6 things you need to know when starting a business. No 11
April 4, 2021 Published by Thomas Cullen
1. Focus on what is the problem, pain, or need your target market have.
Unless others have a pain, need or problem there is no business to be done. The greater the pain, need or problem the higher the price you can charge. A great example is Google ask yourself what was the problem, pain or need they identified that people have. This then determined their vision i.e. why they exist.
The Goggles Vision: To create the world’s perfect search engine.
The list of possible issues can be:
It is then up to you to find the best solution; this defines what you do i.e your mission statement
The Googles Mission: To organize the world’s information and make it universally accessible and useful.
2. Now start writing your business plan.
Use your business plan to plan strategically i.e. where has the business come from, where is it now and where is it going in the future e.g. where is it planned to be, say in 3 years’ time.
You have to be clear as to what the business is, does and how it will do what it plans to do.
Examples spell out:
- Will you be B2C (Business direct to consumer) or B2B (Business to business)
- Are you providing goods? services or both.
- What is the profile of your customer?
- Where would they find you?
- What is the price range?
- How do you intend marketing and selling?
The business plan verbally and numerically maps out what that business is.
3. Are your financial projections?
Every business requires finance to start is the launch fuel, too much is just as bad as too little, its about getting the balance right but always build in a percentage buffer for the unexpected. This is one of the critical reasons for business failure insufficient capital when it is needed and for the right reasons.
Always remember to allow for your own personal income and expenditure. You can not and should not put everything you have into a business, too many people were left destitute after a business failure. Always know what the amount is you need to personally survive on and never use these resources for the business. This is especially so over the conception and start-up stage. Once you can demonstrate market traction it may then be the time to gamble a little bit more and dig into your survival money over a short period of time.
4. You must be focused on brand building from get go.
You are well advised to invest time and money in getting your branding right from day one, as to catch up latter can be awfully expensive and confusing for your customers.
The agenda is always (Branding is a means to tell your story, marketing is story telling)
- Build the hard aspects of the brand, name, logo, trademark.
- Create the correct visual and aesthetic touch and feel
- Create brand equity that your customers will value
Your branding should capture your value proposition, so it instantly understood and instantly recognizable for what it is and what it represents.
When you get this right invest in protecting your brand through e.g. Copyright and Trademarking.
5. It is critically important that you network whether this be online or in person.
Promote your products of service to your customers using traditional marketing means where they still have value bur you must focus on Digital Marketing.
Remember always tell the customer what they want to hear NOT what you have to say.
Mix practical and emotional content and use video/ images as far as you can to catch the eye of the prospective customer. Then convince them to use your solution above all others.
The best form of marketing is “word of mouth” and that is now primarily social media.
Positive reviews and recommendations are priceless to you and cost little to acquire except a little effort on your behalf.
6. Just go MAD (Make A Difference) and start
“Some people spend really long doing a business plan and choosing a name and they don’t get started, and then they get upset if someone else comes along and does it. Just start. There are things that you can perfect later. All you need to do is think about is your sale structure, and how you’re going to take payments and all the basics that come with that.
Thomas Cullen Founder and C.E.O, Ireland, and U.K.
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Copyright March 2021
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