How to make your business idea viable
Posted: Tue Jan 07, 2025 4:39 am
You probably won't make a profit in the first year of operating your business.
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One of the main problems faced by entrepreneurs is the difficulty in obtaining financing for their project. If this is your case, cut some expenses and get it going, advises UPC expert Miguel Esparta.
For example, you don't need to invest in specialists to draw up a plan for your business. "Look for the 'Business model canvas' on the Internet, which is a pakistan number screening business model aimed at micro-enterprises," he explains.
To get to know your potential buyers, Esparta recommends holding a focus group. Using surveys can also help, he notes.
And if you don't have your own premises, you can use your home as an office or a workshop. Adapt them to the nature of your business. Another option that the specialist offers to save money is to turn your client into a kind of partner.
"If your business is textiles, then you can tell the customer to buy the fabric and you charge them for the labor," he suggests.
TAKE ADVANTAGE OF THE INTERNET Before, micro and small entrepreneurs were forced to make large investments to promote their product or service.
Today, this can be done through social media and at no cost, says the UPC professor. "With these tools, they will not only become known, but they will also learn what the interests of their target audience are and what things can be improved," he says.
If you decide to use social media as a means of communication, it is important that you respond promptly to consumer concerns or else they will turn to your competition.
Image
One of the main problems faced by entrepreneurs is the difficulty in obtaining financing for their project. If this is your case, cut some expenses and get it going, advises UPC expert Miguel Esparta.
For example, you don't need to invest in specialists to draw up a plan for your business. "Look for the 'Business model canvas' on the Internet, which is a pakistan number screening business model aimed at micro-enterprises," he explains.
To get to know your potential buyers, Esparta recommends holding a focus group. Using surveys can also help, he notes.
And if you don't have your own premises, you can use your home as an office or a workshop. Adapt them to the nature of your business. Another option that the specialist offers to save money is to turn your client into a kind of partner.
"If your business is textiles, then you can tell the customer to buy the fabric and you charge them for the labor," he suggests.
TAKE ADVANTAGE OF THE INTERNET Before, micro and small entrepreneurs were forced to make large investments to promote their product or service.
Today, this can be done through social media and at no cost, says the UPC professor. "With these tools, they will not only become known, but they will also learn what the interests of their target audience are and what things can be improved," he says.
If you decide to use social media as a means of communication, it is important that you respond promptly to consumer concerns or else they will turn to your competition.