5 Tips for Starting a Business

Coming to the end of the process, we at EZ-Box realize much more than we did at the beginning of the process. To help out future entrepreneurs, here are 5 tips to starting your own business.

1) Create a business that will improve people's lives
Your business with have to be something that grabs people's attention. So make sure that people will actually want to buy your product or service, not a fad that's designed to break down or only appeal to a very small crowd.

2) Pick a catchy name
People need to remember your name. If people can't remember your name, then the business won't spread or will be completely forgotten, doomed to be confined to your garage or the corner of a decrepit strip mall. Pick a name that resonates with what your business is supplying so avoid names that might sound catchy and fun, but don't actually have anything to do with your business. Klunch might sound nice, but if your business is making pillows, the name doesn't fit.

3) Know your competition
It doesn't have to be a business that sells the same product as you. As long as there is a substitute for your product or service, there is competition. Once you know your competition, it's up to you to figure out ways to make your business better than the alternative. If people would rather choose something else than your product, then figure out a way to make your product more appealing.

4) Get feedback
No business is flawless. You make think that you have all your bases covered but chances are you don't and there are many flaws with your plan. It's hard to see these flaws from the perspective of the person who created the business, so pitch your idea to your friends, or better yet, a stranger and get their feedback.

5) Know your investors
Chances are that you don't have a couple hundred thousand or million dollars just lying around. Neither do I. So you're going to need to find someone who does. Find someone who could potentially be interested in your product, and once you do find out their likes and dislikes. Find out how you need to pitch to them. If your investor is all straight business then telling him a joke might not work, but giving him hard information about your business might. Vice versa, try lightening the mood if you think that your investor might like it. Do your research about them beforehand.