How to Start a Business

How to start a business All novice entrepreneurs have to figure out on their own how to choose a niche, find their clients, and promote a pr...

How to Start a BusinessHow to start a business

All novice entrepreneurs have to figure out on their own how to choose a niche, find their clients, and promote a product. In this article, we tell you how not to repeat the typical mistakes of novice businessmen, prepare for entering the market and lay the right foundation for your business.

Mistakes when starting a business

Business starts with an idea. Next comes the choice of a niche, access to your audience and the development of a “map” of goods. Below we will analyze all the stages in more detail, but first, we will dwell on the common mistakes that novice entrepreneurs make when starting a business.

Copying

At the beginning of the journey, it is logical to look back at the best, but a blind copy of a business idea is not an option. Focusing on niche leaders, think about how your product will stand out in the market and become a pioneer in the industry.

The interests of the buyer are not in the first place

The client is not interested in the brand, but in what it can give. Make sure the positioning of the business is on the right track, the value of your offer is clear to the customer, and the brand speaks for more than just itself.

How to find an idea

The desire to start a business does not always give rise to a business idea. If you want to be an entrepreneur but have no idea what to sell, answer these questions: What do you enjoy doing? What do you want to learn and what do you already know? What can you do for a client today? And finally, does the client need it?

There is no point in doing business if your product does not meet the needs of the buyer - entrepreneurship begins with solving some problem of the client. Before entering the market, check whether your offer will be in demand: try to sell the product to the first customers. Analyze what products and services are popular with competitors and why, and compare them with your own.

If you already have a business idea, ask yourself these same questions anyway and make sure none of them are confusing.

How to choose a niche and key segment

Count the number of potential customers

At the very beginning, it is important to focus not on the entire niche, but on a specific segment. Who exactly will benefit from your services and how often will they be used? For example, if you open a make-up studio, your clients can be professional artists, models or ordinary people - decide who you will bet on. Search in the public domain and use statistical data to make the forecast more accurate.

Assess the solvency of the audience

The market can be huge, but the profits from it can be modest. When forming a business plan, proceed not only from the potential coverage but also the solvency of buyers, because the order of the cost of the product depends on it.

Find out how many competitors you have

Analyze how many offers are on the market and how they are presented - can you stand out? If there are many competitors, focus on a narrower niche.

Determine your competitive edge

Put yourself in the customer's shoes and think about what makes your brand better than others. The lower cost of goods should not be the only advantage - do not forget about the consumer value of the product.

How to reach the target audience

To let consumers know about your product, use the right marketing channels. Find answers to these questions: what sites do potential customers visit, how and where do they go after work, what bloggers and brands are they following, and what videos are they watching?

Google Ads is a useful tool: the service provides monthly statistics of search queries for keywords.

After analyzing the information about the target audience, you will be able to competently build promotions and gain access to customers.

How to think over the "map" of goods

Start with a list of problems customers have in your market and come up with services and products that can solve them. Have a brainstorm and write down everything that comes to mind. From the resulting list, select 3-4 of the most successful products - a “map” of goods, the cost of which will be graded: from free or very cheap to the most expensive. The utility of a good or service must increase in proportion to the price. It is logical if the highest cost for the client will be the guarantor of an individual approach or the uniqueness of the offer.

Keys to Success

Remember Mistakes Are Good

Draw conclusions from your own and other people's negative experience and do not give up after suffering a series of defeats. Problems and crises are normal, they are the ones that push you to look for new solutions.

Plan

Owning your own business requires no less discipline than working for hire. Moving forward is impossible without a goal and specifics - set goals for the day, month, year, etc.

Act

Abandon perfectionism: it is better to launch a non-perfect product on the market and quickly improve in the process than to outperform competitors and sacrifice the opportunity to earn money.

Analyze

At each stage, analyze the work done. If you realize that the next step is not bringing you closer to the goal, change the plan.


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Ezine Publishing: How to Start a Business
How to Start a Business
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Ezine Publishing
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