Do you have a good business idea, however, feel overwhelmed or in the dark with how to get it started? There is so much for you to consider before investing your hard-earned cash.
Based on my own experiences and lessons learned of getting new business ideas from concept to reality I have 4 essential tips for you. I have also given you some thought-provoking questions that you can ask yourself along your journey.
1. Ask yourself some soul-searching questions
This might sound silly as you have a great idea. However, it is very wise to take some time out to fully reflect on your motivations and consider the practicalities of how your new business idea might impact and benefit your life.
- What is motivating you to start a business?
- What are your goals?
- Are you extremely passionate about this business idea?
- Will you be motivated to work on it consistently as it grows?
- How will this business idea impact your home life?
- How much time do you realistically have?
- How much can you afford to invest?
- What resources do you have?
- How much support will you need?
- How much self-belief do you have?
Every new business requires resources, self-belief, passion, and commitment, so be absolutely sure that it sparks your excitement and works for your life!
2. Validate your new business idea!
So many businesses fail because they go full steam without conducting any in-depth market or customer research. Your idea might seem a ground-breaking good idea to you, however, there might be insurmountable barriers to your success.
So, don’t go into setting up your new business blind and make certain that you do your homework before you go investing your hard-earned cash.
- Who are your target customers?
- How will your product or service benefit them?
- What are your unique selling points?
- Who are your competitors? (please never assume that you don’t have competition, if no direct competition exists there is always likely to be a substitute product or service available)
- How will you price your product or service?
- Why does your product stand out above the competition?
- How will you market and sell your business?
- How much will it cost to start this business?
3. Get the right price balance
Having a great product or service will not guarantee you success, you have to price it correctly. To do this you need to know your customers well and research what your competitors are charging.
Remember, people will only pay what a product or service is worth to them, so make sure you research what your target audience is willing to pay.
If you over-inflate your prices you will find it difficult to sell your product and receive any return any investment. If you underprice you devalue your product and you will simply have to work harder to achieve the financial results you desire.
So, getting your price balance is crucial and this can only be achieved through gaining intimate knowledge of your customers, competitors, and market space.
- How much are your target customers willing to pay?
- What are your competitors charging?
- Is your pricing seasonal?
- Is there a reason why people will pay more for your product?
- How do your customers want to buy your product? E.g. bundles, licensing etc.
5. Become visible online
You have a great idea, it’s validated and now you are itching to get the word out. In this day and age it is highly likely that your target customers will look for an online presence via a website or a social media platform. Don’t make the mistake of going to market before getting all your ducks in a row!
Promoting a ‘half-baked cake’ is a costly waste of time, it might also cause reputational damage with your target audience and a loss of potential future customers.
So, give yourself the very best chance of success and go to the market fully prepared.
Get yourself a Google-friendly professional website built. This does not have to cost a fortune these days and there so many low-cost themed website templates that you can buy that will reflect the image you want to create.
Make sure you blog regularly on subjects relevant to your target audience, as this will help keep your website content fresh and appealing to Google. Getting up the rankings in Google will eventually drive free traffic to your business so it’s well worth the investment.
Establish a Social Media presence and build a following. Depending on your target audience Facebook, Instagram, Linked In, Twitter, and YouTube are the key networks for you to consider, however, there are hundreds if not thousands of social networks you could have a presence on.
For an immediate online presence, you can use pay per click advertising (PPC), however, remember that your online presence will disappear as soon as your budget runs out.
Make sure your messaging and brand is consistent across your website and social media platforms and publish regular posts to attract your target audience. Also, think about how you can use videos and animations in your posts and adverts as you will start to attract significantly more attention.
- How can you best reach your target audience online?
- What social media platforms are your target audience using?
- How much budget do you have for PPC advertising?
- How will you get up the Google rankings and grow organic website traffic?
- What subjects would you start to blog about?
- How can you make the best use of video, animations, and GIFS?
There are many other aspects for you to consider when setting up your new business. However, if you do the research and get the foundations right at the beginning you will be giving yourself the very best chance of making your new business idea a huge success.
Contact Magic Caterpillar to find out more about how Magic Caterpillar can help you get your new business idea off the ground. Email email@example.com
Visit the Federation of Small Business for further information, support and advice on running a small business.
You may also want to read 7 Steps to Developing a Winning Sales Strategy