Why Own your own….?!?
Most businesses fail miserably…face first. Not because the product or service wasn’t any good…they failed because not enough people around the world knew about it. In other words, the marketing sucked.
If you want to flow…research a business that lends itself to great marketing
Research is crucial. “Do your homework” thoroughly and you’ll be so much better off. In fact, it’s a necessary first step to determine the viability of your business idea. So much can be learned and taken from just a few hours of Googling and surfing the Internet. If it seems your idea has already been done, can you do it better or offer it cheaper than the competition? Ask yourself the hard questions and get feedback from mentors. Anyone who is serious about their startup must write a business plan. Only after thoroughly going through this exercise can you properly price your product or service; understand who your customer is; and how you can communicate with your target audience.
Get your ideas written out. Don’t worry about brilliant prose. Just make notes on your product or service. Describe the product; how you’re planning to market and sell it; what is your pricing model; who is your competition; and what is your expertise. Even a service is made up of something. What are the benefits? Understand everything there is to know about your service as it relates to your target audience. How do you deliver it? Is your price competitive? How is it packaged? What makes your product unique?
List bullet points describing who your ideal clients would be and also a set of points explaining how you will let them know about your business. Next, explain how you’ll create leads and ultimately sales from your target demographics. After you’ve done this, the Marketing Plan should flow more easily.
What is a small business?
A small business can range in size from one person working from their basement to a company of 50-100 people. Since you’re reading this, you’re probably on the smaller end of the scale, or maybe still brainstorming startup ideas. Can’t I just start selling my product? Maybe. Do I really need Financial Projections? The short answer is yes. If you plan to raise funds they need to be more detailed. If you are bootstrapping the startup yourself or with a partner you might be able to get away with a simpler set of Projections. Once you’ve got your business name selected and your domain name secured it’s time to work on your branding strategy. Brand is all about building credibility with your target audience. It takes time and is important for you to be consistent across the board with your messaging. Your logo is the fun part of branding but don’t spend too much time and money on it at first.
Don’t underestimate the power of word-of-mouth marketing which comes from an exceptional product or service and brand.
Passion & Expertise are crucial
Passion for what you are going to do every day is of the highest importance. It gives you the energy to hit the ground running. But it’s no use without expertise – a critical second ingredient.
Does your business lend itself to virality?
Everybody wants their product or brand to go viral. Who wouldn’t want exposure that spreads like wildfire? But most companies’ strategy is to build a product first and then try to come up with a campaign that will make that product go viral. This couldn’t be more backwards.
Of all the products and campaigns in the world, only a small number are actually successful in going viral. And since virality is priceless, it could be worth organizing your entire business around.
If you want your product to go viral you’ve got to first think about what types of things make an idea spread in your target market, and then pick a product/business that has those qualities.
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