Here are some top tips to consider when you are starting your business:  

Dear First-Time Entrepreneur

Allison Todd, Operations & Digital Growth Strategist, explains that in order for first-timers to create a successful business they need to a plan for success. That plan includes these top to dos: (a) fine-tune the business plan, (b) assess the finances, (c) complete the business legal paperwork and (d) schedule some “pick your brain” sessions with the experts.  Oh and be sure to choose the best tools and systems to boost your business marketing strategies.

Identify What Makes Your Business Stand Out

Before you start all of your business planning, take some time to think about the business as a whole. Think about what sets your business apart from others. For instance, if you are planning to launch a coaching business, there are tons of coaches. How will your business stand out. The foundation of your business plan is your unique selling proposition. So, what’s yours? Your customers will remember how you differentiate from your market competition? It’s essential.

Describe the Business and Business Model

Once you have discovered your unique selling proposition, you will have a good understanding of your business niche. It’s important that you be able to share what your business is, how it serves its clients and what makes your business different from the rest. As you build your business, you will speak to many people.  Prepare yourself to be able to articulate your niche in various ways. This includes a proper business description and a business summary. The business summary will include both short-term & long-term business goals, the business structure, the business marketplace and more.  With all of your planning, continuously analyze your business model. 

Analyze the Market Conditions 

The business market dictates your business success. When testing your business idea, ask yourself if your business has a place in the market. Identify your target market and the the target audience. Get specific and outline your ideal customer. Why will your customers buy products and services from your business? Be detailed. Describe this person in detail and identify their pain points. Once you understand the market, create your action plan. Your action plan is the strategy. Define the steps that illustrate how to reach your target market, connect with your target market and convert.  

First Time Entrepreneur Teams & Their Roles

Part of a good business plan is knowing what type of business team you need. You should be able to identify when it is time to build or grow your team. The business growth and business income are good indicators. The secret to this is having an understanding of your finances. Outline your business team to include the roles and responsibilities. Who will be responsible for what aspects of your business? How will responsibilities and tasks be assigned to each team or each person? How will you manage those people and their tasks. Allison shares, “Knowing what you need in advance will ensure you identify when you need it while growing your business.”

Starting a new business can be overwhelming, with or without a plan. Contact SiMar to learn more about the business services that support your needs. You are creating business steps while building, executing, managing and growing. Understand that it’s not easy, but it’s definitely worth it! You will learn as you go and that’s ok. By all means, keep going. Make sure you ask for help when you need it. With a few simple tips & strategies, you can look forward to starting a growing new business.

For more tips and techniques, join our business community at position2profit.com.