Learn What It Takes to Be Your Own Boss
Bouncing back after losing your job can be challenging. Aside from the emotional and mental toll it brings, picking up the pieces, especially in the middle of a pandemic, can be extremely overwhelming. Rejoining the workforce may take some time, but that should not stop you from exploring other avenues. With these helpful tips, the small business you have been dreaming of will finally come to life.
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Identify Your Market
One of the most compelling questions to ask yourself when building the foundation of your business is: “Who are my potential customers?” Finding a market can be overwhelming at first. However, there is always a way to narrow down your choices.
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In the beginning, most of your customers will be people you already know, including your family, friends, and acquaintances. You can easily perform market research these days because of how open people are on social media. It would not hurt to look at some of the profiles of those within your network to determine whether you are predominantly connected to parents, teenagers, people in the workforce, or the elderly.
Other factors that will affect your decisions when identifying your market are
- Age
- Civil status
- Income
- Location
- Lifestyle preferences
- Hobbies
- Interests
Know Your Competitors
Small businesses have been popping up almost everywhere since the pandemic started. When the competition is stiff, effectively identifying your competition can make or break your business.
Just because what you are about to offer already exists in your target area does not mean you have to change your business plan completely. It is possible to have the same product or services as your competitors and still stand out. This is where your creativity comes in. You can start with a unique brand name, better pricing, reliable availability, and an adaptable marketing strategy.
Start with One Type of Product
Once you have determined your target market, the next thing to do is to ask yourself another question: “What products or services are they willing to pay for?” Know that these are hard times, and money is tight for a lot of people. You may want to consider offering necessities, including
- Food
- Medicine
- Hygiene products
- House or shelter repair products or services
- Delivery or logistics services
- Clothing
No matter how tempting it is to be a “one-stop shop,” it is easier to start with one primary product. New entrepreneurs often have several offerings in the beginning. However, focusing on one product or service can help you build and strengthen your brand.
Market Your Product
Word of mouth spreads like wildfire. Hence, use it to your advantage by creating a strong online presence. Promote your business through various types of online advertising, such as
- High-quality-content vlogs
- Blogs
- Short videos
- Photos
- Shareable pages
Social media giants, namely, Facebook, Instagram, YouTube, and Twitter, are some of the best places where you can start advertising your brand. On the internet, the possibilities are endless. You can market your business on your own, or you can collaborate with famous social media influencers. Other internet platforms that you can use are:
- TikTok
- Amazon
- eBay
- Gmail, Yahoo, or Microsoft Email
- Quora
- Google AdWords
- Blogs
Educate Yourself
You also need to manage the other aspects of your business, such as your staff, advertising, and logistics. Upgrading your skill set is crucial as you develop your business. The more knowledge you have, the more capable you will be in keeping your venture up and running.
You can always find courses on the internet. Classes usually include topics like:
-
- Search Engine Optimization – to increase your online presence
- Management – to create a business strategy
- Marketing – to advertise your product not just online but also through traditional channels
- Sales – to close a sale successfully
- Customer Service – to improve the quality of your business and addressing customer complaints
- Financial Management – to source start-up money and manage it
- People Management – to hire employees and strengthen your staff
- Operations Management – to find suitable and long-term suppliers
- Tax Tips – to manage your taxes correctly
- Campaign Management – to create effective campaigns to promote your business
- Website Optimization – to build a website that would boost your online presence
There are also some aspects of business that you can only learn through formal classes. Fortunately, undergraduate and graduate studies are more accessible these days. Even becoming a doctor of business administration online is possible!
They say the first step is always the hardest because, in reality, it is challenging to start from scratch. However, establishing a business can also be a fun and fulfilling experience. With enough knowledge and sheer hard work, there is nowhere else to go but upward and onward.
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Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/