You believe now is the right time to begin that entrepreneurship journey. Mr. A is making a lot of sales, Mrs. C leaves home whenever she wants, so it’s time to enjoy some of the great benefits entrepreneurship provides.
Want to start your own business? Great! Entrepreneurship is really exciting, with a lot of benefits. But you must also understand that it comes with risks and challenges. So, before you jump in the bandwagon, you must tread carefully to ensure the business turns out a success, and doesn’t fall like a pack of cards almost immediately after launch.
So, what is it you need to know before launching your business?
Here are 5 questions you should be able to answer. This would determine if this is the right time for your business, and how far your business would go.
1. Why am I starting this business?
People start businesses for various reasons. While some are simply fed up of being ordered around, are tired of the 9 to 5 life, Others just want to join the band wagon because a lot of people are making it big as entrepreneurs.
If you’re starting your business for any of these reasons, then you jsut might be heading for failure.
You’ll only be on the right path of you have have a purpose for starting a business. For instance, when you set up a business centre in your area because a lot of people have to go far just to print and photocopy documents business, you’re meeting a need, which would profit you in the end.
For whatever initiative you wish to launch, thoroughly examine it. This is because you could be faced with many business ideas, and it’s important not to lose focus. With each new idea, sit back and think through the pros and cons, then launch.
2. What is my target market?
You sales and profit is dependent on your target market, so it’s very important that you know it. You should also note that If you target everyone, you’re targeting no one. You need to focus and identify your target audience by carrying out a market survey.
Reach out to your prospective customers by sending out surveys or directly speaking to them. By doing these, you can provide a product or service people really want.
3. What is my digital strategy?
Nowadays, digital has become a big deal. Some small businesses now focus on digital channels, and do not bother opening websites like was common in the past.
Clients and customers are going digital. The conventional methods of sales, marketing and delivering goods and services to clients and customers are phasing out. Clients and customers are now yearning for more efficient methods of buying products and services.
So, it’s important to map out a digital strategy for your business. By engaging in digital marketing, you can reach out to billions of prospective customers all over the world. You can also automate some of the business tasks using sophisticated software.
4. What goes into my business plan?
Some people believe writing a business plan is only necessary when you’re seeking outside funding, but a good business plan actually indicates whether a business is feasible or not, breaking down its strengths and weaknesses.
Write out your business plan. Detail the financial, operational and marketing.
Venturing into a business is a choice. Our choice today determines our result in the foreseeable future. Thus, all planning should center on your business plan, so you can avoid surprises later.
5. What are my competitive advantages?
What does your business have than no one else has? Customers will patronize your goods and services if you offer something better or different from your competitors. Analyse your business idea, research what your competitors are doing and create a unique offering.
When doing this, always have your customers in Mind. One important thing to do when you are launching your business is to deliver what your customer wants and not necessarily what you want.