subject: Make Your Dream of Starting a Business Come True [print this page] Make Your Dream of Starting a Business Come True
Many people dream of starting a business, but taking action requires strategic planning. Otherwise the business concept will remain an idea or fall flat soon after opening. In order to bolt out of the starting gate, individuals must conduct market research and develop a solid business and marketing plan.
The first step of starting a business is to determine if there is a need for the product or service being offered. While it's not impossible to succeed with a business concept that is already in place, it is imperative to determine what sets your concept apart from those which are well-established.
For example, there are thousands of burger joints, but those that stand at the top are the ones offering a different spin. If your burger is the best burger in town you won't have a problem attracting customers. But if it's a plain ole' burger you can get anywhere, chances are you will be out of business before you ever have a chance to take off.
Market research can show you what is needed to set your burger restaurant apart from rest. The recipe for success is uncovering the needs and wants of the people who will be eating your burgers. The same formula holds true for any type of business. If research reveals there is minimal need for your business it's time to go back to the drawing board. Otherwise, it's time to proceed to step two.
Once you understand the needs and wants of your demographic market it's time to put a business plan in writing. Not only should you address the advantages of your business, but also the disadvantages.
Looking at possible hurdles lets you develop plans for overcoming those challenges. It's so much easier to have a plan in place than to be totally blindsided; especially when just starting out. If you have never written a business plan before visit the Small Business Administration website at SBA.gov.
The SBA is a one-stop shop for entrepreneurs, partnerships, and small business owners. You learn how to write a business and marketing plan; apply for financing and government grants; find a mentor; learn about business law and regulations; and everything else you need to know about starting a business.
The SBA offers an online training course on how to conduct market research. However, individuals requiring in-depth information may find it advantageous to hire a market research consultant.
Every business plan should include a marketing plan. It is important to determine how your target market views ads. Do they prefer email, text, direct mail, or mobile marketing? Do they watch online videos or listen to audio podcasts? Do they prefer humorous or serious marketing messages? These are just a few of the questions that need to be answered about potential customers.
Many people turn to online marketing strategies to build brand awareness. It is wise to diversify advertising venues because strategies change rapidly in the online-world. Newly launched companies will want to embrace as many strategies as they can financially and physically afford to maintain.
To dominate a niche online requires a lot of work. If you're flying solo or as a partnership it is best to work with an online marketing agency. Working with professionals is more affordable than having a flailing business because you don't have enough time to engage in proper marketing.
Final considerations of starting a business include financing and hired help. Small businesses often find it beneficial to hire freelancers to help with projects such as web design, copywriting, and sales and marketing. The SBA provides helpful guides regarding hiring employees, along state and federal laws and regulations, and tax reporting requirements.
Most people require financing to start a business. Common options for obtaining startup capital include borrowing from family, friends, banks, or private investors. Another option is applying for government grants. Having a written business plan is essential when applying for financing through banks or investors.
As you can see there are many considerations of starting a business. Taking time to walk through each step can improve chances of success. Start off on the right foot by putting plans in writing; than revisit them periodically to ensure you stay on track.
