Starting a new business is an exciting time. With so much information available today, how is a person to know what will work for them? Everyone should know that having a plan is key to business success. Developing a plan is the part that scares, confuses and eludes many emerging business owners. We recommend that business owners treat their plan like a Prescription; Think of each step forward as a dose of medicine designed to give you a healthy business.
Before you start a business there some key decisions that must be answered;
1. Who are my customers?
2. Where are my customers?
3. How will I attract my customers?
4. How will I delivery my product/service to my customers?
5. How will I manage my finances?
6. Can I afford this?
Within each of these questions are the building blocks of a healthy business. To many, these questions seem out of order, or are not all inclusive of what is needed to start and maintain a healthy business. We could not disagree more as these questions are the Prescription for a Healthy Business.
Who and where are my customers?
No business can be successful without customers. To not know your customers is one of the biggest mistakes small business people make. The consumer is becoming more educated and has more buying opportunities today than ever in the past. Additionally, the consumer has become more cost conscientious and uses a more thoughtful buying strategy today than ever before. Knowing what your product or service does for your customers is the easy part, understanding that customer and how to attract them to your product or service is the harder part.
Most of the time, new business owners come from a business where they dealt with customers using the particular product or service that will be the breadwinner for their new business. Profiling who these customers are will help the business owner gain the insight needed to knowing who the customers are. It’s important to understand your company’s position on competition. Make sure you are not bound by a non-compete or some other non-disclosure or confidentiality agreement prior to profiling customers.