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Times are tough for many people, but that doesn’t mean that you can’t build a business. It means that now is the best time to start building your empire because there’s nothing else going on in the world! Let us look at how to build your own company from scratch and what lessons you will learn along the way.

How to Build a Business in Times of Hardship:

1) Identify the problems that people are having

Start with your own personal experiences; what inconveniences have you personally had to deal with? Then, think about other potential customers who might be experiencing those same issues. If you haven’t experienced them yourself but know of others who experience them every day, then you could still target them.

2) List the problems that you can solve

Once you’ve identified a few different types of customers, it’s time to start listing out all of the problems they’re facing. What are their needs? How will your business service those needs and provide more value than what’s currently being offered by competitors? In this example, maybe some people need laundry done on the weekends when they’re out of town so that their clothes are clean when they return, some people need an extra set of eyes to help them sort through the laundry pile before it has time to go stale in the drawer or machine, and others don’t have enough room for a full-sized washer/dryer at home but still want freshly cleaned clothes.

3)Look at the Big Picture: What does your business NEED?

What type of platform will you need to provide the service people want and make a profit doing it? What kind of tangible supplies, intangible services, or white label products do you need access to as part of creating this venture from scratch? You also have to think about how much money is required upfront. Do you need to hire employees, purchase a storefront space, or have additional equipment? Do you have enough money saved up for yourself and your family in the event of a financial emergency if this business doesn’t succeed right away?

4)Don’t Compromise on Quality: The “Minimum Viable Product” is NOT your Target

Remember that the MVP isn’t necessarily what you want to deliver; it’s just something that will allow people to feel whether or not they like and would use your product. For example, if we take our laundry business idea again, maybe some customers are okay with doing their laundry. Still, they want to use your service as a backup if the machine breaks down or there’s an unexpected dinner party.