The word business holds a very interesting connotation. Some people see it as a symbolism for independence and privilege whilst others see it as an opportunity to make money. People with a 9-5 job envy those running a business no matter what the size. The prospect of owning something and doing things your own way are certainly very alluring but ask business owners and they will tell you the grit, the determination and above all, the passion required to run a business. Perhaps, that is why majority of the people around us are content with their jobs. Starting a business takes a lot of courage and the right attitude. Even if you have these attributes, you still need to understand the dynamics of the market. Today, I will share some guidelines for the aspiring businessman.
What Is Your Business Model?
Having a plan in your head and executing it on the ground are two distinct matters. The harsh reality is that only a few individuals have the attributes to start and sustain a business. Therefore, the first thing is to determine a business model, and the capital you need. Would you be needing an investor to secure financing? How many employees would you need in the start? Consult with a business analyst who can guide you with day in day out operations before you start your business. Moreover, you need to hire a professional law firm like Johnston Law Firm, P.C. to discuss personal injury and insurance matters. You will also need to sit down with a financial expert. Determine the cost benefit analysis of your business and find out if your business is feasible in the long run.
Study The Market
If you are formally educated in business, then you probably know the importance of a comprehensive market research. Now, do not just ask people to complete online surveys (people do not have time for them and frankly, it annoys them). Meet with business owners personally, see how businesses from your niche are performing, use data science to get the numbers down. Most importantly, you should see how well your future rivals are performing on social media. Also, find out what makes them a hit with their target audience.
Get All The Paper Work Done
Once you have assessed the market and found your place, you need to determine the legal structure of your business. Your business needs a name, purpose, corporate structure, letterhead, stamps etc. You can go as far as trademarking your business to prevent others from copying your business.
Decide what kind of entity you want your business to be. Are you going to take it all on yourself and operate as a sole proprietor or collaborate with someone in a partnership? Both have their pros and cons.
Once you have decided which route you are going to take, you can register your company as a private entity. Whichever route you choose affects how you file your taxes and the liability you incur.
Ok, so you have fulfilled all the legal requirements and are on the cusp of entering the market. How do you propose to appeal to your target audience? Well, you will need to keep a good portion of your budget for branding activities. Create a logo that can be identified with your brand and keep it consistent on all platforms. Tell more about yourself using a tagline. Take example of McDonalds, for instance, “I’m Loving It”. Tells about the ethos of the brand.
Gone are the days when you had to spend a fortune on advertising. With the power of social media, not only is it very cost effective, but you can also appeal to a broad set of demographics. So, in short, you need to stay relevant and up to date with the most ubiquitous trends in the market. An effective branding plan is key to your brand’s success.