Are you thinking about starting your own business? Have you an idea for a new business but are unsure of where to start? If you answered yes to either of these questions, this article is for you. I am going to write about how to plan for a successful startup. There are many things people tend to overlook before starting a business.
Many people are looking for ways to become entrepreneurs for many reasons. These can be from wanting to have more control over where your money comes from. Having more time and freedom to do the things you want to do without being tied to a schedule. Some just want to establish something that can be built from the ground up and passed on to their family.
Leaving a full-time career can be quite scary, however. The security of having a regular income, Insurance Benefits for your family, or a matched 401k retirement for the future. Other people are willing and happy to take the risk and see it as a way of getting out of the rat race. I am sure many people whether rightly or wrongly have opted to stick with this security and to merely keep their business plan as an idea, which they never see through or use. The Fact of the matter is that you can do both.
When you have an idea for a new business you then need to think of a name to call it. I would keep this name quite short as it makes it easier to remember for people. It obviously needs to have something to do with the business or niche you are entering.
You will now need to work out how much money you will need to set up the business. This can be quite daunting but is essential. In the short term, I would advise keeping these startup costs as low as possible. Don’t pay for things you don’t need when you haven’t generated any revenue. For example, if you are starting a website to sell your T-Shirts and want to have a mailing list to keep your customers up to date with sales. I wouldn’t invest in an email marketing platform that’s going to cost you a premium per month. Start out with a free platform such as MailChimp and as you grow and generate revenue then you can look at others such as Get Response.
Once you identify your startup cost that you need now it’s time to find where the money is. If you do not have the money to start investing into your business then you need to start saving. Don’t try to jump in and start a business half way. You will just get frustrated your customers will see where you are lacking and it will cause negative feedback. As a new start-up, negative feedback is the biggest killer to a new business. Reviews are the lifeline of your word of mouth marketing. You do not want negative press so make sure you feel comfortable with everything before moving forward.
My Rule of Thumb is this. If you know you will need $1500 to start this business then you will need to find out the following. How much disposable cash do you have to invest in this business? Don’t take money out of your 401k or emergency fund. Figure out how much cash you have left over after paying bills and distribute an amount you feel comfortable with towards that $1500 until its paid in full. Running a DEBT-FREE Business is so crucial to your overall success.
The Next thing you need to do now that your business is funded and you have everything ready to go. It’s time to price your Product or Service.
Pricing your Products or Service can be somewhat daunting and extremely difficult. The thing to remember is that someone is willing to pay for your product if it helps them. Don’t think you have to be the cheapest business on the internet block to get customers. Most customers, if they feel your prices are to low, will feel something is wrong with it. It’s best to survey the market find out what others within your niche are charging. Then figure out how much you could charge where you could turn a profit and offer value that exceeds the price and release it into the online business stratosphere.
Now it’s time to promote your Product or Service. This can be done in several ways and I have included a list below to help you.
- Social Media Marketing – This can be Facebook Ads, Promotion on your business official pages, and HASH TAGS
- Live Streaming – The best way to get your Product or Service in front of people is to talk about it. You can do this on Facebook Live, Instagram Live, Periscope etc…
- Website & SEO – This because of social media gets grossly overlooked. Websites can still generate $1000s of dollars from good old fashioned traffic. Research your keywords, write articles based on these keywords and post your blogs to your social media pages to build backlinks and watch the traffic SLOWLY but SURELY come.
Self-discipline is one of the keys to your success. Being able to choose your own hours of work may seem like a dream but it can prove to be many peoples downfall. We have to ensure that we work the required amount of hours. It is far too easy to stay in bed for that extra hour or to arrange yet another game of golf. These things are fine once you are established, but this is a long way off at this stage.
Waiting on that first customer will be difficult. You have spent all this money put in hours upon hours of work and yet not making all this money. This will not happen overnight and that doesn’t qualify you for success. Success comes from working hard, keeping your head down and pressing forward. The moment you step back because you second guessed yourself is when things start to fall before they are even in motion.
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