful Business Only a Few Businessmen Know

Welcome, fellow entrepreneurs, to the first episode of “way to a successful business.”
I see, you are trying to do something new to stand out from other businessmen/businesswomen. Or you are looking to flourish your existing curriculum.
There are tons of ways to start your business or add something more to it. But, you'd have to keep in mind that, the existing competitors have already thought one step ahead of you. Now, don't you worry. You're in the right place for guidelines. Let's get straight into it.
Choosing the perfect scope: Let's say, you are willing to establish a company; a partnership or even a sole-proprietary business. First and foremost, you need to choose the product/service(s) that you want to work on. Bare in mind that the product/service(s) needs to fulfill some requirements to help you along the path ahead.
☆Let's suppose you are launching a product in the market, product/service's ability to fight against other competitors; needs to be examined. You need to analyze your competitors' product demand, how they are maintaining the demand-supply chain, what are their weaknesses. If you are willing to survive in the market, you need to provide the consumers with the utility, which others aren't capable of. Find out what is missing around you; study your surroundings. Provide the missing puzzle piece to be praised as a masterpiece. i.g. there are lot's of salons around you, they need razor blades/shaving creams or other stuff but the suppliers are lazybones making the barbers loose customers while they wait to get the stuff. Maybe you are thinking "Do I have to start a blade factory,now?". No, you just have to fill in the gap. Start a delivery system, then you can start to think about that blade factory. Look around you, be the missing piece.
☆Another scenario would be, you've invented something new. Nobody hasn't even thought of it before. Well, at first you need to get that patent (we'll talk about it in another article, I'll give the link here). If it's totally something brand new to the market, and you have the capability to mass produce, just before you do so; start analyzing the market. Give free samples to the nearby consumers and receive feedback. Be open minded. I know it's a great product in your point of view, trust me, it is. But that doesn't mean everyone has to like your product. Still, there's a margin you need to follow. If the feedback is more than 30% negative, you need to revise your product, find out what people don't like about your product. Make corrections. That's why companies do a low quantity experimental production.
☆Produce or resell products to targeted customers. There are lot's and lot's of ideas and products roaming around for a limelight. But, instead of that, as a newcomer you can and should produce products targeting a portion of a huge population. For example, the vegan people out there are struggling to find proper products to get by. While the groceries getting costly day by day, you along with a few of your friends and neighbors, can grow fresh produce in you backyard at a lower cost and sell them at a lower price tag after maintaining a profit.
I'm sure there are a lot of surveys on the internet to help you, if not, create a survey of your own.


SWOT Analysis: It simply stands for Strength, Weakness, Opportunity and Threat.The main advantages of conducting a SWOT analysis is that it has little or no cost – anyone who understands your business can perform a SWOT analysis.While being in a tough situation, SWOT analysis will be a savior for your business. Meaning, you don’t have to spend money for a consultant and still be able to efficiently achieve your goal.
Using a SWOT, you can:
·understand your business better
·address weaknesses
·deter threats
·Capitalize on opportunities
·take advantage of your strengths
·Create business goal and ways to achieve them efficiently

Portfolio: A proverb is very famous among investors- “Don’t put all of your eggs in one basket”. Yes, if you put all of them in one place, there’s a chance that you can loose all of your eggs. Portfolio in investment vastly helps in risk management. If you ever plan to start a business, don’t just put all your money in production of a single type of product. Instead, invest in various projects to minimize the risk.


This is just the first episode. There’s a lot more to discuss about. We are just getting started.