StartupTalky

Tag: small business plan

  • How to do Market Research for Your Startup?

    In 2021, the global revenue of the market research industry exceeded $76.4 billion, a growth of more than twofold since 2008. The annual growth of global market research revenue is 0.3%. It is great to have an idea that expects to capture the hearts and minds of consumers everywhere. Perhaps stumbling upon a service not offered by anyone else, hopefully, a service or product that is desperately needed might be the opportunity to start a successful business.

    However, before venturing into something, determine whether there is a need in the market for the product or service. Ascertain the needs and demands of the consumer by conducting market research and finding out if your business would be successful.

    Spending on Market Research Services Worldwide as of 2020
    Spending on Market Research Services Worldwide as of 2020

    Market research, a crucial step, is neglected by many business owners in product development. The sole reason to do so is to avoid any negative feedback regarding their business idea. Other entrepreneurs skip this process because they foresee it to be too expensive and time-consuming. However, you shouldn’t skip market research as it is an integral part of starting a business. To make it easier for all the entrepreneurs out there, here is a list of processes for doing market research.

    Market Research Methods
    Secondary Research
    4 Questions to Ask For
    How to Compare Data Collected?
    How to Spend Your Money on Market Research?

    Market Research Methods

    In Primary research, we gather information directly from the source i.e. the potential customers. Secondary research is the gathering of statistics regarding things related to the business or reports, studies and other data from organizations such as government agencies, trade associations and the local chamber of commerce.

    Secondary Research

    The vast majority of research that is conducted is secondary research and the best way to look for that would be the following.

    • A local library or the Internet
    • Reference libraries at public disposal or university libraries
    • Industry trade Associations
    • New magazines and newsletters
    • Government Guidance
    • Maps
    • Community Organizations

    Apart from this, an in-depth understanding is required of what’s essential to any business plan along with appropriate points for the venture to ensure the success of the startup.

    Market research aims to understand the reasons how and why consumers will buy a given product. It studies such things as consumer behaviour and consumer’s decision-making process, including how cultural, societal and personal factors influence that behaviour while buying a product.

    4 Questions to Ask For

    Questions to Ask For While Conducting Market Research
    Questions to Ask For While Conducting Market Research

    The basic questions we would try to answer while conducting market research are:

    1. Who are the customers of the business?
    2. What do they generally prefer?
    3. Why do they prefer a certain product instead of the new product or services being offered?
    4. What will make them consider the product being offered?

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    How to Compare Data Collected?

    Try to search for the closest match to the business for comparative analysis and consider these points:

    1. Companies of relative size and budget
    2. Companies serving the same geographic area as the proposed startup, which could be global if it’s a web-based business
    3. Compare with the companies with a similar ownership structure. If your business has two partners, look for businesses run and managed by a couple of partners rather than an advisory board.
    4. Companies which are relatively new and have started functioning recently because long-standing businesses are successful because of their 25-year business history and reputation.

    How to Spend Your Money on Market Research?

    Follow these steps to know how to spend your money on market research wisely:

    1. Determine what is required in the target market before starting up. The more focused the research, the more valuable it will be for the business.
    2. Prioritize the results carefully and closely for accurate data. It is obvious, you can’t research everything, so concentrate on the information that will give the best or quickest outcome for the business or startup.
    3. Review less-expensive research alternatives to save money. Small Business Development Centers and the Small Business Administration can help develop customer surveys in a better way. The trade association will have good secondary research and try to be creative as well as innovative.
    4. Estimate the cost of performing the research yourself to ensure accuracy and prevent overspending. Keep in mind that, while using the internet, spending a lot of money would not be necessary. Don’t pay for what you don’t need at all in the business.

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    Conclusion

    You need to consider your target audience and figure out your marketing platforms. Also, you should be aware of the latest trends and updates in your industry. Keeping these points in mind will ensure thorough market research for starting a successful business. Share this post with your friends and drop comments.

    FAQs

    How to Do Market Research for a Startup?

    1. Look at the Entire Industry and Potential Market.
    2. Analyze the Market Audience.
    3. Gain Insight into Top Companies’ Product and Digital Marketing Strategies and Tactics.

    What are the market research tools for startups?

    Tools of market research:

    • Semrush
    • ContentMine
    • KNIME Analytics Platform
    • Pickfu
    • Survata
    • Facebook Audience Insights

    What are the steps to do market research?

