Thinking of starting your own business? Have you got a business idea but need a plan to turn it into reality? Here are some tips & ideas in how to get started.
Know your customer
It is very important to understand where your customers are. Where do they spend most of their time doing? What do they enjoy? What do they dislike? You need to describe them and create a profile of your target customer. Are they a business? What kind of business? Are they male, female, young or old? Try to get into the heads of your target customer and research on what they might buy.
Find a mentor
There are huge advantages of having a mentor to offer expertise, advice and his/her experience. They also offer a great ‘sounding board’ for you to bounce ideas off them and learn their thoughts and constructive feedback. Try to find a mentor who is able and willing to devote an hour or two a month to discuss your ideas and questions. Usually, mentors are people with motivation, encouragement, and have a bit more experience than you in your industry.
Let’s say ABC Ltd targets the same customers as you, but sells a non competitive product. This will serve as a great comparison. Take a look at their website. See if they have any press releases in their news pages. Search for them on internet search engines. Look for what type of media channels they had been featured in – magazine, news journals, exhibition, etc.
Try connecting with the owner at ABC Ltd. The worst that could happen is he or she refuses to talk to you. Simply introduce yourself and tell them what you sell. For example, you are not a competitor, but you target similar clientele. Ask if they would share how their journey was when they first started their business. Which trade magazines do they advertise in, what exhibitions or trade shows they attend. Also ask if there is a community/ network or trade association that directly relates to your specific industry.
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