Starting a business can be one of the most exciting ventures you may ever embark on. But a lot can go wrong if you don’t take proper steps. According to Statistics Canada, only about 65% of new businesses make it to the fifth year Much of what determines whether a business has longevity has to do with the planning that goes into starting an enterprise planning that starts well before you purchase your first store or place your first ad. Of course, there are always influences that are out of your control, from big changes in the stock market to unfavourable weather. But there are some steps you can take so you have the best chance possible for your business to succeed. Conducting in depth market research on your field and the demographics of your potential clientele is an important part of crafting a business plan. It is good to build up your brand before you start selling a product or a service. Hopefully people are ready to jump when you open your doors for business. rather than spinning your wheels and guessing at where to start, follow the following steps to transform your business from a thought in your head to reality.
How To Refine Your Ideas
If you are thinking about starting a business you probably already have an idea of what you want to do, sell goods, sell service, sell online, or at least the market you want to enter. Search existing companies in your industry, learn what current brand leaders are doing. Think about how you can do it better. If you think your business can compete or even do it better such as delivering faster and cheaper or you have an idea and you know it is a needed idea you are ready to create a business plan.
It is Good to Know Why You Are Launching Your Business
Does your business serve a personal why or a marketplace why? Marketplace needs is a marketing concept that relates to the functional or emotional needs or desires of a target market. Generally, a successful company identifies when a segment of customers is not effectively served by existing providers and develops and promotes products or services to match. The more critical the needs of the market and differentiated your company’s offerings, the more profit you can potentially generate. Your personal reason to start a business may be to have greater control , flexible hours and financial independence. Just remember the scope of your business will always be larger when the marketplace needs is the answer to why than to serve a personal need why.
Another Option Could Be Franchising
Have you considered opening a franchise of an established company. The benefits of investing in a franchise is to capitalize on a successful enterprise. The brand and business model are already in place. All you need is a good location and the means to fund the operation.
Must-Use Tools for Brainstorming Company Names
Creative name ideas don’t materialize out of thin air.
- Open the thesaurus treasure chest. Begin your online brainstorming on a thesaurus website, where you can find a jackpot of synonyms and related words.
- Comb through glossaries of terms.
- Go “Googlestorming.”
- Tune into some podcasts
- Search stock photos and Google images.
- Try alternate spellings.
Who Will Your Customer Be?
Spend some time to think about customers and why they would want to buy from you and why you want to work with them. Your customers drive your business, which is why it’s so important to note how they interact with your brand. Don’t just reach out to them when you want their business; find ways to continuously show them you care. You want to define how you will provide your value to your customers and how to communicate that value in a way that they are willing to pay.
To start the ideation process, start with either a blank sheet of paper or an online notepad, and write down things you’re good at or enjoy doing. Now review your list and narrow it down; just because you are good at something doesn’t mean that you want to convert it into a business. During the ideation phase, you need to iron out the major details. If you find out you are not passionate about it or if there is not a market for your creation it might be time to brainstorm another idea.
Other Posts In This Series
- #1 How To Refine Your Ideas – Start A Small Business Series…
- #2 Write a Business Plan – Start A Small Business Series…
- #3 Assess Your Finances – Start A Small Business Series…
- #4 How To Choose The Best Legal Structure – Start A Small Business Series…
- #6 Purchasing The Correct Type of Business Insurance – Start A Small Business Series…
- #7 Build Your Team – Start A Small Business Series…
- #8 Choose Your Vendors – Start A Small Business Series…
- #9 Create A Marketing Plan – Start A Small Business Series…
- #10 Grow Your Business – Start A Small Business Series…
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