Saturday, March 5, 2011

Help With Deciding On A Service Or Product For Your New Company

By Briana Jake Woodward

Count how many products you can buy. Whether you are shopping on the high street or internet. Thousands, if not tens or hundreds of thousands of products and services must exist. In fact, forget that! Worldwide, there are thousands of products and services you can sell. So what on earth do you pick as a new company to sell? Starting with the basics, you need to choose whether you want to offer a product or service, and how do they differ.

Offer a service you are very good at

It should make sense really, shouldn't it? Talk about labour of love- provide something you love offering. This is why for example a cake maker might end up with several bakeries years down the line. Providing something you have passion for, you are more likely to offer a better service. On the other hand, providing a service you aren't sure about can be tricky. Granted you can employ experts in the field, it always looks better if you have a good knowledge of what you are offering.

Work 9-5 on your product or service

This comes from the voice of bitter experience! Don't get me wrong, running a business is hard work, but then so can be the rewards. However don't listen to those telling you you need to work 7 days a week to make a successful business. Something is very wrong if you are having to work that hard. Don't offer business web hosting, or provide game servers if you value your hair. You'll never be left alone. If you want to work happy, setup a 9-5 company where you work from an office.

Make a clear divide between work and home

Make sure your business runs from a shop or office. Whatever you do, don't believe the rumours that working from home is the best thing. Working from makes it incredible hard to motivate yourself, and you absolutely won't be able to separate work and home. Another thing to consider is that working from home, you'll have no premises to meet your clients. If you can't impress clients, your business will struggle.

Form a highly profitable company

Why else would you want to work? Pick a product or service that is going to make you good money. It is imperative you research products and services before you start offering them as a new company. Competitor analysis will tell you a great deal of useful information. What pricing will you have to compete on with competitors? Look at suppliers to gage the cost of providing your service. Before you go on the hard road of registering a company, you really must know the product or service you are selling, and be confident long term it will pay you dividends.

Enjoy running your company

You will be working 8 hours a day once you have found the best company formation agent to setup your new business. Also remember there is the time taken to travel to work. Think about it, you spend more time at work than you do anything else. So when setting up a company, it's vital you enjoy it. Choose a product or service you love. The more you enjoy your work, the better job you will do, and the more successful your new company.

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