2024 business techniques,trends and how you can jump on the bandwagon

Keeping up with the ever-changing economy and business world is a full-time job in itself. Even if you’re not a business major, business is just a life skill at this point.

Sillvina LeRoux, a business professor at Saddleback, talked about marketing. When asked if she thought that the “you need to spend money to make money” philosophy was still accurate, she said she didn’t think so, explaining that these days we have so many free ways to gain publicity. 

Scott Fredrickson, another one of Saddleback’s business professors, recommends starting out small or focusing on a smaller aspect of a large idea. In other words, your business venture should be attainable. 

He also pointed out that you need to be willing to put in the work. This may seem like common sense, but with so many get-rich-quick ideas out there, people begin to think entrepreneurship consists of lying around and watching your bank account skyrocket. 

If this is the route you want to take, Michelle Weckerly, also a saddleback business professor, said getting familiar with the field you want to start your own business in is crucial. 

Someone may know the basics of a field. For example, we all understand the concept of hiring a house cleaner. However, you’ll likely have the most success if you work for a cleaning company first. 

Whether you want to start a business that offers a service or a product, researching the market is necessary. When researching the market, you want to look for two main things. If the service or product sells well and if it is being offered by an abundance of big-name companies.

When doing research on your own market you have two options, conducting your own market research or looking at someone else’s. 

“Direct research can be time consuming and expensive. Use it to answer questions about your specific business or customers, like reactions to your logo,” said the U.S. Small Business Association in its article “Market Research and competitive analysis.” 

Though often existing statistical sources won’t be as specific compared to doing your own, there are an abundance of free and reliable sites. With so many, you can get a good overview of the market.

One challenge is if you take a product that is too popular you’re going to compete with businesses like Amazon and Target. Especially with online businesses you want to look for a product small enough that a big-name brand doesn’t make the effort to carry it but popular or unique enough to sell. 

Another key element is planning and organization. So many great ideas fall flat because money ran out right before they took off, Frederick said. In order to avoid this people need to know how to budget. 

Fredrickson also pointed out that the first business venture isn’t always a success financially. However, an unsuccessful business lays the foundation for a successful one, as it shows you what to avoid next time and gives you experience.

Business is a challenge, but these past few years it’s become practically a life skill. With adequate research, success is just around the corner for entrepreneurs.