The question is a little vague but I think it s a great idea for someone so young to get their feet wet in business.I would concentrate on the idea of business itself right now instead of just the product line.Since you are in no hurry as you don t have to pay bills, take this golden opportunity to do it right. Take your time. Use your product as a guide to understanding more about the business.In the end, really, the product is only going to be ten percent of the overall plan. Seventy percent is going to be marketing. The rest is tooling up and keeping your books straight so that it all comes together neatly.Believe me, I m following my own advice here now. When I started, and this is my second run, I was swamped in bills and living hand to mouth. Somehow I got lucky and made it through my first quarter. Only about ten percent of small businesses make it past this point. Then I made it through a year, then another and another. This was by the grace of god. Now I am reinventing the business and have the time to follow my advice. You have this oppurtunity now. So go slow, learn your lessons and build the business on a solid foundation.Here s a tip; Don t ask your customers what they need, tell them what they need.
Sunday, May 15, 2011
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