    The 5-Step Marketing Research Process:

    1. Define the Problem or Opportunity
    2. Develop Your Marketing Research Plan
    3. Collect Relevant Data and Information
    4. Analyze Data and Report Findings
    5. Put Your Research into Action

  • Top 10 Small Business Ideas for Villages and Rural Areas in 2022

    A village can be a hub of opportunities for an entrepreneur. There are fewer people and more problems to be solved. If you’re settled in a village or got some money to invest, what better way to provide value than to start your own business? These ideas require relatively less investment and can be a great way to start earning locally. The initiative by the government, Atmanirbhar Bharat has only boosted the startup opportunities in rural areas.

    Startups based on local problems and businesses usually do well in villages as they’re trusted by the locals. That being said, here are 10 small business ideas for villages that you can start right now:

    1. Kirana/Retail Store
    2. Rice/Wheat Mill
    3. Organic food supplier
    4. Oil Mill
    5. Arts and Crafts Store
    6. Meat Shop and Poultry
    7. Handmade Soaps and Candles
    8. Tutoring
    9. Internet Cafe
    10. E-commerce Store
    FAQ

    1. Kirana/Retail Store

    Minimum Investment required for Kirana Store – Rs.5 lakhs – Rs.15 lakhs

    Kirana/Retail Store
    Kirana/Retail Store

    Most people in a village have to make a trip to the city just to get essential supplies. This means that a journey has to be made simply to get what is needed for daily life. Even within the village the shops are mostly sparse and spread apart. Starting a Kirana store with essentials can be a well worth investment as people always prefer buying locally.

    For getting essentials like dairy, everyday items, and groceries, it’s considered a blessing to have a good reliable retail store in the neighbourhood. Since you live there yourself, people are more likely to trust your business and buy your products.

    Keep a standard for quality, inventory and supply chain. This will ensure that you get a steady flow of customers for years. A grocery shop can also be a storefront for many other businesses. Mobile recharge, DTH recharge, household items, etc. can be presented as well. This covid crisis proved that how Kirana stores can be a great investment, as when all the stores were shut retail stores were in great demand.

    2. Rice/Wheat Mill

    Minimum Investment required for Rice/Wheat Mill – Rs.10 Lakhs

    Villages are almost certain to have rice plantations. Farmers normally depend on rice mills in the city to process their produce and this can get tedious over time. They have to pay for transportation and labour. Would you rather go to the city or prefer to get the job done in your village? Starting a rice mill business isn’t too much of an investment.

    With the price for machines reducing, you just need a place to set it up and you’re good. Having a rice mill would enable villages to process their product from the village itself. By starting this business you’ll be doing the farmers a favour as well. A trustable mill to get the grains processed will always be welcomed by the people.

    3. Organic Food Store

    Minimum Investment required for Organic Food Store – Rs.10 Lakhs

    If you’ve got the time or hobby to take care of plants then starting an organic food business might be the easiest and profitable business to start in your village. Fresh products are always high on value and in demand. Some people unknowingly grow enough organic vegetables in homes to start a small business. It doesn’t necessarily have to be a farm or large-scale produce.

    Retail shops in cities nowadays have a separate section for organic produce. This is also one of those businesses that require the least investment. If you have some area to plant and time to look after the crops then it’s just a little effort to turn it into a successful business.

    4. Oil Mill

    Minimum Investment required for Oil Mill – Rs.5 lakhs

    Oil is essential to almost any cooking project. The prices are also rising ever so slightly without you knowing it. Some people would prefer to get natural oil with their own supplies. In villages, it’s common for farmlands to have a considerable amount of coconut trees. Peanut, sunflower, and palm oils are products that people desire.

    Starting an oil mill in a village enables its residence to convert products like coconuts into oils. These would normally be discarded and required oils would be bought. This means people wouldn’t have to travel to the city and they have access to it within the village itself. This does require you to buy the machines necessary but it’s sure to be generating revenue soon as you start.

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    5. Arts and Crafts Store

    Minimum Investment required for Arts and Crafts Store – Rs.10 lakhs

    This is certainly one of the more interesting and low investment business ideas on the list. If you’re talented in art or know someone that is, starting an arts and crafts store could be a great idea. Tourists often visit villages and are willing to pay to get well-crafted memorabilia locally.

    It could be pretty pottery, handmade toys, fans, or even handmade jewellery. Although it requires some talent, to begin with, it’s going to run smoothly as long as the place has visitors. Businesses like gift shops, tourist homes, and art stores are usually season-dependent. More people during the holidays will mean more sales. This is something to keep in mind while starting a business of this sort in rural areas.

    6. Meat Shop and Poultry

    Minimum Investment required for Meat Shop – Rs.5 lakhs – Rs.10 lakhs

    In a survey, it was found that 98% of people prefer to buy essential products from a local store. This applies to meat shops as well. Being a mandatory part of the diet, people are meant to make this purchase. Nowadays shops like these sell all sorts of dairy products too. This can be a good business for anyone who sets it up in a rural area.

