What to do to achieve success after starting your own business? Plan your business before you open it! I suggest what is worth paying attention to in this regard!

Formally, starting your own business is not difficult, but from this moment the process begins, which will require you to multitask in various areas and fight for development and income. Entry in the register of regulated activities is not everything. Running your own business requires the ability to navigate precisely in a rather complicated system of numerous tasks. From formulating your own business idea to creating a website, social media channels, and brand marketing concept, there are a few essential steps you need to take before launching your venture. Therefore, it is worth considering and planning them well before you submit an application for company registration. What is worth paying attention to in order to gain future customers?

In this article you will learn:

  • What should you pay attention to before starting a business?
  • What aspects should be planned in terms of marketing when you start your own business?
  • What questions should you answer before starting a business?
Plan Your Business
Plan Your Business

Starting a business – nothing difficult?

While it is not difficult to enter the register of regulated activities, ensuring its development is a solid challenge for every novice entrepreneur. Most people focus on what they will have to do and implement from the moment they start their own business. Meanwhile, they forget that the whole process should start much earlier before this formal step. Specifically, at the moment of making the decision to set up a company in a given industry and find an idea for it. Even then, you have a lot to do ahead of you, so drawing up a strategy well in advance will help you face numerous challenges, and then gradually work on achieving your business goals.

The key to success is good preparation. Without a well-thought-out and flexible action plan, your actions will be carried out inconsistently and blindly, and this carries a high risk of failure. I am not saying that intuition in business is redundant. On the contrary, the so-called “Entrepreneurial intuition” is often very important for success in business, but it cannot be relied on solely. That is why you need solid foundations in the form of knowledge, comprehensive business skills, but also strategy. This will give you an idea of ​​where the company will be in the market.

Prepare a business strategy before entering the market

A business strategy does not have to be particularly complex, although the name certainly indicates it. Nevertheless, a good strategy is one that allows us to systematize our resources and capabilities, as well as optimize the action plan when we officially enter the market. 

Working with my clients as part of a marketing agency, I often teach them during individual consultations not only to implement but also to create business and marketing strategies tailored individually to their business idea. Interestingly, later I receive very encouraging feedback from them that the implemented strategies bring results. It turns out that it is often enough to systematize your business ideas and refer them to the market situation, expectations of potential customers and your own resources with a professional approach.

Remember that the business (and marketing) strategy and the individual actions implemented in its scope must be flexible. What does it mean? You must be open to making modifications as necessary. It’s not just about reducing the risk of making a mistake. This will primarily allow us to adapt to rapidly changing circumstances, trends, and customer expectations. Nevertheless, preparing a business strategy before entering the market is extremely important.

It is not without reason that entrepreneurs applying for state or EU funding to start their own businesses must also submit a business plan in addition to the application. It proves that the business idea has been precisely analyzed, refined and related to real conditions.

Think over and refine your business idea

You come up with a brilliant business idea and you feel that the world is open to you and the opportunities will fall into your hands. So you decide to start on your own and start a business. The feeling of dazzling gives you wings and adrenaline, making you feel these millions of revenues on your account. Remember, however, that the implementation of ideas requires time, but often also financial investment. In some cases, it may involve a potential risk (more or less, but still). 

You need to refine and test your concept to make sure it’s realistic and viable. Often, during the implementation of business ideas, it turns out that we focused mainly on the idea and the effects that their implementation will bring. What are we omitting? All the steps we have to go through before we get there. It usually turns out that many assumptions were not related to the real state of affairs, e.g. market situation, activities and resources of competitors, marketing trends, etc.

Answer the question: “Is my idea only for personal purposes or is there also a corresponding market demand?”. It is important to follow your passions, but the key factor is the potential demand for your product or service and whether they will be of the quality that potentially interested parties actually expect. For a business idea to grow into a thriving company, think about it in terms of scalability and long-term demand from your potential audience.

Plan Your Business
Plan Your Business

Why is it worth testing your idea?

Before you start a company to implement your business idea, you need to verify its chances of success in the market world. What to do to feel more confident and check whether the idea has a real chance of success? Test it using the selected research method! You have several options – from focus group research to gathering information through surveys and interviews, to market analysis in a specific industry. 

Currently, a popular strategy for exploring the potential of an idea is to build a landing page for your target group and see what interest there will be among your audience. This is a not-too-expensive method that will also help determine the level of market demand for a product or service and at the same time arouse interest in your idea. It will also allow you to gather a database of people who will be potentially interested in your product or service when you officially launch it on the market after starting your business. It is also a technique used by already operating companies that want to introduce a new product to their offer and arouse interest in it. This is what we call anticipation marketing. Because representatives of the target group know in advance that the product will appear on the market, they expect it and are rewarded for it, e.g.

If it turns out that your idea did not interest potential customers, it will be necessary to think about other possibilities. Consider if and how you can improve or refresh your concept. See if something more innovative can be created, or how the original idea can be modified so that your offer meets the real needs of consumers.

Define your target customer

Determining the target group is one of the key aspects that should be done already at the stage of planning your business. If you already have an idea for a business, you need to specify to who you will address your offer and who can actually be interested in it, because it will meet their expectations, and needs, and solve specific problems. Remember that there is no offer that absolutely everyone will be interested in. If something is for everyone, it is for no one. 

How your target group will ultimately be defined is determined mainly by market conditions, and they also change. However, already in the initial phase, you have to ask yourself the question for whom your product will be most useful. This will also allow you to fine-tune it better but also plan an appropriate plan for its promotion on social media and more. 

Start by determining the basic characteristics of your ideal customer: their gender, age, place of residence (village, big city), earnings (which is important when determining the prices of products), and the need or problem you want to solve as part of your business. You need to be aware of who you are addressing your offer in order to advertise it properly and finally sell it.

