Starting my Business
What can I do to make money? As a young entrepreneur, there are many ways to make money. Think of a problem, then find a solution. If it is hot outside and no drinks are around, then selling drinks may be a good business opportunity. Here are a few tips to review before you start your business:
1. You can create your product or service based on a need or a desire.
2. Conduct surveys (market research) in the locations you will be selling your product or service to determine if people would be interested in your product.
3. Based on the responses from the surveys, if it appears that your product is needed or wanted, begin creating your product/service. *Calculate your expenses (the amount of money it takes to make your product). Determine what your price will be for your product (based on similar products/services). Selling Price – Cost (Expenses) = Profit
4. *Always test your product or service and solicit feedback before you begin marketing your product to your target audience (the people you want to sell to).
5. Decide if you need to improve your product or service based on the feedback. If changes are made, repeat step 4 & 5. If no changes need to be made continue on to step 6.
6. *Begin marketing your product.
*More information regarding this process will be posted in future NewsBits