What are you waiting for? Launch your small business today!
Hello, budding entrepreneurs! When it comes to increasing your passive income, a small business sounds like a good idea. Not only is it a way to hone your skills and get that creative bug working, but it’s an excellent way to earn money and grow your brand. It can be daunting when it comes to starting your business, but it’s also a rewarding learning process. Starting a business requires a leap of faith and stepping out of your comfort zone. If that idea excites you, go for it! Remember, it all starts from somewhere.
Don’t know how to start? This is RAVEN + CO.’s beginners’ guide for small businesses that are looking to launch.
Discover your objectives and stick to them.
Everybody has different motivations for starting a business. While earning money seems attractive, for most, that is the ultimate reason for starting a business in the first place. It is also essential to have personal goals. Your objectives will set the tone for your brand’s core values and identity. The first question that you have to ask yourself is: “What is the core reason that I’m starting my business?” Defining your purpose sets the tone for your business plan that you need to make before dipping your feet into cold water. The objectives that you have for your business will play a prominent role in just about every decision you’ll make along the way: from structuring your business, to whether your hiring contractors to the go-to-market strategy for selling your products or services.
Pick your niche and simplify it.
What exactly is the unique product or service you’re selling, and what industry are you looking to target? When you’re first starting a brand, think about your personalised product that you want to sell or the service to provide. The key to your product or service is simplicity. It’s easy to get lost in your concept and overcomplicate things -- or as we like to call it, “Featureitis”. As a new business owner, try to start small and narrow your offerings. Many businesses probably sell similar products to yours. Don’t focus on the bells and whistles that you may find in a large corporation. Find a product or service that you’re confident about and sell something with absolute quality.
Scope out small businesses in your niche, and evaluate your competition!
Know your market and find out what they’re doing. What’s working for your competitors in your market is an excellent way to gather inspiration for your brand and can clearly define what’s unique about your business. Before you create a business plan or strategy, identify the competitors in your niche. Learn about what they’re giving to their customers, how they attract their attention, and how they keep them happy and if they failed, find out why. Market research and a brief competitors analysis is an excellent way to differentiate your brand and grow your customer base.
Stick to a budget and count your costs.
Naturally, you have to spend money to get money. However, costing and budget allocation is vital. As a startup owner, you should know where every penny is spent. You will need to factor in every business expense necessary to launch and operate. Some costs to keep in mind are supplies, marketing, location (If you’re not operating at home), and the contractors you’re planning to hire.
Questions that you have to keep in mind are:
What will it cost to launch your business?
What are the on-going expenses that need to be covered?
What your business’s earning potential is and how long will it take to achieve your profit?
A good tip before starting a business is to save for your business. Work out a financial budget to calculate your costs, and it will help you keep your budget on track and mitigate any losses you might find.
Like every business, you will deal with challenges. Don’t let it discourage you or throw in the towel. Learn from those losses and create a strategy that will help you save costs in the next quarter of your financial strategy.
Get inspiration from a mentor or a digital manager!
So you’ve searched through countless templates and articles, but nothing seems to resonate with your product or service. Nowadays, it’s easy to search for tips and tricks online to help you launch your business. Everything online is super helpful, but it can also be very vague. Quite frankly, there is no one size fits all business plan, especially if you want your business to stand out from the competition. As a small business owner, you’re expected to go through various trials and errors when you first launch, particularly during times of uncertainty that we’re facing now. Being able to personally consult with someone who’s “been there, done that.” can be a brilliant investment for your business to progress.
At RAVEN + CO., we’ve worked with startups, e-commerce platforms, and fortune 500 companies. We are experts in expanding your brand through various digital channels through strategic storytelling, customer experiences, and compelling content. We provide forward-thinking business plans that can guide you through all phases of your product or service launch. Our client’s big ideas and core values excite us. We’re excited to hear your visions and your purpose for starting your dream biz, and we’re ready to create the perfect blueprint for you to cast the net to your ideal clients. Do you have many big ideas, or are you just excited to start but don’t know how to? Book a complimentary personalised branding session with us here www.ravenandcompany.com/consultation jumpstart your business plan and bring those big ideas to life!