Pointers on Opening a New Business
It’s good to dream about how great your business can be; to actually be there is perfect. It’s mainly about the hustle: decisions you make, steps you take that bring you where you want to be.
These tips can help you begin in the right direction:
1. Decide on a business type.
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There’s no need to reinvent the wheel. The best business type for you may be something tried and true, but with your distinct personal twist. Just look around and you’ll see an abundance of repeatable ideas: we all go to the barber or hairdresser, most women like jewelry, everyone buys bread, etc. You can successfully co-exist with your competitors. You just need to make your version stand out.
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2. Make your business plan simple.
New aspiring businesses owners usually think they have to sit down and write a long and detailed business plan. If yours is a basic venture, a single-page business plan is good enough if it covers what the products and/or services you offer, the people you’re targeting, your charges and what you plan to do to make the plan happen. It’s going to be fluid as soon as you dive in, so it should be simple at the start.
3. Know your target market.
Know who your your customers will be. If you’re making a skin moisturizing cream, don’t just say you target “women” or “anyone with skin.” Are these women who regularly see a dermatologist or those who get their beauty products from the supermarket or drugstore? The more specific you are, the more focused your marketing campaign can be.
4. Work on your pricing.
Your pricing mustn’t only cover your costs; it should also generate profit for your business. Remember to factor in your talent and your time (though a lot don’t, which is a big mistake). One of your options is to study the numbers from the top down – what annual income are you looking at? What is the weekly and monthly breakdown? How many clients should you aim for and how much should you sell? Just plan your numbers and check on them from time to time so they remain realistic. There’s no need for anything complicated.
5. Reduce your costs.
Until your sales come pouring in keep costs down. Be creative: that fancy commercial kitchen will be perfect for your cakes, but an inexpensive or free church kitchen can serve the purpose for now. Don’t hire a full staff; be your own staff and ask some friends and interns to help out.
6. Go grab customers.
This is where all you’ve done will make sense. Creating a marketing plan that will capture people’s interest and converting them to customers should be your number one goal. Having a good marketing plan to entice people, and then make them into customers is your main priority. Feeling overwhelmed is not an option: just do what must and be where you must.
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