The three best ways to start a business
The three best ways to start a business depend on your goals, resources, and market, but here are broadly effective approaches based on proven strategies:
Solve a Specific Problem with a Minimum Viable Product (MVP)
Identify a clear pain point in a niche market through research or personal experience. Develop a simple, low-cost MVP to test your solution with real customers. Use feedback to refine the product before scaling. This lean approach minimizes risk and ensures market fit. For example, Dropbox started with a basic file-sharing prototype to validate demand.
Leverage Existing Networks and Platforms
Start by selling through established platforms like Amazon, Etsy, or social media marketplaces to tap into existing customer bases. Alternatively, use your personal or professional network to secure early clients or partners. This reduces initial marketing costs and builds traction. For instance, many service-based businesses (e.g., consulting or freelancing) grow through referrals before investing in a standalone brand.
Bootstrap with a Service-Based Model
Begin with a service-oriented business that requires low upfront investment, such as consulting, coaching, or freelance work. Use profits to fund a product-based or scalable venture. This approach generates cash flow quickly and lets you test ideas without heavy financial risk. Many tech startups, like Basecamp, initially offered consulting to fund development.
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