6 Key Tips To Know When Starting A Business From Scratch
The pandemic has brought out a vast amount of new entrepreneurs on the scene and if you are one of them, I am going to share 6 key tips you must know when starting your business from scratch.
Tip # 1 Have A Viable Business Idea In order for your business to become profitable it must meet a need in the marketplace, even if you have a great idea for your business you must learn the in’s and out’s of running a successful business and not creating another job for yourself.
This is where research and planning will play a huge part. I don’t encourage throwing money into the business venture until you have…
- Done the research
- Identified your target audience
- Know the vision and mission of your business
- Identified the costs to run the business
Tip # 2 Products & Services
How will you fill the market with your solutions, are you filling customers needs or wants or both?
A need is much different than a want and oftentimes your potential customer might not be aware of what their need is because they are focused on their wants, and it is your place to show them how they go together.
Example: You may have a coaching program valued at $1500 and it gives the promise to double or triple that investment with a lot of bonuses and perks.
The potential client may want the package because they want the results, but if they are just starting out they have not built their business up to that level to get the results they want.
So you have to articulate and help them identify what their need is and not sell them something that is useless at that stage in their business. This principle can apply to many businesses across the board, when you can articulate what your audience needs to get to their wants you will have a loyal following.
Tip # 3 Business Plan
Business plans have changed since back in the day and it doesn’t have to be an overwhelming task, but you must put on paper how you plan to run the business. What will your day to day activities look like and how will those tasks get you closer to your goals?
- Will you be a one person operation?
- Will you outsource certain parts of the business?
- Will you invest in courses or a coach to expedite the learning curve?
Asking yourself the hard questions will put you into a position to not waste time or resources when in the early stages of the business.
Your business plan is not set in stone, you are always available to update it when necessary. How can you drive the business to financial success if you don’t have a roadmap of how you are going to do that.
Tip # 4 Marketing Plan
Your marketing plan is just as important as your business plan, because it shows you how you are going to present your products and services to your target market.
Will you invest in ads or will you go the organic route, there are many successful entrepreneurs who have learned strategies through trial and error and they choose what is working for them.
Don’t fall into the trap of how other entrepreneurs market their business. Everyone comes to the table with different resources and some work and some don’t.
Example: Entrepreneur A has $500 to spend on ads, no ad experience has never done any testing, and has less than 500 followers.
Their results may not be favorable based on the goals they’ve set, but they may achieve some success and meet or exceed their goals, however this is still the testing stage and they should know that any data good or bad is still data that will gain them the experience as they continue placing ads.
Entrepreneur B has $10,000 to spend in ads and has a following of 30K and has some experience in how ads work because they have done testing in the beginning. They are going to have a totally different outcome than entrepreneur A.
Tip # 5 Website
I see there are videos going around about how having a website is not the way to go, however I wholeheartedly disagree. Why? I’m glad you asked.
When you have your own platform you control the content and the topics you want to talk about, no one can censor you on your platform.
Utilize social media platforms as a way to lead your audience back to your platform so in a worst case scenario they know where to find you if something goes wrong with your social media platform.
Tip # 6 Website Tips
Just having a website will not garner you the traffic if you are not consistently promoting it and optimizing it to be found on popular search engines.
One way to kill your website traffic is to have a website that takes forever to load. I use WPX hosting and yes it is a little more expensive than the lower cost versions.
Why build a website that is not performing for your audience, that’s not good business cents (yes I used the correct word 🙂 ) Your website content should be about your audience and how you are helping them with the content you create.
I will say blogging may take a while but when it does take off, you won’t have to think about what content you should be creating your followers will tell you in the comment section.
Always plan out your content and be sure to create CTA (calls to actions) to grow your email list, having a pretty and flashy website means nothing if it’s not converting your followers into customers.
I hope these tips have helped you, you can view the video below as well and take advantage of the resources to equip you when starting your business. Have any questions feel free to leave them in the comments below!