How to Start Your Own Business to End Unemployment

Starting your own business when you're unemployed may seem for some like a leap of madness into a black abyss. But for others it proves to be the best way to find work when work seems nowhere to be found.


Launching your own small business is as much a career choice as is working as an employee for someone. But the rewards of gaining self-directed experience, building confidence as a savvy business operator, exploiting entrepreneurial networks and ultimately achieving profitability produce a very different kind of lifestyle than the one an employee lives.


In starting your own business to end your state of unemployment, you're doing more than just jumping into a passion that you've been harboring in order to make money from it.


Rather, you're initiating an effort at trying to equalize an immediate imbalance that you've spotted in a specific community that you understand well. This community (i.e. market) could be anywhere, from your own neighborhood to an entire country. But the idea is that you must know it so well that you'll be able to identify some people in it who want something that someone else might be able to satisfy for them, so long as you were the one who could quickly bring the two to agreement by way of a product or service of your own.


Consider a basic example. Let's say it's summer time and you know that drivers are sitting idle off the highway ramp during rush hour and are returning home tired and hungry AND you also know that a local market a few blocks from there is having a sale on bottled water and iced tea. You've found an imbalance in this small market niche. You can rush to the store, buy the cheap bottled drinks and sell them to the thirsty drivers for a profit. That's the basic idea of eliminating a market imbalance that you can profit from.


You must know that you can quickly benefit financially from eliminating this discrepancy in that specific market. In doing so, you demonstrate both your dexterity at being entrepreneurial and your ability to cover your own expenses fast. In short, by starting your own business you'll be working. You'll be doing something valuable. This instantly ends your unemployment.


Fast, however, is a relative term. How quickly you can get to a point where you're producing as much or more than you could as an employee depends on many factors, such as the type of venture that you initiate, the amount of capital (cash, skills, connections) that you have at your disposal when you launch your operation and while you're progressing with it, plus how well you've read the market's demand for what you propose to deliver to it.


In some cases, as in a seasonal business, you can be in operation practically overnight, making decent cash the very first day. In other cases, if you want a more long-lasting operation, you may require a longer maturation period before you see a return on your investment. But in either case, your lifestyle and the rewards from it will indicate an end to your unemployment, because you will be busy working on your own business.

1. Select a specific market where you have particular insight, based on your personal strengths in knowledge, skills, temperament and interests.
2. Investigate this chosen market and identify a narrow segment in it – a niche – where you can fit as the go-to person for your expertise on a subject matter of great interest to members of this niche.
3. Uncover a very specific want that members of this niche have expressed as critical for their satisfaction.
4. Ensure that those who have expressed this particular want have a) the means to pay to have it satisfied and b) are desperate to have it satisfied.
5. Identify who is trying to fulfill this narrow want in those who can pay and are desperate to have their want fulfilled.
6. Compare yourself to those who are already attempting to satisfy this expressed market want and identify what makes you uniquely distinct from them.
7. Create a unique selling proposition that will introduce you and your offers as being superior to those from anyone else wanting to meet this market want in the niche that you've selected.
8. Reach out to a group of niche members and test your unique proposition to determine how well they respond to your offer. Fine-tune your proposal as needed until their feedback expresses great excitement for what you have to say to them.
9. Identify a source that can provide you with a product or service that, if you present to your target niche members in accordance to your unique selling proposition, you will be able to sell to them for more than the cost of buying that product or service from the source.
10. Launch a campaign to reach your target niche with your tested proposal and prepare to fulfil their orders for the product or service that you've negotiated to buy from the source.

http://www.wikihow.com/Start-Your-Own-Business-to-End-Unemployment

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