In here I am not talking anything about popping out of the boxes business ideas.
- Read part I: Do you have the eye of an Entrepreneur?
Startup culture has already set in and numerous future aspiring entrepreneurs today are giving it a go. Their zeal is worth appreciating, isn’t it? Yes! It is, but on numerous occasions, it has occurred that they decide starting up in hassle. Only because of the reason that the market is coping up, doesn’t mean that you can toss a rock in the water and it will set afloat.
The reason behind numerous startups/ businesses collapsing is, that they are not electing the right business suited for them. According to a survey 93% of the businesses that stall, stall because of wrong choices made by the entrepreneurs. Electing a business isn’t easy as it seems. It’s not just about what’s working in the market, there are various distinct elements associated to it. Let’s find out what they are.
Analyzing Personal Capabilities
Before setting on to the quest of starting a business, analyse your skill, strengths and most of all your limitations. You are a human, not a cyborg so you must be having some limitations. Analyse them.
Once you have analysed your strengths and your limitations then you will get a clear picture of what you are capable of and what not. Also, conducting this test of yourself before setting out is advantageous as it prepares your for the worst that can happen and also adds buffer time to get things sorted which may lie out of your league. Here are few articles that would help you to increase your overall strengths & productivity:
- How to hack your subconscious mind for massive success
- Do these 5 things & you will be ahead of 99% of population
- How to improve your decision-making skills & become a doer
Have A Mentor
Everyone has had a mentor in his/ her life, we all need a mentor and that the universal truth. Connect with people not of your league but of bigger and better league. Ask them to become your mentor. Discuss your plans with them. Ask for suggestions from them as they possess enhanced skills and experience. Include them in your plan, so that you get an early feedback about your concept which can do wonders in the long run.
For further reading:
- 7 Reasons You Need To Have A Mentor For A Successful Career
- Four Fantastic people to check your Entrepreneur Journey
Always Have Options
Once you have analysed yourself, then the next step is exploring options. Never just stick to one option. When in planning phase always consider having 3 to 4 options in your hand. Invest time and analyse each option thoroughly. This rolls out as a time-consuming activity but it is essential. Plan around every option and then select the right one.
Have Your Target In Sight
Until now you must be damn sure about what you need to do. Great! Coming to target (Target Audience). This my friends in the most crucial element of any business. Every business needs customers, so conducting a study of your target audience in not a bad idea at all.
Follow them, follow the market and analyse what make them happy, what language do they use, what are their purchasing habit and patterns, where do the lie geographically, what dilemmas do they have and how your idea is best suited for them. Examining all these will give you firm understanding about your audience which then helps in conquering them.
You surely are not the first one in the market. Even before you enter you have competition in front of your ready to brawl. Don’t let that scare you or keep you away from accomplishing your dreams. With proper planning that can be taken care off too.
Follow your competitors early on evaluate their market activities, their social media activities and other channels that you may discover. Social media is by far the best to understand what your competitors are doing. Create a list of those activities and analyse what engagement are they receiving from those activities. This will furnish a fair view of what you can capitalise upon.
Channelizing Income Flow
Initiating a business asks money to be invested. So, you need to ensure that you plan for cash flow. Draw a plan of how you will monetize through your business. Proof read it, verify it over and over again until you are sure it’s the right path. To operate a business you need money and not every time can you shed it from your pocket.
Create a plan for the money that come in. Use and invest it wisely. Decide and dedicate proportions for every aspect of your business ensuring you still reap profits.
Testing makes product/services better. Create a prototype and test it yourself first. Find missing links and always keep in mind to treat yourself as your customer. Incorporate the missing links and then hand it over to your target audience to test it. Make it free as this will boost your brand early on and also your audience will know that you exist. Collect their feedbacks and once again go about making it optimal on the basis of feedbacks that you collected.
Draw A Marketing Plan
All set to enter the market? To enter the market you need to draw a marketing plan early on. Without a proper marketing plan you won’t hit the market, instead, you’ll hit the wall and most probably collapse.
This is where your competitive analysis come in handy. Bank on and enhance what they are doing right and eliminate what’s not working. Plan every step right from entering the market to numerous campaigns that you may have planned. Elect the right kind of marketing that you think you need to promote your business. Leverage social media as well, as it’s where you will discover most your target audience engaging and interacting with your business. Allocate a budget to execute your marketing plan. And never ever forget to track the analytics.
Business is similar to farming and what you are doing here is sowing seeds that will blossom if take care of. Ensure you follow these steps before you set out on your quest to start a business as they will pay off in every run of your business. And when things get going your way, be ready to harvest.
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