By Renato Agrella, founder of Acera Consulting and helps customers leverage marketing to accelerate sales and drive growth.
Are you thinking about starting your own business? It’s a big decision and there’s a lot to think about before taking the plunge. Here are five things to consider before hanging your clapboard.
1. What services will you offer?
This is probably the most important question to answer before starting your business. What services can you offer that meet the needs of your target market? Do some research and list the services you feel confident offering, and start nicheting from there. Remember, it’s better to be a big fish in a small pond than a small fish in a big pond. You want to focus on providing quality services that meet the specific needs of your target market.
2. What makes you different?
What makes your company different from all others competing for market share? Is your focus on customer service? Is it your team of experienced professionals? Is it your innovative approach to delivering your product or service? Whatever it is, make sure you have a clear understanding of what sets you apart before moving forward. This is essential to not only attract customers, but also attract and retain top talent.
3. What is your target market?
Speaking of attracting and retaining customers, it’s important to have a good understanding of your target market before you get started. This can help you determine where to focus your energy (and your marketing budget) and how to position yourself in the marketplace. Be as specific as possible when defining your target market. The more specific you are, the easier it can be to attract them with your marketing efforts and convert them into paying customers. Return to that question of what makes you different – that will come in handy here too!
4. How will you get customers?
Unless you’re already well connected in your industry, chances are that landing those first few clients will take some effort on your part. Be prepared to put in the time and energy it takes to put yourself out there and build relationships with potential clients – it will be worth it in the long run! You may even want to consider partnering with another company or freelancer until you are established and start generating organic growth.
5. How will you use technology?
Technology should be an integral part of any modern business – after all, we are in the digital age! Not only do you need to have a strong online presence for your customers, but you also need to be able to provide a strong digital experience for your employees. Fortunately, there are plenty of affordable (and even free) tools available that can make it easy and affordable for businesses of all sizes to get started with technology.
So there you have it – five things to think about before starting your own business. If carefully considered, these factors can help you make your business successful from the start.