How to build your Business when you don’t know where to start!
STARTING is perhaps the most difficult part of starting a business. You might have an idea of what you want to do but you don’t know how to go about it. Many people get stuck here and often lose their motivation to start. There are several things you should do that will form the backbone of the growth of your startup.
The idea Phase.
This is the most crucial part of starting a business. As an entrepreneur, you should start by finding out what your startup is going to be all about. You should be able to balance something that you’re good at with one that you are passionate about. In case an idea satisfied both criteria, this would be the best suited for you.
Decide on the Products and Services.
Now that you know what you shall focus your startup on, you should decide on what goods and services you shall sell. This should be a blend between what your idea is and what you think your customers will appreciate. You should be able to narrow down what you offer as you think about the sustainability of the product. It is important to come up with a short list of what you shall offer and decide on the favorite using market research.
Discover your Industry.
When considering your industry, you should look at several factors. The first thing you should consider is the geographical location and how it affects your startup. As an entrepreneur, you should also be well aware of the competition that awaits you. This should be done after discovering the particular niche for your startup.
Position Your Business.
It is important to have a Perceptual Map to position yourself. This helps you determine what quality of what you’re offering versus what the client is paying. The map is useful to help you know how reliable your product is and avoid potential pitfalls.
After going through this list, you should now be better placed to come up with a successful startup plan. If you’re still not sure, contact us and get a 30 minute FREE consultation with one of our experts to help you comb through your idea and choices.