Starting a new year business is an employee’s dream. Having control of how the development takes place is reassuring when you have an idea whilst making the required reconnaissance an absolute step in the right direction before taking the plunge to reach stardom.
Starting your own business is one of those things that provides a massive stimulation to do whatever it takes to be successful. So the key, if you like is to find the buzz to make you tick, feel the groove to take it up a notch, and stretch yourself to new heights in order to take it to the next level; the peak intensity mandatory when you are sure you have found the right rhythm to make your dream become reality.
1 - Take it one step at a time. First your market analysis takes precedence, as for a business to work the market has to be prepared to buy into your idea, or if not then you’ll have perhaps too much work on your hands.
2 - Select the right field. It doesn’t have to be what you currently do. If you see a market niche that you are willing to dive into, then the urge could be the right one. Do you have what it takes to adapt your skills to news trends?
3 – Investment strategy. Having enough funding to see your operation built, and revenue streams developed for the size of your ongoing success is paramount. If it’s a one-man op then turning a new business into a quick success will fund growth. Risks need careful analysis to reduce potential failure.
On the other hand, if you have bigger plans then you’ll need to create a business plan to show seed fund investors that you are on the right track.
You'll only be successful at raising funds when you can convince investors that you have a viable product with a good market fit. If you can demonstrate actual growth in sales, that's a bonus. The more evidence you have of actual growth and profitability, the faster you'll be able to raise funds.
4 – Setting up the operation. This is relative to capital available. An example could be an incredible cake recipe your grandmother has, and you have never tasted anything like it. Your friends are all crazy for it because whilst growing up they’ve tried it and praised it. They absolutely love it. In fact, you are certain that distribution will be successful.
Create a business strategy to set up production facilities. Where are you going to buy ingredients? Where are you going to make the cakes? Can you buy bulk products at lower prices? How do you open a viable business in your area? What legal formalities need to be addressed? Will you need a production kitchen, or if small then maybe you could work from home. Even then you will need to check on permits (local council safety guidelines and authorization).
How do you intend to sell the cakes? What would be your initial inventory? If demand rises fast then is your set up going to be sufficient to meet demands? There are many factors to consider at the first instance before actually setting up the business.
5 – Marketing and sales strategy. Having the best product or service in the world means nothing if you are unorganized. There are others you will be in competition with unless what you have is unique, but then that creates another dilemma.
Sales are what is going to drive your business forward. The revenue will keep you out of debt, pay your dues, and provide funds to fuel growth. Are you a good salesman? Perhaps your offer will sell itself. However, every situation is different. Be prepared to make headway.
Marketing and sales are perhaps the most important aspect of a successful venture. I mean, you could have a fancy website that once seen will guarantee enough interest in candidates that sales will be forthcoming. Nevertheless, if it isn’t prominent enough then prospects won’t see it and sales would be hard to come by.
Even if you have a website, it isn’t enough to make a business viable. It is a tool to show you mean business. Clearly, the better you perform your marketing strategy the more people will know about your company and what you are offering them.
There is no point in creating the tools and expecting sales to simply fall into your hands. A viable business will need consistent communication with employees to streamline operations, customers and clients, and potential prospects.
A salesman’s job is to spread the word while helping prospects realize they need what you have to offer. As the founder you will be responsible for the whole operation which requires tenacity and tact to make an enterprise up-and-coming.
Take care!
Prof. Carl Boniface
Vocabulary builder:
Reconnaissance (n) = investigation, scouting, inspection, exploration, survey, recce
Stardom (n) = fame, celebrity, prominence, glory, renown, recognition, eminence, (ant) anonymity
Buzz (n) = bell, tinkle, telephone call, phone call, thrill, high, kick, lift, jolt, (ant) downer
Groove (n) = channel, furrow, rut, trench, indentation, hollow, listen, dance, chill, harmonize, enjoy, chill out, (ant) ridge
Precedence (n) = priority, superiority, preference, primacy, antecedence, precedency
Market niche = A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment.
Headway (n) = progress, movement, advance, progression, improvement, advancement, development, evolution, (ant) deterioration
Tenacity (n) = stubbornness, resolve, firmness, persistence, insistence, doggedness, drive, determination, steadfastness, tenaciousness
Tact (n) = diplomacy, discretion, sensitivity, delicacy, thoughtfulness, consideration, perception, insight, discernment, skill, dexterity
Up-and-coming (adj) = emerging, rising, budding, promising, talented
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