Many people dream of starting up and owning their own business. Working a 9 to 5 for someone else can make ends meet, but is it really all that fulfilling in the long run?
Simply daydreaming or talking about a new product or service that you are passionate about isn’t enough to get….and to keep...the ball rolling. With nearly 50 percent of small businesses failing within the first five years of operation, we have to wonder where it is that we are going wrong?
Imagination does not necessarily breed success
The ethers are full of new and innovative products, services, and ways to improve the world as we know it. We have all had what we believe to be groundbreaking ideas, ones that we are passionate about unveiling to the world not only for the good of others but also for improving our own lives. How does an idea become a reality?
The reality is, you need a lot more than just passion and imagination to drive your business idea forward into physical manifestation. Your passion--combined with a little bit of strategic planning--can push you over the edge and into the business operation of your dreams. Follow these simple steps and watch your idea flourish into a great business:
Do some market research. What started as a “fool-proof” idea may be a flash in the pan if someone else got to the market first. You may find that your target audience is too small, or not sustainable long-term. Do a SWOT (strengths, weaknesses, opportunities, threats) analysis of your idea and see if it will be worth your time to invest in. Some questions to ask yourself include:
Is there a demand for my idea?
Who will buy my product or service?
Has anyone already tapped this market?
How is my competition growing?
What little ideas will set me apart from the others?
Answering these questions will give you a pretty good idea as to whether your idea will make it past the initial “trial period” of business growth.
Craft a financial plan. Once you’ve determined that your market research is favorable, you’ll need to craft a financial plan. This will become a valuable guide for you should you decide to procure funding from outside sources. Many investors want to see proof of market favorability and a financial forecast before putting money on the line, and the more validation you can give them, the more startup money you’ll be able to put in your pocket.
Position your product or service. Work up descriptions for your product or service that sell themselves almost immediately. With a very large competitive market, you’ll need to hook potential customers and keep them engaged with your offers of greatness. Explain how your product will be to their benefit, and how it will improve their lives. Emphasize what makes you different, unique, and better than other products and services. Test your level of engagement with family and friends who will be honest about your offerings. When you’re ready, move on to building your brand.
Build that brand! The most successful businesses in the world are instantly recognizable by their brand. A logo, slogan, jingle, or advertising campaign brings to mind their products and services, and what they offer their loyal customers. Get to work bringing all the pieces of your brand together, and make sure it reflects who you are and just how you intend to do business with others. The more people can ascertain about you and your business through your brand, the more likely they’ll be to do business with you.
Procure legal counsel. As you grow and expand, you will want to make sure you protect yourself, your employees, and your assets from potential “harm.” Working with an established founding company will allow you to follow proper protocols, stay compliant, and ensure everything is in place for growth and expansion.
Work on that marketing plan. Once you’re off and running, think about how you’d like to expand. How will you reach your customers? What will you do to become and stay visible to a growing population of internet users? How will you attract customers to your physical locations? Thinking about a marketing plan and what that means for you is one of the most critical aspects of setting up your business, for it will determine your future growth.
Not sure where to start? Let us help!
MaxGroup Business Solutions professionals are experts at crafting business and marketing plans that work for you and your customers. We ensure that your business is at the forefront of your intended market through cutting-edge marketing, SEO, and digital branding practices. Let us help you get started on the exciting path to growth and success! Visit www.maxgroupbusiness.com for more information.