Are you looking for ways to start your business? Are you hesitant in starting a business due to the lack of some important resources? Wondering if starting a business is the right step for you?
This article covers some of the important factors that can help you create a more streamlined framework for starting a business.
The excitement of starting your own business and being your boss is one of the most important driving factors that convert employees into proud business owners. However, even the most successful business owner or entrepreneur today was once struggling with the same types of questions and doubts as you are now. According to research, over 84% of the current small business owners are willing to go through the same process of starting a business if given a chance.[1] This indicates that even though there is no right or wrong when it comes to starting a business, all you need is the clarity to put your business plan into action on the right foot.
The following are the primary requisites to remember while formulating a business plan:
1) Recognise And Convey Pain points:
The first important factor is to study and understand the exact customer pain point you are targeting with your product or service. When you are starting a business, the goal needs to be defined to convey to the target audience as well as the other stakeholders of the business. In addition, it is crucial to aim at the right industry with your business plan, as per the nature of your product or service, to cater to the right market, including the location, amongst other things.
2) Make Smaller Goals:
One common mistake that most small business owners or entrepreneurs make is starting with big goals instead of aiming at smaller wins. This is important because when you are starting a business, success from the get-go is not guaranteed. Making a business plan that aims to give you instant results is not a thoroughly defined business plan and can result in small wins but failure in the long run. So, instead, focusing on achieving smaller goals like reaching out to 100 customers in the first month of launch or converting 50 leads into regular customers, etc. can lead to success of the business in the long run.
3) Make Your Business Plan Customer Oriented:
When starting a business, a business plan or a blueprint of your idea on paper is necessary to plan the journey of your business accurately. However the target customer is the cornerstone of any business plan. When you are making a business plan, it is crucial to make it customer-oriented by putting yourself in the shoes of the customers and making a plan that is suitable for their requirements. For instance, if you have a business plan to start a company that offers games for young adults, the designs incorporated in the packaging, the type of marketing techniques you adopt, and the initial funding in terms of location, can all be planned easily if you think from the point of view of the parents who will be purchasing the products. Therefore, always focus on the main target audience but things from the point of view of the key customers for your business to implement your business plan successfully with visible results.
4) Identify Your USP:
Almost all requirements of every individual today are fulfilled by products or services available globally. However, that does not mean you cannot come up with the same category of product to enter the same industry. But, that being said, it is essential to identify your unique selling point (USP) for the product or service you are launching when starting a business to know how to stand out and differentiate your product from the existing businesses. Your USP can be as small as thank you notes for the product or service, or bigger gestures like branded high-quality assurance, vegan raw materials, etc.
5) Streamline The Target Audience:
As soon as you decide on starting a business, the most important and initial step is to recognize the key target audience for your business. There are multiple categories of target audiences available in the market today, each with a different characteristic. However, it is your responsibility to study the market well and finalize the target audience based on your business idea. This will further give you clarity when deciding on the other factors like demographics and age groups to target, marketing strategies that work best for your target audience, availability ease required, and communication channels to pick up for best results.
6) Calculate Finances:
Finance is the lifeline for any business and there are no two ways for the initial requirement of funds to begin. However, a business plan with proper calculation of all finances required is definitely more effective than a business plan that lacks financial planning. Financial planning does not limit to the initial start-up monetary requirement for a business owner. It further extends to the equipment cost, technology cost, employment cost, physical office rental cost, shipping all vehicle costs when applicable, etc. Additionally, with sound financial planning before starting a business, you can also keep some funding options ready on the side in case of an emergency or failure of any of the other planned strategies for finances.
7) Plan Team Size And Variety:
A majority of people starting a business includes entrepreneurs or small business owners who wish to operate with either a very small team or take care of everything themselves Whether you establish as a single entrepreneur or as a partnership firm,, you will require a team to help you carry out all the operations planned for your business as per the blueprint. There is no time frame or format to follow regarding the best time to hire team members. However, making a business plan with a possible team requirement in the future can significantly reduce the sudden pressure of doing the same, both mentally and financially.
8) Marketing Strategy:
Lastly, a marketing strategy, regardless of the size of your business, is necessary to start on the right foot. Marketing aids in creating awareness about your product, whether you are selling basic stationery or washing machines, knowing which target audience to cater to and the best means to do the same can change the way your brand is viewed in the market. When starting a business, having a fully streamlined marketing strategy is not necessary. However, it is recommended to prepare a rough marketing strategy that allows you to penetrate the market at the right time in the best way possible.
Starting a business of your own is a dream for many individuals worldwide. However, given the failure rate, it might seem intimidating to some. However, without trying you will never know what can be done once you step into the market. Therefore, correct and accurate planning should be the key focus when building a business plan while also including all the factors mentioned earlier to achieve long-term growth and success. Starting a business is one of the best decisions provided you put in the same effort before, during, and after the implementation of your business plan to keep up with the changing market requirements.
[1] https://news.constantcontact.com/press-release-small-business-owners-cite-personal-challenges-including-lack-time-themselves-and-fami?
