8 Ways to Start a Million-Dollar Company WITHOUT Being an Expert!
Yes, you can believe your eyes.
You don’t need to know an industry inside-out to be your own boss.
That’s being true. You need patience and creativity to make your business successful.
The business won’t make you a millionaire immediately. It is followed by a series of failures, trials, and errors, and, ultimately, success.
But failure can definitely make you a millionaire if you grab the opportunity. Here is how!
Ben Simkin was kicked out of school at the tender age of 16 for hacking the school’s systems. But this didn’t stop him. He was an incredible programmer and started his own firm at 20. Later on, he sold the same company for 7 figures. Now, he is the founder of a marketing company, Business NET, with a yearly turnover of 2 billion dollars!!
Isn’t it unbelievable! If he can! So, can you?
How to start a business without expertise?
Here are the step-by-step guidelines to start your business without prior expertise.
1. Identify the problem
- How can you help people?
- What problems do they currently face?
- How can you provide a solution?
- Does it align well with your audience’s expectations?
Before choosing the business, improvise on the above points.
James identified that employees and companies spend most of their time doing redundant tasks. They could spend this time creating and generating ideas. He identified the need and problem of getting redundant tasks done with just a click and came up with automation software. He analysed the audience, their problems and included a unique selling feature to attract maximum customers and boom! He reached a turnover of 3 billion dollars that year!
2. Understand the competition
Before finalizing a product or a service, check the competition. Beware of picking up a product and service that share the most competition, as it will then take years to make a mark.
Choose a niche with low competition and high demand for success.
3. Choose a niche
After analysing the competition and getting an idea, choose the niche.
Choose blue ocean, i.e., identify a niche, analyze the competition and provide what your competitors lack. A customer always picks a service that offers more.
Most successful business niche to choose in 2022:
- Content writing firm
- Ad or copywriting firm
- App development business
4. Do Administrative work
Check out the process for registering your business after choosing a niche and product/services. Analyze the parameters to start a business in the UK, whether you want to be a sole proprietorship or partnership. Follow guidelines to prevent any security threats.
5. Re-align your failures
Despite cracking the need, investing in a potential idea, and leaving no stone unturned, you might encounter a fierce jerk of failure. What you need to do is-
DON’T LET FAILURE HAMPER YOUR PROGRESS.
Well, yes, it is easier said than done. Failure can affect your productivity to a major level.
Always remember why you started in the first place and what else you can do to achieve it. Have a million ideas in stock to meet failure. Be prepared with plan B.
Here is how!
- Having exhausted maximum funds and limited credibility, will you qualify for quick loans in Ireland with no guarantor?
- Analyze the analytics and strategies – identify potential measures that led to failure
- Refine the strategy and include a potential result-oriented idea
- Test your idea
It is a popular belief -“No brilliant company succeeds with the same idea it stepped into the race. Innovation is the key.”
INNOVATE-TRIAL AND ERROR- SUCCESS – That’s how it goes!
6. Attract Customers with a fresh Strategy
Even if you failed in the past to engage customers for your brand, you could re-start the gear by revising your business policies to meet the current needs of your customer.
Customer behaviour is viable to shift. Therefore, as mentioned above, you need a Plan B to attend to customers’ needs immediately.
- Identify what your customer is searching for online
- What are his/her current needs?
- How can you revise your product and service strategy accordingly?
- How to appear before your customers that convert?
- Where your competitor lacks, and you win?
Identifying and having answers to these questions will surely help attract double customers and eventually hit a whopping sales number.
It is all about stepping into the shoes of your customers and understanding their pain, desire, or a problem to which you have a solution.
7. Revise your business plan
A Business plan is a route-map to take many initiatives as an owner. Thus, create a business plan before you start a business and redefine it by changing customer behaviours.
How to create a business plan?
- Start with an executive summary- what is your business about and why it will be a success, including mission statement, vision, employees’ number, location and financial plans.
- Company description – advantages, targeted customers, strengths, experts in the company
- Market analysis- state the current trends in your industry. How do your services improve current market potential?
- Services/ products- what are you offering
- Marketing and sales: which factors will promote sales?
- Funding – outline the funding requirements for the next 5 years
The business plan guidelines might differ a bit from country to country, but the goal is the same- position your brand as a driving force.
8. Align marketing strategy with company’s mission
Always remember! Marketing strategy and your brand define your company’s values. Thus, before drafting a marketing strategy, know your goals-short-term and long-term. Split your marketing strategy accordingly to achieve short-term goals.
- Marketing tools you will need
- Where are your customers found?
- Choose the social media platform
- Draft and implement your strategy
- Engage and make sales
Too many individuals get stuck in the mid-research phase. While the ways highlighted above are some of the tested ways to start a business, never refrain from introducing a creativity factor.
Don’t crave perfection. Strive for it!
Do research, create a plan, and start a million-dollar business without being an expert!