Are you reading this blog on your mobile or laptop? Did you come across this article on your office desktop because you want to be your own boss? Or it is merely the fact that you have a business idea, which is the missing puzzle piece in the market.
Pen Down!
A great business idea is like a shooting star, a random quick thought that crosses your mind, intrigues your interest, and then vanishes before you even know about it. But you can turn it into a reality if you are quick enough to ‘Pen the Idea Down.’
It is very important to write down all the business ideas that cross your mind. You can note them down on your cell phone or in your notebook. Writing ideas down makes you think about them for a second time with more attention and time. And who knows, you might come up with something even better during that process.
Market Research
Once you have refined your business idea, it is now time to proceed to the most important phase of ‘Starting Your Own Business,’ which is market research. In the present time, the markets are rapidly evolving to address the needs of the consumers.
Execution of your idea can be a tough peril amidst all the competition. Therefore, research the market as much as you can. You need to identify your competitors and potential competitors and understand their pricing strategies, marketing mix, and branding strategies. It will help you in determining and establishing a unique foundation for your business. Following are a few pricing strategies and marketing mix that you should do your homework on before starting your business.
Pricing Strategies
Cost-plus pricing
Competitive pricing
Value-based pricing
Price Skimming
Predatory Pricing
Marketing Mix
Price
Product
Promotion
Place
Packaging
Positioning
It is important to discuss all this with your friends and those with experience, and in doing so, you will have at least an idea about the audience’s response towards the business.
Draft A business Plan
Once all the reality checks have been ticked off on the checklist, it is now time to draft a business plan—one viable enough to survive at least six months.
Start off by creating your ‘Business Mantra.’ It should be backed by the
There are various things you need to consider before starting your business. As a startup, your primary objective should be to inject enough capital for optimum traction— in simpler words, ‘Brand Awareness/Branding.’
Your business idea should be backed by a realistic break-even projection so that you do not sink into debts or failure. You need to determine your overhead costs, sundry expenses, and most importantly, the marketing budget and its allocation at the right time.
Digital marketing has become the preferred medium for businesses to advertise their products and services. According to analysts, the digital marketing software market size is projected to reach USD 49.4 billion in 2020.
You can opt for Facebook Ads, Instagram Ads, video marketing, and PPC marketing to improve your business’ traction and boost your sales. Social media advertising will help your business to gain maximum exposure, which is very crucial during the early stages. There are more than 2 billion monthly active users on social media platforms, which makes it the right marketing choice for your business.
It is imperative to incorporate your marketing budget in the business plan, which is efficient and provides a quick ‘Return on Investment’.
Technological Determination
We are living in an era where technology influences almost every part of our life. People search for everything before trying it out. Therefore, it is very important for your business to have a user-friendly website that showcases all your business’ products and services. A user-friendly and mobile responsive website creates a sense of credibility in the eyes of the consumers. However, you should ensure that your website design is optimized.
Try to have a mobile application developed for your business. It improves the level of accessibility of your brand, which ultimately improves the sales as well. A cross-platform mobile application will help your business boost its revenue. Work on your website’s on-page and off-page search engine optimization (SEO) to improve your website’s domain and page authority. It will boost the organic visitors on your website and maintain a low bounce rate as well. Use the right keywords on your website that complements the products and services you are offering. Lastly, try to get reviews posted by clients on your website and social media pages. Online reputation management can do wonders for your business since most consumers tend to look for reviews before buying a product.
Embrace the Lean Startup Model
As a startup, you need to be cautious of the volatile market and the fierce competition it holds. You should opt to launch a basic version of your services and products in the market. The basic products are often termed as ‘Minimum Viable Product.’ Adapt to the Lean Startup Model at the start to focus on your key product and reduce your overhead costs.
This practice usually helps in validating your business idea in the market and helps to understand consumer perception. It allows you to make the necessary changes and improvements to your product. Your production costs will also reduce since your focus will be on your core product or service.
Set a trial period and objectives for your business during the lean startup model. Once the goals have been met, you can broaden your scope of services and reduce your average cost as well.
Conclusion
Starting a business is never easy! Your idea is only as good as the strategy being used to realize it. A combination of marketing, production costs, research, and most importantly, dedication will improve your chances of growth in the market. You need to position your brand in the market based on its unique selling point and manage the pricing strategy, considering the real-time market environment. Just stay committed to your business idea and give your 100 percent to make it a successful venture.