In an economy like the one we are presently in, where technology is causing disruption in all industries and functions, people are bound to start having thoughts of self-employment and creating a impact with new ideas.
Now, being your own boss and owning your business might be fulfilling and satisfying but the truth of the matter is that three quarter of those who start something businesslike fail within the first three years of their startup, and one-third fall off by the wayside within their first six months. In order for you to be successful in this present economy, with all of the competition you are bound to face, you need to consider some things before starting out. Below is a list of seven things you need to consider before starting your business.
YOUR UNIQUE SALE PROPOSITION (USP)
You need to carefully plan your USP. Since customers will not "just" stop buying from your competitors, a USP is your best chance of attracting them towards you. You need to offer them something different or better. You can make your product exceptionally unique, improve on customer experience, improve on the way you offer payment or roll out your prices, unique after-sales support, etc. Just find a way to create a unique USP that will make your customers talk about you everywhere they go.
KNOW YOUR COMPETITION
You need to be conversant with whoever is into, or trying to do what you are about to do. You need to know how well they do it. Studying your competition and sizing them up will provide you with a lot of benefits as you'll be able to learn from their mistakes and also denote things that their customers appreciate. If there's a big company or business dominating the stage, look for a chink in their armor by focusing on things they are not doing well. This way you'll be able to provide a better, superior service.
DEFINE YOU TARGET AUDIENCE
When you appeal to everyone, you appeal to no one. This simply means that all of your plans should be focused on your target audience, not generally. From your marketing campaigns to your websites and blogs, everything should center on your target audience. Ensure that you are targeting the right set of people by using the social media to talk to your customers, holding focus groups, and sending out questionnaires.
YOUR BUSINESS NAME
Rebranding is a painful and expensive process therefore, you need to be careful when choosing a name for your business. Your business name must go in line with a web domain that's readily available as it will be the first thing that most of your customers will see. You can consider factors like your location, what you are about to do, etc. before choosing a business name.
GETTING YOUR NAME OUT THERE
If you have a reasonable and amazing business idea but nobody knows about it, what purpose will it serve to you? Therefore, you need to think of a way to get your name out there. If you don't have a big budget for excessive adverts, make use of your social media channels, start small by building meaningful relationships. Use your social media to network, build a good reputation with your potential customers, local journalist, fellow retailers, suppliers, and local business organizations.
WOULD YOU LIKE TO BE A SOLE TRADER OR A LIMITED COMPANY?
The one you choose will have an impact on the amount of tax you pay and how much financial and legal responsibility is laid on you. As a sole trader, you will have the rights to all of your post-tax profits but you'll also be liable for every financial dealing your business executes.
In a perfect world, you'll have your own money enough to fund your business and self-launch it to the world. But, for most startups and entrepreneurs, this isn't the case. Therefore majority are stuck in the troubled waters of funding. Well, thanks to sources like Go Fund Me, getting funds for your startup is now easy. You can also ask family and friends for help with funds, or possibly look out for an investor or getting a bank loan. You should also be on the lookout for business grants; they might be hard to come by, but when they do, they are usually magnificent.