5 Major Tips When Starting Your New Business
Starting a new business, whether large or small, can sometimes become more of a pain than an exciting adventure. So, to prevent poor outcomes, i have decided to focus on five areas that are IMPORTANT to success. Below you will find these five tips along with the best plan to take ACTION.
1 Create a simple business plan: Even though your new business might not be very large, or involve/have many people it is still important to know what you want and what your service/product is.
— Action: Write up a simple one-page business plan describing what you plan to offer, who your target audience is, how much your service/product will cost including any manufacturing, labor, etc. (It is not important to write down the manufacturing,at least have an approximate numbers), and how you will put it into execution and make it happen.
2 know/Determine your target customer: Time to determine who you will be approaching with your side business, to make sure that you are not wasting time by marketing to the wrong audience. Remember, time is money!
— Action: Review your business plan and think about exactly what it is you’re offering. Okay, so who will benefit? For example: if you decided you want to write blog articles as a new business, you have to narrow that down. What kind of topics can you cover? If you know nothing about… say, dog training, then you wouldn’t want to market to dog owners, right?
Consider where/what your expertise lies/is, and then write down who you want to write blog articles for. If you are an amazing photographer, then your plan of action should say something along the lines of, “I am going to write blog articles for Wildlife photographers.” Then you’ll know WHO to market to.
3 Pricing your service. This isn’t that easy as you think. Slapping down a price tag on something must have some serious thought behind it. One mistake is frequently made: not putting enough value behind your talent and time. You may think, just because you are starting out that you should charge next to nothing — wrong! Are you good at what you do? Are you great at what you do? Charge what you are worth,know your value, if you don’t who else will? You don’t want to look back after a month to find out you worked for much less than you had originally planned.
— Action: Whatever your service/product is, determine how long it takes. Regardless of if you are creating a product, writing blogs,delivering a service or just anything else, figure out how long something takes. Then, consider how talented you currently are in that niche market/business. If you are okay, then don’t charge what the pros may charge. But, if you’re the best of the best, charge what you are worth.
4 Landing your first customer. Unfortunately, it’s not as simple as coming up with a product or service and then expecting it to become viral or expecting people to flock on to you. In today’s world, there is more competition but there are more opportunities for getting YOUR name out there. Between local business and worldwide business, you can market anywhere if you want. Start small
— Action: Create a list of 25 to 50 potential clients/customers. Write down their contact, business, website, why they could use your service, etc. Then, one by one, start calling (or emailing)! The more you contact, the better chance you have at getting more customers. This is where many call it quits — but don’t give up. Once you get that first customer, you’ll be glad you kept going.
5 Increase your marketing. It’s no secret that social media has made a tremendous impact on business today. So, don’t put off in this department. Can your customers find you? Putting yourself out there will increase your chances for more leads, and ultimately more customers.
— Action: Create social media profiles dedicated to your business. Facebook is great for targeted ads. You can also join local (and non-local) groups to promote yourself. Instagram is a continuously-growing platform for businesses; more and more products are being purchase directly from Instagram accounts. Pinterest is also great to promote yourself on as you can link things back to your website. And yes don’t forget to set up a website — especially if you plan to continue your side business for quite some time.
The bottom line is, starting a business can be hard, but remembering to conquer these five areas can really help your business flourish and even become a huge success.
Don’t give up.
Never Give up.
Take Action, and Take Action Now