Chapter 12: Value and Type of Businesses
What is value?
In today’s world there are new business startups popping up daily all around the world, and by all kinds of different people. Each individual startup has a different mission statement and purpose of existing. When thinking of starting your own business you might feel quite intimidated, and for great reason. Starting up a new business takes a lot of courage, education, and drive. If you lack these simple attributes then starting up a business might not be necessarily easy for you to do. If you meet these requirements it is important for you to ask yourself what is value? And especially what is the value when it comes to starting a business.
Kinds of Businesses
There is an endless supply of different types of businesses out there and millions of ideas for you draw from when deciding what you want your business to be. What you will sell, or what your company has to offer should also be decided. Having a strong, meaningful starting point can provide you with a strong foundation to grow from.
From low-cost startups to businesses that will eventually grow into large businesses, it is important that you know exactly what you want. Over the next couple of paragraphs, I will illustrate for you some valuable tips and tricks for getting your business moving, along with some things you should do prior to adding value to your upcoming business or company.
- Take time out to brainstorm and plan ahead. In this stage you want to mainly gather the general scope of the business and later in this book we can break things down to finalize your business idea and turn it into a business. Getting your ideas in line will only serve to help you in the long run. Try and think of answers to every possible business question that someone might have. Some of these questions could include:
- Who is your target audience? If you are marketing a product it would provide be extremely valuable to know your market and who you are trying to appeal to.
- Are there any products that could potentially coincide with the main product you are offering? For instance, if you are planning on selling pens, you may also want to consider selling pencils and notebooks as well, aiming toward the school supply market.
- What are some problems you may find yourself facing, and how will you solve those problems if they do indeed present themselves??
- Do I understand the idea generation? The idea generation is a complicated, yet valuable process involving the creation, development, and communication of abstract ideas that are either concrete or visual. Then continuing to construct through the idea, innovating the concept, developing the process, and bringing the concept into reality.
- What are some of the things that my customers should know about me, or might want to know? A mission statement is a perfect example or loosely terms “About me” or “us” page. This will let the consumer know that you mean business and that you have a worthy agenda. Fielding answers to potential questions from consumers will add value and show that you are confident in your business so that they can be confident in you.
- Create a business plan. Having an outline and concrete business plan will add great amounts of value to your startup. Important aspects that a business plan should include are as follows:
- A summary, or a pitch. Understand how you can pitch your business to others is crucial. I’ve been in startups where the pitch took 30 minutes. Your pitch should be an attention grabber to help prospect realize exactly what you do and why they would want to hire you.
- Your company description with features. Think of this as a quick glance comparison for your prospect to take a photo of in their memory so they can easily come back to you if they decide that you have what they want.
- A market analysis that includes your competition and target demographics. Understand who your competitors are and separate yourselves from others. The key thing here is that if a customer does come to you, you can save them time and effort of going through your competition. In this way, you can make them feel comfortable, you understand what you are doing, build that trust, credibility and rapport. If you also provide your analysis on your site, they can appreciate your effort. It is important that you don’t come across as someone that is talking down on your competition.
- The description of the service and product lines. While feature list is important, you need to drive fast value description. Think of 150 characters to grab your prospects attention of what the product/service is.
- A company structure. If you are the only one working for your business, you need to start planning and organize your time efficiently so that you do not feel overwhelmed and give up. Set up what you need to do, like contact your prospects, write a blog, create a landing page,
- Marketing and sales strategy. More detail the better. I’ve worked on an affiliate program where I felt it was a no brainer to sell this product to everyone. No target specific, just create multiple landing page and massively promote it. I had to real marketing and sales plan. I felt that everyone would want this product and results showed that no one did. I started to reevaluate my marketing and sales strategy and targeted specific people. Planned how many people I would direct traffic to one specific landing page and see the results. Knowing where your customers are coming from is top priority, you do not want to lose potential customers or have your business fail because you have no clue where they are coming from, so by identifying where they might come from, you can then start optimizing your sales strategy down the line.
- And finally, you must have financial projections. I started recruiting content writers for one of my business and ended up spending more than what I was making per month. I wanted to rush this project and be able to establish my business quickly. In the end, I did not set up the right analytics and had no clue if it paid off or not. I spent more money on content versus marketing and sales. I did dedicated money for this project and blew it all one content. While content is important, you need to be able to scale your business within your budget and spread enough to cover the different aspect of your business. I had to find other marketing and sales initiatives that did not work out as I wanted to. Instead of planning, I just assumed that everything will work out eventually.
- Gather the necessary resources that you are going to need to create a successful business, with a solid structure. If you are going to start a new business that you plan on running solo then you might not necessarily need to hire anyone else. Whether you have a big or small business there is going to be a number of things that you are going to need in order to be valuable. In deciding what resources you need, you will need to ponder every possibility. From an appropriate office space to proper office supplies getting setup is important. Or if you work from home, make a list of everything you will need and figure out whether or not your items are tax deductible.
- Plan for Marketing. It is important that you identify what your strengths as a business are, and how to use them for marketing and sales in order to draw in a steady customer base. Social media is going to be one of the most useful tools for your marketing strategy. If you do plan on using social media, make sure the channel you choose is appropriate for your business. For instance, a veterinarian consultant may not find a Pinterest useful, but Quora would definitely be.
- Get your finances in order. Quickbooks, Godaddy, and Bookkeeping.com are all useful accounting tools. You might not meet all your needs through the use of these simple programs, so hiring an accountant is highly recommended.
- Create a valuable maintenance plan. In running your business you might find that there are areas that require new ideas to increase functionality. Fixing minor bugs will provide more success.
- Set future goals. Make sure that you are consistently setting new goals to keep yourself motivated, and show your customer base that you mean business.
The Bottom Line
Starting a new business can set you apart from the everyday Jane and Joe, and give you a leg up. The best part about beginning a business is that it does not have to be overly intimidating. There are plenty of resources that can help you get things started properly, and remain working for as long as you desire. Begin by performing a specific internet search and figure out what you will need to do in order to get started. By simply asking what is value when it comes to your business will provide you with the keys to success.