First off, kudos for taking a leap of faith and making the decision to start your own small business. Some may think it looks easy, but starting a small business or start-up is not an easy task.
PERFECT MARKETING MASH-UP
You must find the perfect marketing mash-up before you even leave the gates running like:
- What is your product or service
- What is the price point for your goods
- Where can one get access to your product or service
- Where will you market your product your goods
On average, 9 out of 10 startups will go out of business because they lack, vision and budget mastery (Forbes).
- Vision – A small business needs to be able to foresee their desired future and proactively have a long-term plan for the business, growth and next steps
- Budgeting – Another big hurdle to closely monitor is working to be efficient with managing finances. When you have budget constraints and you’re fighting the clock, you have to be Christ-like and figure how to multiply two loaves and five fish to fuel and feed your business for the long-haul.
KNOW YOUR TARGET
Now, even with your mash-up set and ready to go, and a realistic understanding of your pros and cons your business is up against, the most important part of the of small business strategy is still missing. And that’s the people aka your “TARGET AUDIENCE(s).
You can have the the best product in the world, but if you don’t have an audience or a customer to purchase your goods, then you just have a good idea. And plenty of dreamers had good ideas. Understanding who could buy your goods and why can help you have a better understanding of when and how they make this decision.