The life of an entrepreneur is not an easy one so having a thorough understanding of what you need and what to expect will equip you with the tools necessary to go in prepared. Before you decide to birth a business there are a number of key issues that must be tackled to maximise the chances for success.
- Ask yourself ‘Am I ready for this?’
Not everyone has what it takes to start a business and addressing your readiness for such an endeavour should be one of the first points of consideration. Starting this venture will demand the majority of your time and focus as well as numerous sacrifices but at the same time the experience will be invaluable. Some points to consider
- Is there a need for my service and would people pay for it?
- What are my business goals?
- Do I have sufficient capital?
- Am I deeply passionate about this venture?
Should you discover that you are not ready after all, don’t worry. Nothing is stopping you from undertaking the venture in the future once your position is more secure.
- Talk to a few prospective customers
Make sure you talk to at least 10 people who would be your prospective customers. Ask them if they experience the problem you are trying to resolve through your product or service, see how much pain they are in because of it. Would they pay for you to deliver a solution? If it’s not causing them pain, you will have a tough time selling.
- Write A Business Plan
So once you’ve decided you’re ready and are confident you meet a popular need, you’ll need to compose a business plan. A business plan is essentially a document of the goals of your business and what measures you will take to achieve them, together with costs to take the action required to run the business. A well thought out and detailed plan will not only act as a motivator and guide for the running of your business but also act as a means to invite potential investors. Some questions to consider for a small business include.
- What problem(s) does your product(s) solve and how does it solve it?
- Who are your ideal customers(s) and how will you market toward them?
- How will you make money (Business model)?
- What makes you different from the competition?
When writing a business plan aim to keep it simple.
- Get a website that makes your business look credible.
A strong digital presence is a must if you yearn to be successful. In the world of commerce today, people are more likely to make a purchase from a smart device than in person, as a result having a clean attractive website that embodies your strategy is key. You also must ensure your website works well on a mobile device as 45% of small business websites in Australia don’t work on an online platform. Determining a unique and memorable name of the business and securing the domain for your website should rank high on your list of priorities.
- Determine the costs and make a budget
If you don’t have a thorough understanding of the costs, then you’re flirting with the possibility of running out of cash very quickly. A budget will effectively help you determine how much everything will cost you and is an integral component of running a business. Again keep it simple.
- Compile a Marketing Plan
How will you market online? Here are some questions to consider.
- How will I build my brand and improve its awareness amongst prospective clients?
- Should you consider partnerships?
- Who are the people I know who can help me reach the customers I am seeking?
- How do I price my products?
- What discounts can I offer?
- What are the best digital marketing secrets that can help me grow virally?