Before going further, let’s be clear about one thing: businesses, be it small or big require a lot more than what you can learn from a single article. It’s a long process, so you’ve gotta be patient. So, here are some some tips and tricks that can help you in achieving your objective a lot more smoothly and quickly.
Businesses are quite risky and that’s why the individual is, first and foremost, required to be a “good analyst”. In simple words, if you want your business to grow, you need to examine the market need i.e., finding the opportunity. For example, during this pandemic, a number of individuals started small online stores/businesses which ended up becoming plenty successful. This is an excellent example of catering to the demand or creating a demand, something that a big-brand like Apple is known for.
Now, if you’re planning to start a small-scale business, here are some of the most essential steps that should not be overlooked:
A Thorough Market Research.
One of the best tips that we can provide you is that you should NEVER–EVER try to jump right into the market. It is highly recommended to do allow yourself some time to thoroughly process the idea as well as plan everything out. What we mean is that it is a big step that not only requires time and money but also, an ample amount of brainpower which can leave you overwhelmed. So, it is better to do proper and much-needed research and when you’ve have a clear idea of what you want then you can move forward to the next step. This step generally allows you to get a quick overview of the practicality and plausibility of your business idea. So, do your research.
Creating a Market Plan.
Once you’re sure about your business idea, you can move to next ideal stage i.e., formulating a market plan. There is nothing too tricky about a market plan and hence, you don’t need to get nervous, it is no science or maths. A market plan is simply your understanding of the market concerning your business idea on a digital screen or paper. In all honesty, a market plan can be of a single page where you can plan out your business such as defining what your business is going to be all about, how is it going to stand out, its goals and objectives, strategies, and finally, an action plan.
You see, a market plan allows you to get properly familiar with your business idea. Implying that based on your research, you create a plan that you’re going to execute in order to create a business. For instance, this step can also include studying competition, doing a PESTEL analysis, learning about the legal requirements (if any) to start your business, doing a social media analysis, etc.
Again, we would highly suggest not to skip this stage of formulating a business plan as it allows you to think throughly about the entire project without the plausibility of incurring any financial losses.
Let’s Keep it Real & Know Your Budget.
Before you spend even a penny on this business idea, it is better to first plan out your finances. Ever since we were kids, we’ve always been taught the importance of keeping a track of our expenses and maintaining a proper budget, and we all understand its importance now that we’re adulting. This same principle is applied in business too.
You see, irrespective of the size, starting a business requires you to invest some capital (aka money invested in business) into it. This sum of money allows you to start and run your business efficiently and effectively. In order to ensure such efficiency, you’re required to know your finances. For instance, how much money do you want to invest in the manufacturing, marketing, assets (if any), machinery (can be as small as a printer to as large as an office building), etc.
In addition to such expenses, you also need to keep track of your taxes, customs duty (if international customers), shipping charges, packaging charges, employee salaries (if any), freelancers, and many more.
That’s why we would recommend keeping an excel sheet record on your computer and plan out your expenses before you invest your money on anything business-related.
Build A Social Media Presence.
Nowadays, everyone is present on the internet, even our grandmas and great-grandmas. And yes, this is true. (Mine recently learnt to post stuff on instagram which scares me a bit but its fine, I mean I think so.) Well, from this information, we can deduce one thing, irrespective of whether your product/service is for the baby boomers or Gen-Zs, you can promote it on the internet.
Here are some quick notes on social media marketing:
- Create a memorable/clickable brand name. Try something that is catchy and trendy but don’t try too hard.
- Create a profile on major social media sites and post regularly but keep it simple. No one likes accounts that are constantly spamming.
- Create a webpage for your business and if possible, an application (not that necessary though). But the key to increase customer-traction and customer-retention is by creating a website that looks aesthetically-pleasing and the UI (user-interface) customer-friendly.
- Create a customer service page or make business contact details available on your website (don’t forget to mention the time schedule). You definitely don’t want to upset your customers so, make sure your customers are able to reach out to you if they’re not happy or if they’re happy with your services. We mean, in business, customer satisfaction is of significant importance.
Learn or Create a Team.
Successful businesses are generally a result of good team work. You see, one person is not going to be able to do everything on his/her own, from manufacturing, planning, executing, marketing, and etc-etc. You’re going to need some help from outside, be it related to some tech issue or bank issue or publishing issue. So, ASR WRITINGS would recommend trying to keep in contact with individuals who’re good at something you’re bad at. For instance, if you’re not good at content-creation or brand-stragegy then you can hire someone like ASR (shameless plug. Well! no harm, no foul).
At ASR, you can get a number of brand-improving services that can allow you to kickstart your dying business or launch your new business. So, contact us today. But keep in mind, make sure to work with individuals that have created a goodwill in the market and are trustworthy.
Furthermore, if there is something that you want to learn, you can always learn it from online sources such as YouTube, WikiHow, or skillshare.
Focus on Customer Satisfaction And Thats It.
I am sure most of you must have skimmed through the article, so here I am telling you something very-very important and i.e., the most essential component in keeping your business thriving irrespective of the competition – customer satisfaction. Even if you don’t follow some of the steps above, just keep in mind that successful businesses throughout our history have been businesses that have maintained their customer satisfaction levels high. So, don’t forget to interact with your customers and listen to them, give them a platform to speak up about your brand.
And that’s it.
-YOur mind-blOwing business Guru is out. Peace!