Types of businesses

Hello friends, hope my Pooja’s Business Insights series has tickled the hidden business person inside you a bit ☺️ . So, lets continue without wasting any more time.

When you start out, you may feel overwhelmed by the abundant options that you see. Or, on the other side of the radar, you may feel short of options that can be explored, you may feel clueless about where to start.

If you are patient, you can over a period of time, try to create a niche product. It should be something that isn’t already easily available for people, and as I always say, it should add value to people’s lives.

Another option is to provide a product that may not be rare. Then why would people buy from you? You provide competitive prices! And your delivery should be good.

People are emotional and they need to trust you. Trust takes time to build. So, build trust. Provide/deliver the product such that they can have long lasting faith in you. A happy customer also gets in more customers ☺️ .

On a very high level, businesses can be divided on the following basis:

1. Drop-shipping

In this method, there is a third party supplier. When you get an order from a client, you pass the order to the supplier. Supplier then packs the product, and directly delivers to your customer. Simple, isn’t it ☺️ .

The major advantage of this method is that you don’t need to maintain an inventory. That way, it’s easier and cheaper to start with.

The disadvantage, you don’t have much control over the quality of the contents delivered. This can cause problems if defective contents are delivered to the customers. Profit margins are lesser.

2. Inventory based

Here, you maintain stock of the product with you, like a brick and mortar store. Technically, it requires some investment as you need space to maintain your product.

Advantage, you get to monitor the quality of the product, and better chances of keeping the customer happy.

Disadvantage, you need space. You need to maintain inventory. Also, you need to take care of delivering.

3. Made to order

If you are an artist, or into some niche business, you may make as per order. Suppose you create hand painted jewellery, then you can make when you get customer orders. However, you will need to have some samples for the customers to choose from. This process is slow, as you will produce after you receive order.

This model works when your clients really love your work, and are ready to wait.

Hope friends this was helpful. Next article will talk about some common business models used these days. Have a great day ☺️ .


Testing the waters before jumping in

Let’s suppose you got a business idea now, and next logical step may seem to go all into purchasing, manufacturing  ( if needed) etc. You would want to produce sufficiently large amount of your product to meet the needs of your perspective customers ☺️ .

Please hold the enthusiasm for a little bit more time! Many a times we are too sure about our product, but it may not be that exciting for others to buy! So, its always better to get some idea about how people are going to react to our product.

The easiest way for us is to get feedback/view from our friends and family. That’s not the right thing to do. People close to us don’t want to say negative, they mostly encourage us to go ahead, or dilly dally on their response.

Target your future clients. You can try out by selling small number of samples in some possible outlets. Analyse the response to that. You will get a lot to learn from this little feedback also.

Another popular approach these days is using social media. Before even putting in a single dime, try this out. Create a webpage highlighting your product, it’s uses to the customer and how it will improve their lives ☺️ . Put in everything. Then create a google Ad that redirects people to your product’s webpage. 

This is where you will get the real picture. Analyse the response to your page . If you get sufficient traffic , congrats you will be rich soon ☺️ . 

If not, which is bound to happen many times, then your product isn’t going to create much waves. 

So, you see, without actually spending any money on your product, you will get good idea about how people are going to respond to it .

I will get into the technical details about  product webpage creation and google Ad integration in another blog soon ☺️ .

Have a great day ☺️ .

What’s my business?

Some say it’s passion and some say it’s the demand. We generally get inclined to do what we are passionate about. That is what keeps coming to our minds most of the time.

If you are into software, you want to create something related, maybe a world changing App ☺️ . And if you are into art, you want to have something creative of your own. That’s all very cool and compelling !

There is another factor, which is the stark reality. And that is what  people need. People mostly buy what they need, would seldom purchase something just because it symbolizes your passion!

So, its a tricky choice, passion or market need. You basically need to keep thinking, experimenting, and finding what suits your need the most.

If you start pursuing passion related business, you draw a lot of satisfaction by doing what you like. Making money may be very difficult, but sometimes being resilient and undeterred may get you somewhere. To make good money, you need to fulfill some unmet need of people.

Start off like this, brainstorm for some good business ideas regularly and write them down. Then find out how feasible those ideas are, do they provide good value to people for them to buy, are they inline with your interest and values? Do this as often as you can.

Now try to figure out how can you create a niche product/service/business by using your unique qualities, knowledge or any other advantage that you may have. This is where your opportunity lies ☺️ .

You don’t need huge investment to start with. You can begin with little money, experiment,  see if  you are enjoying it, are people responding?

Friends, I end this blog here as its getting big ☺️ . You’ve got a lot to ponder over for now . Be on the lookout for the next bit ☺️ .

What’s Pooja’s business insights?

Hello friends, if you are an old reader of my blogs, you know well by now that writing/blogging is one of my passions, my creative playground maybe ☺️ .

Since I left the corporate world after becoming a full time mom, I stole the precious non-mothering times to start learning about business world. Through books, online courses and some real world experience.  A whole new world for me, as I belong to the chain of job going people for generations ☺️ . Left, right and centre, people going to jobs.

My motivation to get into this world, my kids need to be my primary time consumers ☺️ . And for that, I want to have some business, that I can run on my own terms and time constraints.

So, I believe its quite clear why we are here ☺️ . I will share my knowledge, my experiences of whatever I know. Because when you give, you get a whole lot more in return, satisfaction to say the least ☺️ .

Friends, come join me on this journey, lets grow together in this another dimension ☺️ .

Coming up in my next blog: How to figure out what business to start? Keep watching ☺️ .