Set your business idea on the right path
By Louise Dennington | January 20, 2022
Assisting start-up businesses is something we love to do – hearing the ideas and helping to see them through to fruition is hugely rewarding.
Taking time to think through every aspect of your business, industry and market, will increase your chances of success. Of course, there are risks and success is never guaranteed – we all know that starting a business is not something anyone should take lightly, but the benefits can make it all worth it.
Business Lincolnshire quoted ‘Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years’. Yes, those figures are scary, but instead of being put off, take it as an opportunity to prepare yourself for some of the challenges you may face.
You know the saying – ‘fail to prepare; prepare to fail’ and that couldn’t be truer. Researching a business idea and its visibility in the market is key – this research is vital in ensuring your business idea is viable, pricing is right and that an adequate return will be made.
In addition to the obvious financial planning required in starting a business, where you’ll get your money, what support you can receive etc, it’s also important to be realistic. Money should be spent wisely, being careful not to deplete the pot too quickly, but instead, spend the money where it is needed in order to create the grounding to build upon in the future.
Keeping a focus on your core business, a marketing plan will ensure you have identified your target market, set realistic objectives and achievable goals. This research and subsequent marketing plan will aid you in allocating appropriate resources and making more informed decisions about your business.
What to include within your marketing plan – the 7 P’s of the marketing mix:
The marketing mix refers to the marketing activities that we have to satisfy customer needs to position your offering clearly in the mind of the customer and meet the challenges of marketing services.
- Product – what you produce. A product, service or both. What is your offering and what differentiates it?
- Price – how you will cover costs and generate a profit. What is the demand and what are people willing to pay for what you offer? What is your position within the market?
- Place – where you are present. How will you be found and what are the logistics to getting your product or service?
- Promotion – communicating with your customers to generate awareness, interest, desire or action. What tools will work best for what you are trying to achieve?
- People – interacting with your customers. Knowledge, empowerment and motivation are all key to build valuable relationships with customers.
- Process – creating a smooth and positive customer experience. What are the steps of the customers’ journey, what are the anticipated timescales and how can you make things more efficient?
- Physical evidence – tangible cues of the quality of the experience your business offers. This could be surroundings, menus, online reviews, testimonials, case studies etc. The list is endless!
Ready it give it a go? These Government links provide some really useful bits of information and routes through to any assistance you may require:
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