    Butchers can be hired and poultry can be purchased from a farm. All it needs is good management and strict standards of quality. Once the sales start bumping up, you also have the choice to supply to nearby hotels and restaurants which can add to your source of income.

    7. Handmade Soaps and Candles

    Minimum Investment required for Handmade Soaps and Candles – Rs.1 Lakh

    Another relatively easy-to-start small business is selling handmade soaps and candles. The craft requires no acquired skill and can be learned by another with time. People can be hired to work and eventually, your brand of handmade soaps can become a reality.

    The same goes for candle-making. Handmade candles that are aromatic and cheap can sell fast. You can distribute your product with your own store or through other retailers within the area. Depending on how you perform, this is a scalable business.

    8. Tutoring

    Minimum Investment required for Tutoring – 0.5 – Rs.1 Lakh

    Tutoring
    Tutoring

    If you’re qualified to teach or can hire teachers then starting a tutoring service in a small village is a great business idea. Schools in the area mean students who can use help with their studies. Math and Science are popular subjects for tutoring since students find it relatively difficult. With good intentions and a patient mindset, you can help out many children of all ages.

    Like all businesses, if your services through an educational institute are good, it doesn’t take long before the place is crowded with students through word of mouth. Every year more students are in need and this means the business can sustain itself as long as you pay your bills.

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    9. Internet Cafe

    Minimum Investment required for Internet Cafe – Rs.10 lakhs – Rs.15 lakhs

    Indian Villages are being transformed every day yet some places still lack basic internet connectivity. In a world where everything from booking tickets to paying taxes is done online, internet access is a must. If the village lacks this basic access then starting an internet cafe can be very profitable.

    Cheap hourly prices along with photocopy and scanning will satisfy most needs of the people. In a village without this facility, they would have to travel to the city. This business does require some initial investment for the internet and computers but it will likely be a successful one.

    10. E-commerce Store

    Minimum Investment required for E-commerce Store – Rs.15 lakhs

    E-commerce Store
    E-commerce Store

    No matter where you are if you’ve got a product or an idea the internet grants you a way to turn it into a business. The best part about this business route is the vast array of possibilities. It could be anything from a traditional clothing store to something different like earthen pottery. Technology makes it so easy to start up your online store in minutes.

    If you’re new to e-commerce some of these platforms have guides to help you learn the ropes. You could have a store that sells a single unique product or multiple products. These products once online can be bought by anyone in the world if you choose. CMS software makes this process a lot easier. If you’ve already got a successful physical store in the village, getting an online storefront can breathe new life into your business and bring in more revenue. Customers will appreciate the convenience and take advantage of this facility faster than you realize.

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    FAQ

    Which business is most profitable in a village?

    Poultry Farming, Milk centre, Flour Mills, and Drinking-Water Supply are some of the most profitable small business ideas in a village.

    What are the most successful small businesses?

    Cleaning, Social Media Management, Gardening, and Web Design are some of the most successful small businesses.

    What business can I start in the village?

    Milk Centre, Kirana Store, Electronics, Mobile and Accessories Store, Fertilizers & Seeds Storage Store, and Clothing Store are some of the businesses you can start in a village.

  • Top 10 Best Business Ideas for Teens and Young Entrepreneurs

    Today, the world is moving at a faster pace. Work-life has become an integral part of everyone’s life. Now, work and money come on top of the list of most millennials and Gen Z. With this mindset, the competition is increasing in every field. This requires a child to start preparing for this competition right from the teenage years.

    Nowadays, teenagers are super keen on the thought of becoming independent at an early age. The idea of being a young entrepreneur crosses the mind of almost every teenager now. Teenagers are willing to experiment in different fields to make a business out of it. Online tutoring, social media influencers, selling handmade and personalized goods, baking, home-cooked meals are some of the ideas that pay well as a business for teenagers. So, if you are a teenager and you want to earn some extra money, start right now.

    Lets look at business ideas that you can execute as a teenager.

    Online Tutoring
    Website Creation
    Digital Marketing
    Social Media Influencer
    Making and Selling Handmade/Personalized Goods
    Cooking and Baking
    Graphic Designing
    Fashion Designing
    Freelance Writing
    Photography
    FAQs

    Pandemic and the Idea of Business Among Teenagers

    Businesses have always been there. People usually follow the regular pattern of going to school, college, getting a job, saving money, and then starting a business. However, during the pandemic, the students had more time to think which paved the way towards starting a small business.

