How to Start Your Own Business – Success Tips

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How to Start Your Own Business – Success Tips

1. Product / Service

The primary step is to investigate the so-called ‘market gaps’. Investigate which products lack the area you are interested in getting started. Most probably have followed the same logic before and may have succeeded. Work creatively and imaginatively. So make a detailed observation on the market and find out what is missing. This decision should be made as objectively as possible because you should not limit your search to just what you are interested in or know best, but rely on customer satisfaction. The latter will be the basis of your success.

2. Geographical area

Your primary concern should be starting a business in a location where the target audience is living or working and where the product is appropriate to exist. Additionally, especially if it is a retail business or consumer service provider, you should research the site more specifically. 

It is extremely beneficial to set up the business in a location where there are nearby schools, hospitals, highways, airports/ports, shopping centers or people with mobility/market. Also, it would be a good choice to get close to your competitors so that you can take advantage of their own marketing efforts. In addition, special attention should be paid to crime in the area as well as access to qualified personnel.

3. Competition

You need to define your competition specifically because there is a risk of overshadowing your business. Evaluate how strong the competition is and what it offers its target customers. Then determine what your comparative advantage will be compared to the others. What sets you apart from others who are in the customer’s interest?

 Make acquaintance offers, make the right use of marketing to respond to the needs, opinions, and beliefs of the public. For example, if you are targeting youth ages 16-35, pay particular attention to the internet and ads within related web sites. Create attractive packages and offers by targeting age groups that have been particularly affected by the crisis.

4. Business plan

Develop a realistic business plan that includes the costs of running the business – as well as your personal and expected first-time revenue. A complete business plan should include the following:

Overview. It is the last of the following and presents a comprehensive business idea but mainly the characteristics of the business that will make it successful in the competitive market.

Product. What will you sell? Describe it. However, avoid creating a description/instruction manual for employees as excessive detail will have a negative impact on the external addressees of the plan.

Marketing. What audience do you target and what needs do you meet? Is a product needed? Which audience-product match would you follow (horizontal-vertical)? How do you intend to enter the market? What will be the distribution channels? What communication strategy will you follow (promotion, public relations, printed matter, advertising)? You have included sizes and numbers for a complete picture.

Business model. Where will the money come from, who will pay you, how often and how often.

Club. Introduce your business team and consultants. It is important not only for the good business idea but also for the charismatic managers to carry it out. Highlight their past service and successes in the field in which you operate.

 Also, record the core of the business (owners-shareholders-BoD) as well as the legal structure of the business.

Competition. Define your competition and why it can win you over. Calculate the market share you can understand and how long it will remain available, evaluate the pros and cons of your business as well as your competitors.

Financing. How much money do you have? How much do you still need? How will you use them? Is this money promising to invest in? Make a 5-year plan for funding needs and use them as well as an indefinite long-term goal-setting plan.

Management. Describe how you will deliver your product, what problems you may encounter and how you will manage it.

Size. Explain how you intend to grow the business you are planning.

Development. If you have already started your business, describe the progress so far and the future growth goals.

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