Almost a year ago, I took the first step into a new business venture. Working with my business partner, we bounced around ideas that eventually evolved into what we hope will be a new and exciting product in the market.
The creative process was a fun one. Once we had a concept for a product we were happy with, it was time to focus our energy on the essentials necessary to start our business.
Business essentials
Let’s look at a few of these business essentials.
Purpose and vision: We knew what we wanted to achieve. We were clear on the purpose for our business. We also knew the piece of the market we wanted to own. A little more market research helped us understand the trends in the market, narrow down our audience and how we differed from our competition.
Business plan: We spent more time mapping out and clarifying our goals,
strategies and financial projections.
Funding: How will you finance your startup? Savings, loans, investors? Before you even make your first sale, you’ll have expenses. After some trial and error, we had a prototype we were happy with. It was time to print a small supply.
Branding: Name, logo, overall identity, tone and character —make it memorable. You may have a catchy name, but how will it resonate with your target audience?
When you’re designing your logo and overall look and feel for your brand, consider how you’re going to use the elements. How well will they work on printed or online spaces, on products or promotional material, car windows, etc.
Marketing strategy: You have a product or service. How and where will you reach your audience? Online, print, out-of-home advertising? A well-thought-out marketing plan will help you stay focused and on budget. Key messages should be part of your marketing strategy and should vary at different stages of your promotion.
Operations plan: Eventually your team will need to grow. As we continue to develop our products, we see the need to assign accountability for tasks such as daily functions, customer service, supply and production, etc.
Embarking on a new business venture is a major move. Don’t be afraid to reach out to others who have been in the same situation, ask questions and seek advice. But most of all, don’t give up. Keep the momentum going!
Writing for you. 