    Digitalization helped teenagers to get equipped with all the information and skills that they need to start a business. So, the pandemic also played a big role in boosting the idea of small businesses by teenagers.

    1. Online Tutoring:

    Online Tutoring

    During the pandemic, everything shifted to the online mode. One of the biggest transitions was for the children as their whole classroom got reduced to a screen. This change made the concept of e-learning even more popular than before. As a teenager, you can become an online tutor in any field that you know you are good at. You need to know your requirements and target audience.

    If you want this business to work, always remember to be professional and keep your course pattern and model effective. You can market your service among the near and dear ones or can also register on online tutoring websites.

    2. Website Creation:

    Website Creation

    Websites are not just the pages appearing on our screens. They hold a great amount of earning potential in them. As a teenager, you can learn to create your website with the help of online courses or even YouTube. Once you create your website, you can do affiliate marketing by writing blogs. You don’t need any technical skills to do it. All you need is a great passion to start your own business and start earning.

    3. Digital Marketing:

    Digital Marketing

    The term Digital Marketing is now used in every business. You can learn digital marketing from online courses. When you search for digital marketing courses, you will find a variety of paid and free courses. You can start with free courses to learn and grab interest in the field. All you got to do is practice and get yourself familiar with SEO, SEM, Ads, Google analytics. The best thing is that you can learn this at home and even start earning right from the comfort of home.

    4. Social Media Influencer:

    Social Media Marketing

    If you are someone who loves to be in front of a camera, then this is perfect for you. There is no doubt in the fact that social media influencers are gaining popularity and are no less than a celebrity. Influencer marketing involves the marketing of products and services through influencers who have built an audience over social media.

    The first step for you is to determine your niche and, create your profile accordingly. Then you have to know your audience and create meaningful and consistent content for them. Consistency not only helps to retain the followers but also attracts new ones. You need to know related to social media, ads, analytics, digital marketing to excel in this field. This is a lucrative business option for teenagers as they get to be their bosses.

    5. Making and Selling Handmade/Personalized Goods:

    Making and Selling Handmade/Personalized Goods

    This idea is great for teenagers as it enables them to explore their creative side and make an earning out of it. Handmade and personalized goods never go out of style. You can make customized jewellery with beads, clay, or resin. If you are good at painting, you can make portraits or other art and sell it online. Personalized gifts like photo frames, handwritten letters can be sold. You can even make organic soaps at home and sell them online. In this way, you can start your own small business from home and start earning.

    6. Cooking and Baking:

    Cooking and Baking

    Home-cooked meals are always in demand. If you love to cook or bake, you can make an Instagram page for it and start taking orders. You can cook proper meals, bake cakes and even make chocolates at home and sell them.

    7. Graphic Designing:

    Graphic Designing

    If you have some design skills, you can sharpen them up and start earning. As a teenager, you can design posters, logos, ads, online graphics and sell them to customers. You can sign up on Fiverr, Freelancer.com as a seller and start looking for clients. This is a great business option for teenagers as they can earn while being creative.

    8. Fashion Designing:

    Fashion Designing

    This is a lucrative business idea for the ones who love fashion and design. If you know how to stitch, you can make customized clothes and sell them online. If you don’t know how to stitch, you can hire someone to stitch for you, while you design the garments. As teenagers, you can set up a website or build an Instagram page to sell your product.

    9. Freelance Writing:

    Freelance Writing
    Freelance Writing

    If you are someone who enjoys writing, this idea is a blessing for you. Since you are a teenager, you must be already writing your papers for school or college. So, it is a good idea to take up some commissioned projects on the side to make some money. You can sign up on marketplaces like Fiverr, UpWork and start looking for writing gigs.

    10. Photography:

    Photography

    Photography is a creative business idea for the ones who love to capture moments. As a teenager, you don’t have to take up any professional course. You can learn the basic techniques of capturing and editing online. You can take projects like clicking pictures for a birthday party, personal photoshoot, and more in your free time.

    Conclusion

    Teenagers, nowadays dream of being young entrepreneurs. They want to earn but also take their passion along with it. So, it is always a good idea to start a business at a young age. Starting a business early not only helps to earn money but also equips the youngsters with adequate skills that come in handy in their life.

    FAQs

    Can under 18 year old start a business?

    People under age 18 cannot form legal business entities, and their parents should do so on their behalf.

    What do teens sell online?

    You can sell clothing, electronics, antiques, toys, cookware, collectibles, sporting goods, art, and just about anything else imaginable.

    What is the easiest company to start?

    The easiest business to start is a service business, especially for a beginner. A service business is any kind of business where you sell services. In other words, you sell your skill, labor or expertise — instead of products or goods.