Consider the common characteristics of your target audience:

  • Age range
  • Interested
  • Place of residence
  • Lifestyle
  • Sex
  • Income
  • needs
  • problems
  • Expectations

Business model and sole proprietorship

The business model is everything that is the foundation of your business. This information allows you to know who you are targeting, how you can segment your customers, how you will make profits, what products you will sell (and with what distribution channels), and what actions you need to take to acquire new customers and increase your financial liquidity. 

The business model will also refine over time as you test different solutions. So it is as flexible as marketing and business strategy. Give yourself time to verify which techniques work best in your particular industry and market situation.

Prepare an initial marketing strategy

Regardless of what your company will offer, you need to reach customers to introduce it to them. So plan what promotion channels you need to showcase your capabilities. And in the age of the Internet, they are really big. However, achieving the goal is time-consuming and requires investment in paid advertising. You can set up a Facebook fanpage, use Facebook groups, set up an Instagram profile, or a simple landing page that will allow you to collect e-mail addresses of interested people in exchange for sharing interesting material for them (e.g. interesting e-books, recordings, or video training ). Choose what best suits your business.

When planning the marketing strategy of your company or brand, treat it as a guide to help you choose tools, define priorities and goals, and plan and implement projects. It has long been known that consciously planned activities are more effective. Effective marketing is a long-term process based on regularity. So if you don’t have a written action plan, you will easily lose yourself in everyday duties and you will not be effective in promotional activities thus you will not reach people interested in the offer or you will do it in a way that is not very encouraging to them.

What should a basic marketing strategy include?

  • Marketing goals – e.g. increasing reach in social media, gaining traffic to the website, positioning the store in the search engine, greater interest in your area, creating a mailing list, more inquiries from potential customers, increasing the number of clicks on paid ads, etc.
  • Market and company analysis – e.g. using the SWOT analytical method
  • Determining the target group
  • Marketing communication channels – methods or tools used in specific marketing activities. These can be digital or offline channels. The first include, for example, websites, social media, mailing, and applications. The second is banner ads, brochures, leaflets, and billboards. How to choose the right marketing communication channels? You don’t have to use all possible methods and tools. It is better to choose a few of the most optimal ones and focus on them to fully use their potential.
  • Effectiveness indicators (KPIs) are all data that show the effectiveness of marketing activities and progress in achieving the set goals. They allow you to understand the impact of marketing activities on the development of your business. Consider what data you need at any given time, as it will change as your marketing evolves. The best method is to match them to your marketing goals. In the beginning, focus on measuring: sales, the number of inquiries, traffic on the website and in social media, the reach of messages, the increase in the number of profile followers, and the number of interactions in social media.
  • Action plan – that is, a list of ways to achieve the set marketing goals. Write down a specific action plan and determine the regularity for the duration of the implementation of the marketing strategy such as SEO services. You can use spreadsheets, a calendar, and a planner for this. What examples of marketing activities can you plan? What examples of activities can you perform? E.g. regular publications in social media, SEO activities, blogging, newsletter/mailing, video preparation, implementation of paid ads, guest expert articles on other blogs or industry services, participation in industry fairs and local events, production of leaflets, brochures, posters, etc.
  • Marketing resources and budget – specify how much you can spend each month on paid advertising on the Internet and other marketing activities. Calculate the exact expenses necessary to implement your white label digital marketing services strategy and verify the action plan based on your budget.

Business plan – what should it contain?

  • Determination of the subject of the activity
  • Specifying the target group of consumers
  • Analysis of competition and market situation
  • Development of a business and marketing strategy
  • Creation of an action plan
  • Making a SWOT analysis
  • Determining the ownership structure
  • Determining the method of management
  • Making a division of duties
  • Cost calculation
  • Sales revenue financial forecast
  • Verification of the adopted assumptions
  • Brand image building
  • Developing a coherent visual strategy for the company

To sum up

Running a business requires many skills from an entrepreneur, and one of them is planning and anticipating trends. Good preparation is the first step on the way to your own company and its success. Already at this point, you can prove that you are a competent, trustworthy person who takes the tasks assigned to her seriously. Draw conclusions and outperform other entrepreneurs! If you are curious about what mistakes not to make when starting a new business, be sure to check Here

I encourage you to share your story. How do you prepare for business? What mistakes did you make in the beginning? What were your biggest challenges? 

Knowledge in a pill

What is a marketing strategy?

 

A marketing strategy is a plan of marketing activities and goals that allows you to understand the nature of the company, its place in the market, its target group, and how it should develop. The strategy describes the general status of the company, its business environment, opportunities and threats, and customers, as well as an action plan that will help achieve the set goals. This is a way to get your first customers.

What is a business plan?

 

A business plan is created by novice entrepreneurs and not only for planning purposes, both for the internal and external needs of the enterprise. Its main task is to assess the profitability of planned business ventures. It describes both current and future business activities. It should contain information on the anticipated opportunities and threats, market research, financial analysis, financial calculations showing the planned financial results, and even estimate issues such as employment of employees, a form of taxation, or selected social insurance. Therefore, it is worth doing it long before starting your business, and not when the registration of the company is already in progress and you become a VAT payer.

If you want to start a business and are wondering how to prepare a strategy, you’ve come to the right place. It’s good to have a professional guide, someone who will guide you in business and help you start with a bang to enter the market, and not just how to start your own business. If you need support, advice, consultation, or promotion of your business, fill out the BRIEF and I will be happy to contact you.

Also Read: Digital Marketing Interview Questions

Also Read: What Is E-commerce Marketing

Also Read: What Is Branding Marketing?

Also Read: What Is Digital Marketing? Types, Advantages, Approaches

 

Leave a Comment

Your email address will not be published. Required fields are marked *

× How can I help you?