For any business to be successful you need to develop an obsessive and passionate focus on three crucial things:
Customers
Having fun doing what you do, and
Differentiating
We now offer 6 simple tips when starting up a business.
1. KNOW YOUR CUSTOMER
- Who will they be?
- How big is the market opportunity?
- What makes them tick?
- What is the best way to reach them?
- Seek feedback on your product and or services and then delight them.
2. DETERMINE & ARTICULATE YOUR POINT OF DIFFERENCE
- USP – Unique selling proposition
- Define it and practice it so you are able to articulate it clearly & concisely
As a new business you have to be able to make customers change their allegiance. Research has shown that the reasons they do change their allegiance is:
Convenience 3%
Relationship 9%
Product / Price / Time 15%
Miscellaneous 5%
And the biggest one of all, Perceived Indifference 68%.
The key is, then, to create a perceived difference.
3. BUILD A NETWORK OF MENTORS AND PEOPLE IN BUSINESS
- Like talking to people at tonight’s presentation and learn from their experience.
- Professional advisors and established business people.
- Consider using co-working spaces.
- Use of relevant websites and newsletters.
4. MANAGE YOUR FINANCES
- Growth can take time, so always plan for how you will fund the business while you are getting established.
- Use a budget.
- Understand the difference between profit and cash flow management.
- Look for Government Grants.
5. WRITE A BUSINESS PLAN
- Does not have to be detailed (can be one page) – SWC’s is – example.
- Creating a business plan puts everyone on the same page – employees, financiers.
- They will understand your WHY.
It doesn’t need to be complicated – written in clear and simple language which express the following:
- What your product is and what it does and why?
- Your strategy for bringing that product to market.
- Details about your revenue model.
- Goals & Milestones.
- Your customer personas and target market.
- Your financial needs.
6. NEVER GIVE UP
- It is not a failure if you learn something from it. But don’t repeat those mistakes.
- Focus on safe-to-fail experiments that you can learn from and be ready to adapt and evolve your business.
- Initially strive for progress not perfection.
- Keep reminding yourself of why you decided to start the business in the first place.