Would you agree that the interest in entrepreneurship feels like it’s currently at its peak? With the events of 2020 still affecting our lives, people aspire to choose how they work and when they work; however, uncertainties about the future are inevitable with any new business.
We know all too well that starting a business is hard; growing and sustaining it is even more challenging. Your weekly operation involves understanding and engaging in multiple responsibilities at once. In one week, you are responsible for finance, sales and marketing, employees, human resources, customer management, any legal implications, and so much more.
So, before you take your idea and turn it into a fully-fledged business. Read our tips below.
Decide if you are really ready.
Like we said, starting a business is hard. A lot of time has to be put into planning, mapping, researching and executing your idea – so before you do that ask yourself – are you ready? Proper planning with the right strategy will make any business succeed even in 2021.
Are you excited about your idea?
Do you have a business plan?
Are you able to take on financial risks?
Do you understand the risk of failure?
Are you ready to roll up your sleeves?
Chat with your prospective customers
In a competitive market, the most important thing you can do is speak to your prospective customers. Ask them what they are trying to do, what their problems are and how their current solutions address or don’t address those problems.
You need to know your business inside and out.
It’s a bustling marketplace right now; you need to be able to sell your business product or service, its position and purpose to customers, investors, and possible partners authentically. Use design thinking;
Design thinking is a development process that helps teams understand their consumers’ needs, pains and intrinsic motivations. The process forces you to challenge assumptions, reframe issues, and find unique solutions for your buyers.
Find a solution to a current problem.
Ask yourself: Does your product or service provide a practical solution for your customers, and do they even need it?
One way to place your idea is to think of how your business will solve an existing problem and fill a current gap. Unfortunately, many startup businesses out there are fighting to sell their products, and the reason is that they are not presenting a solution to a current problem.
Have you planned for success?
What happens when your business takes off? It might seem strange, but many don’t consider this. If your business starts to boom, are you ready? Do you how you will continue to meet customer demands? What infrastructure do you need? Don’t focus on the short-term outcome of your work. Look to the long term.
Answer these questions:
The basic questions you should try to answer with your market research include:
Who are your customers?
What do they buy now?
Why do they buy?
What will make them buy from you?
Really understand the importance of Social Media
With over 3 billion active users worldwide, social media proves to be the best platform to grow your business. Ignoring it can become fatal. It’s quick and cheap to digitally connect and interact with your target market 24/7, which allows you to create a loyal community for your brand.
- Build your brand as people and not just a business.
- Take social media as more than just a status update.
- Establish expertise and thought leadership with original content.
- Jump into trending topics that are relevant to your business.
- Explore video marketing.
- Experiment with new content formats.