In the year 2020, more people registered their own businesses than ever before, seeing the pandemic as an opportunity to start anew and build something of their own. There are so many benefits to running your own business, though it can be quite a challenge when starting. In this article, you’ll find a whole host of tips on how to start your own business and begin to market it.
Decide on Your Business
First, you need to decide on what your business is going to be. You probably have an idea already, so it’s time to firm it up. Maybe you want to start a robust cleaning business on your own. If so, do you have the skills? Have you got any experience? Do you think you can make it a success?
You must make sure you know exactly what you want to do and have a rough idea – at the very least – of how you plan to do it. Then, you can work on starting your business and making it a success.
Write a Business Plan
Writing a business plan is a crucial starting point for any business. In this plan, you need to include a few key things. Firstly, as discussed, you need to be sure what you’re going to do. Sticking with cleaning as an example, you’d need to decide on what scale you want to operate. Do you want to hire people as home cleaners? Maybe you want to work alone. Maybe you want to work in commercial properties. Whatever it is, you need to start planning from this point.
You then need to know how much it’s going to cost to start this business. There may be very few initial expenses or you may need a large amount of capital to get started. If you do need investment, you need to figure out how much and how quickly you can pay it back. Financial forecasts are a huge part of business plans and without one, you can quickly get lost during your first years trading.
Research Your Market and Customers
Let’s assume you’ve figured out how much it’ll cost to get started, how you are going to operate, and when you want to start. Great! Now, you need to assess the marketplace. Do you know how big a market you have to work with? Do you know who your exact target market is? How many potential customers your business may have is a massive part of planning. You cannot create accurate forecasts without researching your target market.
Do You Have Competitors?
The target market is a crucial part of your planning. The size of the market dictates how much the potential earnings of any business are. But, on the flip side, the number of competitors dictates how much of the market you can take. If you stick with cleaning, you discover there are 50 other commercial cleaning services in your area, you may find it very hard breaking into the market. Check that the marketplace is not saturated, making sure that you have a chance to get a slice of the pie.
Decide on Marketing Tactics
If you’ve got this far and think your business has a good chance of success, you are almost ready to launch. In doing so, you need to tell people about your business. Deciding on how to spread the word is a huge part of the process. There are many ways to build a marketing campaign. Assuming you are going it alone to start with, there are a few key options you can focus on.
Firstly, social media. Almost everyone, businesses included, has social media accounts these days. Set up social media profiles and post interesting content about your business. Make sure to add, follow, comment, and respond to people with similar interests or appropriate attributes – those who you think might be potential customers.
Secondly, physical advertising. Assuming your business is starting locally, there is no harm at all in going a bit old-school with your initial marketing. Make some flyers, put them up in shops, bars, post offices, or any other local spot that allows flyers. Post them through letterboxes. Advertise in the local paper. All of these things get your name out there in the local community.
On top of this, you could use a combination of other online tactics such as paid ads, blog posting, SEO, and email marketing. Though, these may require the help of a marketing professional or you could undertake Monarch’s online marketing course to give you a sound framework of knowledge.
All of these tips combined will give you a great chance of starting your business successfully. Whether it’s as a cleaner or a freelance designer, these same tactics apply. Good planning gives you the best chance of making it as a new business owner.