After reading all the over-amped business strategies which are making use of bell-curves and survey methods, I figured it is about time for a post on “The Idiots Guide To A Good Business Strategy”. The post is a simple refresher on what really matters in a business strategy. It is very easy for an enthusiastic entrepreneur to get down in the weeds and forget what matters in the core.
Here is an idiots guide to a good business strategy:
Figure Out What You Want To Do:
Some people are already smart enough to recognize what they want to do (example: Steve Jobs), then there are some who have stumble upon a business (example: Mark Zuckerberg) and finally people who have to do some research and soul-searching on what business they could do (example: You!).
So you can perhaps start by thinking of a business in an area where you are interested in. Then you can survey your friends or family on how feasible you think your business idea might be. Would they use it? How much would they pay for it? etc.
Just Release (or) Make It perfect:
So many people just end up being wannabepreneurs – who do all the talking but do not actually do anything about their business. This happens because they might be scared, but it also happens because some wannabepreneurs try to make their product or service “perfect” before the launch. According to me, this is a poor strategy, the best way to test your services is to actually just release it and smoothen the wrinkles as they go! The more you wait, the higher possibility that your market has changed trends and then you need to rework your business model again. So go with the flow and just launch it!
Market to as many as you can:
The problem with most startups is that they usually cater to only a small pool of customers. Of course, considering the population on Earth, that small pool is enough to make you a millionaire. So what happens when you promote a product or service and no one is buying and no one buys. Thats because you still have not reached the people who suit your customer pool. The more you can expose your services/products to potential customers – the higher the probability you will end up with sales!
Suggested reading for Blogging Business strategy:
- 5 simple and effective Business plan for Bloggers
- Write a simple Blogging Business plan in 9 steps
- How to make a business out of Blogging
Do let me know your views about on this below!